PartyGaming Gets Ready for Return to US

Written by:
Guest
Published on:
Nov/10/2009

ONLINE gaming group PartyGaming said yesterday it had completed the acquisition of the World Poker Tour brand, positioning itself for a return to the US market when legislation allows it.

PartyGaming paid $12.3m (£7.3m) for the World Poker Tour (WPT) brand and other assets - including the rights to a business with over 16,000 subscribers - beating rival bidder Mandalay Media to seal the deal. Mandalay had made an indicative offer of $36.5m for the whole of WPT Enterprises.

PartyGaming will also pay a minimum of $3m over the next three years as part of a revenue share agreement.

PartyGaming chief executive Jim Ryan said the firm's plans include using the ClubWPT subscription platform to "leverage our 12m-strong US player database via a Party-branded website."

Source:  City AM

Business/Financial News

Odds on Tariffs - Betting Markets

Facing a global market meltdown, Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised the tax rate on Chinese imports to 125%.

Syndicate

Subscribe to Syndicate
More