PartyGaming Acquires
World Poker Tour
 November
11 -
PartyGaming Plc
has signaled its intention to
return to the lucrative U.S. online gambling market
(assuming the online gambling ban is soon lifted)
with the $12.3 million acquisition of
poker tournament organiser,
WPT Enterprises
owner of the
World Poker Tour
brand.
Through the acquisition,
PartyGaming - which owns and operates some of the world's most
popular online casino and poker websites
- gained control of the World Poker Tour (WPT) and other assets.
The
sale went through despite
a last-ditch attemot from
U.S. gambling giant, Mandalay Media
to steal the deal from under PartyGaming's nose.
According to reports,
WPT Enterprises turned down Mandalay Media's offer of $36.5m
in favour of PartyGaming's asset deal.
The deal will see the firm enjoy the
rights to land poker events in the U.S. and Europe, 150 hours of
poker programming, and 16,500 paying players
for a subscription poker service.
In addition, a revenue-sharing deal
will ensure that PartyGaming pays at least $3m more to WPT
Enterprises
over the next three years.
Said PartyGaming CEO, Jim Ryan, 'This
deal has brought together two of the biggest brands in online
and land poker.
'It will allow PartyGaming to make use of a database of 12
million American players before the end to the U.S. ban on
online gambling,' he said.
News of the acquisition sent PartyGaming's shares skyward
on the London Stock Exchange (LSE) by 5.6p to 236.7p.
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