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WPT ENDS RELATIONSHIP WITH CRYPTOLOGIC
World Poker Tour Enterprises could be about to shut down its troubled online poker operations at WPTonline.com following an advisory report to the SEC filed October 17 which announces that the firm's 3 year poker network deal with turnkey provider and network Cryptologic is to be prematurely terminated on November 14 2008.
Because the deal only commenced in mid-2007, and was expanded earlier this year to 2011 (see previous InfoPowa report) the contract still has over two years to run, and there may be compensation claims from the software provider, although there have been no statements by either company thus far on this aspect.
Original SEC filings on the initial Cryptologic agreement indicate that the Dublin-based software company was guaranteed minimum guaranteed payments of $750 000 a year, with the proviso that should revenues drop below that level then WPT would make appropriate adjustments to ensure that the agreed monthly figure was met.
WPT's disclosure to the SEC notes that the company could remain in the online poker business with new software and management.
WPT's business experiences with online poker have not been happy; in 2006 the company tried to go it alone in developing software in Israel and setting up a website and supporting infrastructure. This did not appear to come together successfully, leading to the deal the following year with Cryptologic and its subsidiary Wagerlogic.
Although WPT is debt free and has ample assets, it has experienced declining stock prices to the extent that it was recently warned by Nasdaq (see previous InfoPowa report) that it could be delisted if its share price remained under the $1 mark for more than 30 days. It has yet to recover higher than the $1 level.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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