PartyGaming buys World Poker Tour for $12.3m

PartyGaming buys World Poker Tour for $12.3m

Tuesday, 10 November 2009

The World Poker Tour has been sold to PartyGaming for $12.8m, ahead of Mandalay Gaming’s last-minute offer of almost three times that. The world-famous online gaming company landed the deal with an asset buy.

This deal not only gives PartyPoker the WPT brand but also gives them the rights to live events in the US and Europe as well as 150 hours of programming. The company is expected to pay $3m more over the next three years.

PartyGaming’s chief executive Jim Ryan noted that “two of the biggest brands in online and offline poker” have been united and would provide opportunities to end the ban on US online gaming via PartyGaming’s 12,000,000 players.

The move saw PartyGaming’s shares rise by almost 6p to £2.38 apiece – this is a welcome change for a company who lost billions when the Unlawful Internet Gambling Enforcement Act came into play in 2006.

Tags: Poker News, PartyGaming, buys, World, Poker, Tour, for, $12.3m