The WPT expanded under bwin.party, but was ultimately a loss-making acquisition tool. Brand New owner Ourgame wishes the brand name to help it to develop into a ‘global social gaming company.’
The World Poker Tour has been sold up to a Hong Kong-based social media games developer for $35 million in cash.
Owner bwin.party confirmed the purchase, to Ourgame International Holdings Ltd, early Monday, incorporating that the deal had no bearing on the purchase talks surrounding the rest of its assets.
The WPT was a ‘non-core asset of the team,’ a company spokesperson said, emphasizing the recent purchase of other units, such as Profit, the company’s social video gaming arm.
Bwin is in negotiations with 888 Holdings, which has provided an undisclosed cash and paper bid to acquire the company in its entirety, and Amaya Inc and GVC Holdings, that have proposed a €1.5 billion ($1.7 billion) joint bid that would essentially divvy up bwin.party’s assets involving the two.
Ourgame, a company that is relatively unknown the English-speaking world, is listed on the Hong Kong Stock Exchange and specializes in online multi-platform card-based social games for the Chinese and East Asian markets, where it has 30 million active monthly users.
In 2014 its games brought in revenues of $76.7 million, and in December that year Ourgame acquired the rights to use the WPT brand in 14 countries across East Asia, including China, Malaysia, Korea, Vietnam and the Philippines. The two businesses cooperated on the organization of the WPT China, late year that is last.
Under the terms associated with agreement, bwin.party will continue to sponsor events on the trip in Europe and North America until December 31, 2016.
The WPT ended up being essentially a customer acquisition tool for bwin.party. Last 12 months it yielded a reported total revenue of around $11.8 million, and a loss at the clean earnings, before interest, income tax, depreciation and amortization, of $4.6 million
Since it acquired the WPT from creator Steve Lipscomb’s WPT Enterprises, for $12.3 million, bwin.party has exploded the tour from a set of 16 event that is main to more than 70 occasions across the world, using the addition of WPT Alpha8, WPT National and WPT DeepStack events.
Ourgame says that the acquisition will make it grow to into a international gaming brand that is social.
‘Over the past six years we’ve built WPT into a global franchise, with tournaments and TV discounts in many countries including Asia, where poker remains a popular and growing sport,’ said Martin Weigold, chief financial officer of bwin.party. ‘However, in line with our strategy of divesting our non-core assets, we think that now is the time that is right launch that value for shareholders therefore that we can focus our efforts on our core real money gaming and technology business.’
Ourgame is definitely an ‘incredible technology company,’ said Adam Plisksa, president and CEO of WPT, ‘and that was our weakness that is greatest.’
Bryan Micon will return to Nevada to make a scheduled court date this Thursday. (Image: CalvinAyre.com)
Bryan Micon is coming straight back to America to face the music regarding the charge filed against him by Nevada authorities.
According to court records, Micon is expected to produce a court appearance at a hearing, and defense lawyer david chesnoff has said that he expects micon to be there for the court date thursday.
Micon had been the chairman of Seals with Clubs, A bitcoin-based online poker room that was shut down earlier this season after a February raid on Micon’s Las Vegas residence.
That has been one of a series of events, including many different technical difficulties, which apparently led all of those other Seals with Clubs management team to shut down store.
While Micon was released with no fees filed against him following the raid, authorities did seize some computers and other electronic gear that belonged to him.
In April, Nevada officials issued an arrest warrant for Micon, alleging that he had operated an unlicensed gaming that is interactive in hawaii.
But by that point, Micon had taken refuge in Antigua with their family, having flown here right after the initial raid. Micon’s return for the court hearing appears to end up being the time that is first has stepped foot in america since leaving almost a year ago.
Micon has since launched a new version associated with the site, known as swcpoker.eu, that will be additionally a poker site that is bitcoin-only.
Last week, prior to the scheduled court appearance, a judge recalled Micon’s arrest warrant, which permitted him to freely travel back to Nevada. Based on court documents, Micon will probably face a brief booking at the Clark County Detention Center, but should then be released on their very own recognizance.
If the name of Micon’s lawyer strikes you as familiar, it is probably because you have been seeing it usually in gambling-related situations over the previous year, aswell as in stories about cases involving other celebrity customers.
Chesnoff was a vital member of the defense group that eventually got all charges dismissed against Paul Phua, the Malaysian businessman and high stakes poker player whom was accused of running an illegal World Cup activities gambling ring from a villa at Caesars Palace.
For the reason that case, Chesnoff was successful in having nearly all of the proof against Phua thrown out of court due to FBI techniques that were later on considered unconstitutional by way of a judge.
Chesnoff additionally represented Instagram superstar Dan Bilzerian after he was charged with counts associated with bomb-making following the detonation of a homemade explosive, spreading areas of a tractor-trailer cab across public lands outside Las Vegas.
In that instance, Bilzerian avoided much more serious charges and alternatively entered a misdemeanor, for which he paid a find and recorded a public service announcement for the Bureau of Land Management.
Micon may potentially face consequences even more severe than either Phua or Bilzerian, making the stakes even higher for Chesnoff and his client that is latest.
If Micon is available accountable on the unlicensed interactive gaming system charge, he could potentially face up to 10 years and jail and a $50,000 fine.
Jim Mullen, Ladbrokes CEO, states: ‘A merger has the potential to come up with significant cost synergies, creating value for both businesses’ shareholders.’ (Image: standard.co.uk)
Ladbrokes and Gala Coral, two of Britain’s biggest gambling companies, have begun negotiations over a possible merger, which, if realized, would produce a bookmaking superpower.
An alliance of this two companies would produce a group with almost 4,000 high street betting shops across the UK, dwarfing the incumbent market leader William Hill, which has around 2,400 outlets.
But there is no certainty that the discussions, which center on combining Ladbrokes with Coral Retail, Eurobet Retail, and Gala Coral’s online firms, will lead to an understanding, Ladbrokes stressed in a pr release.
CEO Jim Mullen said that the board ended up being still determining whether a deal could be the move that is right the company.
‘A merger with Gala Coral could create a combined company with significant scale and contains the potential to generate cost that is substantial, creating value for both companies’ shareholders. The Board has not yet concluded whether a transaction is strategically appealing and will be sent to shareholders on appropriate terms,’ Mullen said.
However, a consolidation of the two companies’ online operations may prove to be appealing to Ladbrokes. Mullen was earned three months ago to shore up the company’s digital arm, which recorded shaky leads to 2014. Total profits that are online the 12 months fell over 70 percent, from £10.8 million ($16.9m) to £3 million ($4.7m), while poker reported a 31 percent fall in revenue. Online poker now makes up about just 2 per cent of electronic revenues, the ongoing company said.
Over all its operations, Ladbrokes reported a fall that is large pre-tax revenue for 2014, from £68m ($106.8m) to £38m ($59.7m). The business said that it expected to shut 60 UK shops this season.
‘Since becoming CEO my focus is on a more plan that is aggressive build digital scale and grow our recreational client base across all networks, which is key to creating a more sustainable and growing Ladbrokes,’ said Mullen, who previously oversaw the development of main rivals William Hill’s online operations. ‘My plans are well advanced and I look forward to presenting them to shareholders.’
Ladbrokes previously attempted to buy Coral back in 1998, but the acquisition was vetoed by the Trade and Industry Secretary Peter Mandelson. The impact of removing Coral as an essential third nationwide competitive force in the off-course betting market, would, stated Mandelson, ‘lead to a weakening of price competition during the casino-online-australia.net nationwide degree; a dampening impact on innovation; and a decrease in consumer option.’
If completed, the offer would be structured as a reverse takeover of publicly traded Ladbrokes by Coral, which is owned by private equity firms.
New documents expose that Pete Rose gambled on the Reds while he had been still playing for the team. (Image: USATSI)
Pete Rose admitted over a decade ago that he had bet on baseball while the manager of the Cincinnati Reds, and that alone was more than enough for Major League Baseball to justify keeping Rose forever ineligible to take part in baseball activities.
But Rose has always maintained, up through this season, he never made such bets when he was a person.
Now it appears as though even Rose’s partial defense may have been a lie.
A former associate of Rose’s, by the US Postal Inspection Service in October 1989 on Monday, ESPN’s Outside the Lines published pages they obtained from a notebook that was collected as part of a raid on the home of Michael Bertolioni.
Into the notebook, you will find details of wagers by Rose that took place in 1986, the final 12 months of his playing job when he served as a player-manager for the team. The pages revealed by Outside the Lines cover betting activity that covers March through July 1986.
Critically, the notebook doesn’t show any proof (or recommendation) that Rose ever bet against the Reds at any time. Whilst not everything in the material is legible, the guide does show that Rose bet on baseball on at least 1 month during that period.
On 21 of those full days, there were bets by Rose on the Reds, including on at least some games that Rose played in himself. Rose also bet heavily on other sports, particularly on basketball.
Nearly all of Rose’s bets had been for $2,000, no matter what the sports he was betting on. Their single bet that is largest had been a $5,500 wager on the Boston Celtics, one that he lost.
For John Dowd, the former federal prosecutor whom headed up the Major League Baseball investigation into Rose’s betting and lent his name towards the infamous Dowd Report that led to Rose’s ban from baseball, the latest information served as a vindication associated with the work he did back in 1989.
‘This does it,’ Dowd said. ‘ This closes the door.’
The information in Bertolini’s notebook ended up being unknown until now because it comes from an investigation into mail fraud and had nothing related to Rose or gambling in general.
Since that time, the notebook has been under a seal that is court-ordered the newest York office of this National Archives, and officials have declined release a it publically.
Outside the Lines had Dowd newly review the unveiled documents as part of their tale.
‘We knew that [Bertolini] recorded the bets, and himself, but we never had his records,’ Dowd said that he bet. ‘This is the ultimate bit of the puzzle on a brand New York operation that is betting organized crime. And, of course, [Rose] betting while he was a player.’
The unveil is likely to be considered a major setback to Rose, who recently applied for reinstatement with new commissioner Rob Manfred.
However, Rose’s lawyer issued a statement saying that they will never comment regarding the developments that are new.
‘that we would not comment on specific matters relating to reinstatement,’ the statement read since we submitted the application earlier this year, we committed to MLB. ‘I have to maintain that. To be certain, I’m wanting to sit down with Manfred to address my entire history—the good and the bad—and my long personal journey since baseball.’
Pete Rose played within the major leagues, primarily using the Reds, from 1963 to 1986, during which time he collected a record that is all-time of hits.
But in 1991, the Baseball Hall of Fame voted to exclude anyone on the ineligible list from being considered for addition, which includes held Rose from being honored as you of baseball’s all-time greats.