The public-listed Veltyco Group PLC (“Veltyco“) was founded in 2016 by the now arrested German Uwe Lenhoff together with partners Marcel Noordeloos, Falk Preussner, Dirk Jan Bakker and others. In February 2020, Veltyco Group PLC was renamed into B90 Holdings PLC.
Veltyco was used as a front entity for the largely illegal online business of the Lenhoff Group. Officially, Veltyco was responsible for the marketing of broker scams such as Option888, XMarkets or TradoVest as well as for the online lottery LottoPalace, which was also exposed as a scam.
Lenhoff, Veltyco and the group and individuals are the subjects of investigations by law enforcement agencies in various jurisdictions. The company has always been prone to suspicious accounts methods, undisclosed related-party transactions, and a huge shadow organization (read FinTelegram News article here on undisclosed related-party transactions).
Between its inception in 2016 and the arrest of its founder Uwe Lenhoff, Veltyco was primarily focused on the marketing of broker scams. In 2018, the company said that it would establish its own financial brand. After law enforcement agencies in several jurisdictions uncovered the illegal nature of the broker schemes in the Veltyco network, the company changed its strategy. Now, the company not only provides marketing services to the online gambling and gaming industry but also plans to establish its own online gambling brand Bet90.
Restarting Veltyco – The Bet90 Strategy
In January 2020, Veltyco announced that it would bet on the Bet90 business. Bet90 is an online sportsbook and casino gaming website (www.bet90.com) based in Cologne, Germany. The official operator of the Bet90 website is Bet 90 Sports Ltd, a company registered in Malta.
It already was an important project for Lenhoff in the times before Veltyco. Together with his friend Ingo Saager he developed Bet90 online and offline. He engaged with German CryptoTec AG of Michael Mertens and Michael Raumann, also based in Cologne, to produce sports betting machines. Back in 2016, Lenhoff explained to business partners that he plans to sell Bet90 to Veltyco in 2017 at a high valuation to get money out of the company. And he did so!
In Q2 2017, in a strange construction, Veltyco took over the majority of Bet 90 Sports Ltd via Quasar Holdings Ltd, for €2 million and, additionally, acquired T4U Marketing Ltd for €510,000 (see article here). Both companies have allegedly been beneficially owned by Uwe Lenhoff and his friends. Veltyco failed to disclose that it was a related-party transaction. A failure or a practice the company frequently applied.
On January 17, 2020, Veltyco announced that it finalized to take acquire the remaining 49% from Binbar and hence is the sole proprietor of Bet90. Furthermore, the company announced that it plans to rename and rebrand itself into Bet90 Holdings PLC. Read more here on FinTelegram News.