Online Casino Company PartyGaming Acquires World Poker Tour
PartyGaming continued to prepare for a possible return to the US gambling market with yesterday's purchase of the World Poker Tour. The online casino operator shelled out $12.3 million for the WPT brand and assets.
PartyGaming acquired the WPT name, the rights to events held both in the US and Europe, television programming of 150 hours annually of poker tournaments, and 16,500 subscribers already paying for po0ker offerings.
Among the advantages for PartyGaming are the blending of the WPT brand, which was desired by several other gaming operators, and the ability to continue land-based connections with PartyGaming's 12 million US customers it no longer can service online.
PartyGaming Ceo Jim Ryan noted the deal combines “two of the biggest brands in online and offline poker”.
PartyGaming committed to a revenue-sharing plan with WPT Enterprises, which will earn the sellers payments of at least $3 million over the next three years.
Mandalay Media attempted a last-minute raid to block the sale, offering $36 million for all of WPT Enterprises, but owners prferred just the sale of assets to PartyGaming.
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