PartyGaming Buys World Poker Tour For $12.3 Million
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Online gambling firm PartyGaming has purchased “substantially all of the assets” of World Poker Tour owner WPT Enterprises for $12.3 million, along with a five percent cut of revenue generated by the assets. The deal includes World Poker Tour-related properties, including the World Poker Tour TV show which is broadcast on Fox Sports in the U.S., along with online poker club, ClubWPT.com.
SEE ALSO: INM Sells Minority Stake In Gaming Tech Provider Cashcade
WPT had agreed to sell itself earlier this month to private investor Gamynia Limited for $9.075 million, along with a cut of future revenues, but in a statement WPT says its board determined that PartyGaming’s offer was “financially superior.”
The Gamynia deal was part of a plan to expand the World Poker Tour and Professional Poker Tour brands into online gaming. Gamynia said that it had partnered with online gaming marketing firm Hardway Investments on the initiative.
WPT Enterprises says that under PartyGaming’s ownership, the World Poker Tour will also “return to online gaming.” PartyGaming already runs top poker site PartyPoker.com, although it no longer operates in the U.S., where it agreed to pay a $105 million fine in April to settle a dispute over the legality of its previous operations in the country.
It’s the latest investment for PartyGaming, which bought an 18 percent stake in online gambling tech firm Cashcade for about $25 million from Independent News & Media in late July.
Posted In: Entertainment, Games, Technologies / Formats
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