PartyGaming To Acquire The World Poker Tour

Poker News - August 26th, 2009 - Written by Glen

PartyGaming, the world's largest listed online gambling firm, has recently agreed to acquire the business, as well as most of the assets, of WPT Enterprises. WPT Enterprises is the company responsible for the World Poker Tour, which is one of the most televised poker tournaments in the world.

PartyGaming presented an offer of $12.3 million dollars, as well as an ongoing revenue share. A minimum of $3M a year will be directed to the WPT vendors, for at least three years. The specifics for the ongoing deal has yet to be released.

The sale is expected to be finalized by the fourth quarter of 2009, but the deal must be approved by the shareholders involved with WPT.

While this could be a gamble for PartyGaming, the WPT should still provide a positive trade for the Gibraltar based online gambling company. Barely a month ago, PartyGaming acquired Cashcade Limited, an online Bingo enterprise. Cascade owns some of the larger Bingo sites within the UK, which should bring millions of GBP a year for PartyGaming.

The World Poker Tour is expected to return to the online poker world, despite PartyGaming pulling from the American Market.

As of August 25th, PartyGaming's price per share was 271.00p, and has been on the rise most of the day.

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