Yesterday, Coin Rivet reported that top Premier League football club Wolverhampton Wanderers had announced a new partnership with Crypto Millions Lotto.
Today, according to an exclusive report in the Mirror, it seems the club may be preparing to back out of the deal already after concerns were raised about the company and the CEO’s previous business practices.
Wolverhampton Wanderers ‘unaware’ of some key facts
It’s not unusual for Premier League clubs to partner up with high-risk industries and major gambling companies.
Wolverhampton Wanderers yesterday waxed lyrical about the partnership on its website.
“By working with Crypto Millions Lotto, Wolves will become the first Premier League club to collaborate with an online lottery business,” the football team said.
Crypto Millions Lotto is purportedly the “world’s biggest Bitcoin lottery” with an eye-watering weekly jackpot of $30 million (3,713 BTC).
However, according to the Mirror, concerns have been raised about the company’s dubious past and lack of a UK license – something the football club was apparently unaware of.
Crypto Millions Lotto CEO behind failed Fat Cat Gaming
The Mirror states that concerns started growing at Wolverhampton Wanderers after the club discovered that Crypto Millions Lotto CEO Sulim Malook has a less-than-desirable track record.
He was behind the failed Fat Cat Gaming, a company kickstarted in 2015 through a crowd-funding platform fundedbyme.
All hyperlinks to the company’s site have been disabled. Along with them, the promise to users of a free-to-play mobile game.
Moreover, Crypto Millions Lotto’s parent company, Ofertas365, is based in Venezuela. It launched a company called AfroMillionsLotto in Nigeria in 2017. The company is now defunct.
These latest revelations will likely provoke a second look at Crypto Millions Lotto’s working practices as the company does not have a UK gambling license.
This fact was brushed off in a comment to the Mirror by Mr Malook, who said: “We don’t have a UK gambling licence but we aren’t doing business in the UK.”
A further look at Crypto Millions Lotto’s policies
As pointed out in a follow-up article by TheNextWeb, the way in which users are made to deposit and receive BTC throws up further concerns.
A look at the company’s “How to Play” section reveals that when you sign up for an account, your data is immediately passed to a partner company called Earn Bitcoin. What happens next is unclear.
Lottery players must also load their accounts with BTC in order to play the game. Yet what happens to the locked-up BTC is also not explained.
Moreover, while players can load their accounts from any BTC wallet, they must accept their winnings in a wallet called Walleto. Walleto’s dubious-looking website only displays a box requesting a password.
Who owns the Bitcoin is therefore unclear and how to withdraw it is equally vague. Diving deeper into the company’s terms and conditions (which the majority of players presumably won’t do) also reveals an alarming fact.
In certain cases, it could take a player up to two years to receive their winnings. The site says:
“In the event that a dispute arises with our Insurance Partner regarding their obligation to pay us, we may not be in a position to pass Winnings on to you… The maximum period of time for any such suspension of our obligation to pay Winnings to you under this clause is two years.”
It looks as if Wolves may have no choice but to back out of this partnership. Even though the company may be perfectly legitimate, it arguably raises one red flag too many.
Coin Rivet reached out to Crypto Millions Lotto for further explanation. Unfortunately, the company declined the opportunity, simply stating:
“We have no comment on the article in question.”
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