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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.
Ontario extended its online gambling deadline -
02/06/2012 : It could be awhile yet before Canada's most populous province, Ontario, joins sisters British Columbia and Quebec in offering online gambling to its residents.
ESTIMATED WORTH OF SPANISH ONLINE GAMBLING MARKET? -
02/06/2012 : Jdigital, the newly launched Spanish Association of Digital Play has estimated that the Spanish online gambling market based on gross gaming revenue in 2011 has increased by 20 percent exceeding Euro 370 Million.
Conister Bank launches the IOM's first e-gaming banking product -
02/06/2012 : The Isle of Man-based Conister Bank has announced the launch of the Island’s first ever e-gaming dedicated banking product, created specifically for the Island’s e-gaming operators, with the approval of the local Gambling and Supervision Commission
Betfair has announced No More South African Gamblers -
02/06/2012 : International online gambling group Betfair has announced that it is to bow to court decisions in South Africa declaring online gambling illegal by cutting off South African online punters from February 14.
Dr. Love slot released to the Apple Store -
02/06/2012 : In an innovative move, NextGen Gaming, which recently merged with the NYX group, has released its popular Dr. Love slot to the Apple Store for mobile players to access direct.
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