Party Gaming has announced that they have signed a deal with WPT Enterprises Inc. The sale total $12.3million plus a minimum aggregate payment of $3million during the next three years due to an ongoing revenue share contract.
The sale includes the rights to the World Poker Tour brand and the rights to land based events in the USA and Europe and the intellectual rights to the World Poker Tour.
Also, the sale includes a library of more than 150 hours of poker programmes which is broadcast across the world in 150 countries.
Additionally, the sale includes the rights to the clubWPT subscription poker offering which caters for 16,500 subscribers in 37 US States.
Jim Ryan, PartyGaming Chief Executive Officer, said of the deal, “This deal brings together two of the biggest brands in online and offline poker – Party Poker and World Poker Tour – that we will market internationally to build our poker business. Our plans also include using the ClubWPT subscription platform to leverage our 12 million-strong US player database via a Party-branded website and the launch of a European WPT-branded poker and casino site. We are excited about the opportunities that WPT, a proven marketing channel for the Group, will create for PartyGaming, particularly if the US regulates and licenses online gaming.”
Steve Lipscomb, the founder of WPTE, further said that, “PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion.”