Online Poker Site Closed by World Poker Tour Enterprises

This past Friday, World Poker Tour Enterprises announced that they would be closing their online poker room. The site had only been operating for just over two years. The World Poker Tour Enterprises stated that the site was not making the revenue they had anticipated.

On October 17th the WPTE filed a notice with the Securities and Exchange Commission that stated details of the website closure. The notice also stated that the WPTE had notified Cryptologic Incorporated and WagerLogic Limited that they would be terminating their contract and the poker room would shut down on November 14th.

Because the WPTE were terminating their contract with the Companies, they would have to pay a large amount of money. The WPTE signed a three year contract with Cryptologic for the operation of the poker room for $750,000 and the WPTE would pick up costs not covered by the room’s operation. The WPTE will most likely have to pay around $2 million if not more to Cryptologic.

Stock for the World Poker Tour is at an all time low and the television program has not been very successful as of late. It seems these factors along with others have contributed to the demise of the online website. Not to mention the slow economic state of affairs.