Online Poker Co. Raises GBP 1 Million +
Published: Wednesday, March 05, 2008 Online-Casinos.com
ONLINE POKER COMPANY RAISES OVER GBP 1 MILLION
PLUS market launch in London successful
Online poker expert and owner of the Devilfish poker website Dave Ulliott will be pleased with today's flotation of Devilfish Gaming on the PLUS market in London. Over GBP 1 million was raised, valuing the company at around GBP 3.2 million and providing capital for expansion.
Devilfish Gaming plc is the holding company of Devil Fish Poker Limited ("DFP"), a wholly-owned subsidiary which commenced trading in December 2005. DFP was incorporated to promote Devilfishpoker.com; a membership site for internet-based multi-player poker, taking its brand name from Dave "Devilfish" Ulliott, one of the most consistent and successful international poker players
and the company's largest shareholder with 27.8 percent. He does not sit on the board of directors.
To date, the site has over 6 000 registered members in the UK and other European states, with in excess of 700 depositing monies and playing cash games. Under the terms of a Licensing and Operator's agreement with eWorld Holdings Inc, the company can outsource significant running costs.
Devilfish Gaming plc is the brainchild of founding directors Kevin Leech (also the chairman) and major shareholder David "Devilfish" Ulliott, and on admission its Board was further strengthened by the appointment of online gambling industry expert, Paul Barnes as Chief Executive Officer, together with Karl Hutson and John Mulcahy as executive and non executive directors respectively.
The Board's chair, Kevin Leech, holds the next largest chunk of shares after Ulliott.
This is an interesting move by Devilfish Gaming, as online gambling firms have been hesitant to float since the UIGEA was passed in the United States back in October 2006. Most were hit hard, having shed their American customers, and have since focused more on Europe and Asia. Devilfish Poker does not accept American customers, although the big room on its poker network, UltimateBet, still does.
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