UK-listed online gambling operator Bwin.party digital entertainment has sold its World Poker Tour business to online games operator Ourgame International Holdings for $35 million.
WPT Enterprises Inc. announced that it had accepted a $35 million cash offer from Hong Kong-listed Ourgame.
The deal, which includes all WPT’s properties – live tournaments, television production and the ClubWPT.com subscription poker site – is expected to close on June 25.
Poker is already part of Ourgame’s offering and the company has been a WPT licensee since 2012, helping to promote the WPT China event at the Grand Sanya Resort in Hainan province.
WPT CEO Adam Pliska said he was “delighted to now become a fully-integrated member of the Ourgame family,” which Pliska called “a high growth company led by an enthusiastic group that is fully invested in the growth of the sport of poker.”
According to a filing released by Ourgame, the WPT lost over $7.6 million in 2014 but Ourgame “expects to realize cost savings through the elimination of [Ourgame’s] royalty payments to [WPT], human resources rationalization and cost base reduction.”