World Poker Tour to get new owner
Until now, poker fans believed that the WPT from Element Partners is purchased. In theory, the purchase had already been completed; only the shareholders would have had to agree. Now there is a new message: This deal may not take place after all, since Bally's Corporation has also submitted an offer to buy.
New events surrounding the sale of the WPT
Bally 's Corporation has presented the owner of WPT with a100 million dollar offer. Element Partners has so far agreed to pay a total of $78.5 million. The not inconsiderable difference of $21.5 million could result in Bally's Corporation becoming the new owner after all.
Interestingly, however, the current owner of the WPT is not satisfied with the offer from Bally's. However, the company has requesteduntil the end of the month to consider both options. Bally's would not only be interested in taking over the WPT because of the poker tournament. Not only does Allied Esports operate the poker tournament, they also own an eSports arena on the Las Vegas Strip. This is sold together with the WPT. Experts suspect that Bally's is basically only interested in sports betting, as the group has recently focused on this division.
But why would Allied want to sell the WPT at all? According to official reports, this group wants to focus on online gambling. Actually, this is not good news for pundits and poker fans. Since Allied owns the WPT, thevalue has increased by $20 million.
Interesting Facts About Bally's
There may be a reason Allied isn't particularly enthusiastic about Bally's takeover bid. This group is said to be known for happily taking over other companies at a reasonable price. This accusation would not apply in the situation - after all,Bally's offers more than Element Partners.
Bally's also has sufficient experience in the gambling industry. After all, this corporation owns11 casinos spread across seven states. There are also 13 licenses for the state of Colorado. In total, Bally's employs almost 6,000 people who are responsible for 13,000 slot machines, almost 500 casino tables and over 2,900 hotel rooms. The WPT would fit very well into this portfolio.
Meanwhile there is another official report, according to which Allied only sells the WPT, but keeps the previous core business.There are also reports that Bally's has reduced its offer. So it can be followed with excitement over the next few days how theWPT will continue.
About Element Partners
Element Partners is located in Wayne, Pennsylvania. This is aprivate investment company that likes to invest in various industries. This includes not only sustainable energy sectors such as wind and hydropower. This corporation is interested in every industry, including software, agriculture, logistics and industry.
Although this company has been successful since its inception and enjoys constant growth, the question arises as to whoshould conduct the WPT after the purchase . A non-industry owner will most likely not be recognized by the professional world. For this reason, the latest reports could be true: Bally's seems to be the favorite at the moment.
WPT in brief
TheWorld Poker Tour has existed since 2002 and since then has had a very eventful history, including various ones count owners. The poker tour was originally founded by Stephen Lipscomp. The first WPT took place at the Bellagio in Las Vegas. The tournament was televised for the first time in 2004. The first change of ownership took place in 2009: Party Gaming bought the WPT for 12.3 million US dollars.
Six years later it was sold again,for $35 million to Ourgame International Holdings Ltd. Allied joined four years later. Thanks to this merger, a market-leading eSports brand should emerge. Already in 2020 the WPT came to a virtual standstill. The corona pandemic was to blame, as a result of which live play was no longer possible. However, to the delight of all fans, a solution was found and the WPT took place digitally for the first time.
The WPT is now one of the most important poker tournaments and ranked alongside the WSOP and the European Poker Tour. The other two could only be played live to a very small extent due to the Corona crisis. Since the WPT was founded, professionals have been able to winprize money of sometimes several million dollars. The top prize is $6.7 million and went to Carlos Mortensen.
In connection with the WPT, there aretwo other special features: In total, over one billion dollars have been paid out since the WPT was founded. Broadcasting rights are now exclusive to Fox Sports Networks, and the main presenters are Vincent Van Patten and Tony Dust.