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WPT Announces New Deal

Speculation has abounded in the online casino poker industry over whether the World Poker Tour and the Chinese government were in fact in million dollar negotiations. Well, just this past week the WPT confirmed a sponsorship deal to the tune of $3 million. The online casino industry across the board is planning to expand into the Asian market as soon as possible, so this new deal with the WPT and China definitely proves that companies and brand names are integrating slowly into the new market.

The WPT company is currently experiencing some financial setbacks that are not predicted to in any way effect the longevity of the company, but have slightly lowered the share price on the London AIM. The recent millions spent on an in-house gambling platform largely contributed to the losses in the last quarter though there are some other attributing factors.

On the up side though for both parties involved, the deal is hugely beneficial for both the WPT Enterprises and the Chinese government. For the government, the WPT is paying $3 million as a five-year sponsorship and marketing deal that centers on the Chinese Traktor card game. For the WPT, the company will have first negotiation rights in any deals that concern land-based or online casino poker in the country. The half of the deal for the WPT is a bit riskier because poker is currently not established and legal in the country; but most do predict legalization in the near future.

This is just the latest of great deals for WPT – the President and CEO at WPT also believes great possibilities for the online casino poker venture the company recently initiated. He comments, "In June, we successfully re-launched our online gaming site on the CryptoLogic platform. We continue to build on our brand and business internationally as well, and to that end, we signed television distribution deals in the Netherlands and Australia, which fall under our PartyGaming sponsorship agreement, and just this week, we announced our entry into China. With this positive momentum and our world-class brand, we are enthusiastic about the prospects for 2007 and beyond."