Online gambling operator bwin.party digital entertainment plc announced mere hours ago that it is to sell its interests in World Poker Tour to Hong Kong-listed company Ourgame International Holdings for the amount of US$35 million.
Ourgame is a China-headquartered social gaming company with a market capitalization of about HK$5.7 billion (US$733 million) and interests across the Asia-Pacific region. It offers a variety of online card and board games across a number of platforms. Currently, the company has more than 500 million registered users. It has previously worked with WPT to assist the facilitation of WPT National China at MGM Grand Sanya Resort.
bwin.party noted that it would continue sponsoring different WPT events and related shows, televised both in Europe and the United States up until December 31, 2016. The gambling operator has also preserved its right to refuse this additional sponsorship before the end of 2016.
bwin.party purchased WPT back in September 2009 for the amount of US$12.3 million. The series generated a total revenue of €10.4 million up to December 31, 2014 and posted a loss of €4.1 million at the Clean EBITDA level.
Martin Weigold, Chief Financial Officer of the gambling operator, noted that over the past six years, they have managed to turn WPT into a global franchise with a number of both tournament and TV deals around the world, including Asia, where poker has been gaining more and more popularity.
Mr. Weigold pointed out that the WPT sale is part of bwin.party’s strategy to divest its non-core assets and that the company’s Board has decided that now is the right time to “release that value for shareholders” and to focus its attention on its “core real money gaming and technology business.”
Frank Ng, Chief Executive Officer of Ourgame, commented that they were really proud with their new acquisition. He also promised that WPT would continue expanding its presence on a global scale and would bring poker and gaming entertainment in general to cities around the world not only via television broadcasts, but also via mobile devices, card tables, etc.
Adam Pliska, President and Chief Executive Officer of WPT, said that they are delighted to become part of a company that is focused on the global growth of the game of poker. He also did not miss the opportunity to thank bwin.party for its support over the past six years.
