Devilfish Poker Limited Sold to The Weather Lottery Plc
This was published 23-12-2010Lottery and gaming firm The Weather Lottery has announced that it has acquired the online poker company Devil Fish Poker Limited, the sole trading subsidiary of Devilfish Gaming plc, in a £330,000 cash and shares deal.
Doncaster-based Weather Lottery plc which describes itself as a company with “ten years of business experience in Lotteries and registered with the Gambling Commission as an External Lottery Manager” on its website will make a cash payment of £40,000 to Devilfish Gaming plc and the balance of £290,000 in Weather Lottery shares.
Devil Fish Poker intends using the funds from the sale to settle its liabilities and to endeavor to keep the company operating while it seeks out other business opportunities. The reason why Devilfish Gaming plc ran into trouble is because after the launch of Devil Fish Poker Ltd., it was not able to acquire the UK’s white-listing approval and it was therefore barred from advertising to its optimal market target. Another factor contributing to Devilfish’s problem was the global economic downturn which resulted in Devil Fish Poker turning over £783,353 for the year ending 30th June, 2010, with a net loss of £106,331.
Devilfish Gaming plc maintains that there is great value in the brand because of its association with the UK’s highest earning poker pro Dave “Devilfish” Ulliott who has won over £5.8 million from poker since 1993 and a WSOP bracelet in 2007 at the $1k PLO event.
The Weather Lottery chairman, Tim Razzall, confirmed that Devil Fish Poker has an established brand name which will compliment the existing gaming operations of The Weather Lottery. He added “We have a growing database of users in both FCBetz.com and FC Lotto some of whom will we believe wish to take advantage of the DFP products.”
After expanding into online gaming in July, The Weather Lottery established the brand name FC BETZ.com in order to complement its established lottery management business.
