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PartyGaming Buys World Poker Tour
10/2/09 - The rumours flying around the online gambling industry recently that Party Gaming plc was about to make an offer for World Poker Tour Enterprises have been confirmed by a company announcement that a deal is in progress.
PartyGaming said Tuesday that it had agreed to buy the U.S.-based gaming firm for $12.3 million (GBP 7.5 million) in cash.
The Gibraltar-based Internet gambling group said it would also pay a minimum of $3 million over the next three years to World Poker Tour's vendors on an ongoing revenue share related to the assets purchased.
The acquisition is expected to be completed in the fourth quarter of 2009.
WPT confirmed that it had agreed to sell substantially all of its operating assets other than cash, investments and certain excluded assets to Peerless Media, a unit of ElectraWorks, which is owned by PartyGaming.
The acquisition move makes a lot of sense; PartyGaming is WPT's largest customer, accounting for 30 percent of its revenue for the six months ended June 28, according to a WPT regulatory filing.
Last month, PartyGaming said it was looking for further acquisitions in the wake of its purchase of bingo website operator Cashcade for an initial GBP 71.9 million (see previous InfoPowa reports).
In August this year a $9.075 million plus a percentage of future revenues agreement of sale between WPT and the Gamynia group was put on hold in compliance with procedures prescribed in the sales agreement when WPT received what at that time was an unidentified "alternative proposal," which now appears to have been the Party Gaming offer.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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