Element Buys WPT Brand for $78 Million, Future of Tournaments Uncertain

Allied Esports Entertainment sold the World Poker Tour (WPT) brand to Element for $78 million. The sale includes an upfront payment of $68.25 million, with the remaining $10 million to be paid through WPT tournament entry fees, with Allied receiving 5% of each buy-in.

The WPT mother company is attempting to sell its esports business and will rebrand under a new name, focusing on online entertainment including online gambling. The location of the three remaining WPT 2020 final tables is uncertain due to the sale and COVID-19 restrictions. The three final tables, originally scheduled for late March and early April 2020 at the Luxor, were postponed due to COVID-19 restrictions.

WPT Director Matthew Clark stated that there is no additional information regarding the final tables and hopes to conduct them safely soon. Frank Ng, CEO of Allied Sports Entertainment, explained the sale was due to COVID-19's impact on the company's revenue and profitability. The World Poker Tour was founded by former WPT CEO Steve Lipscomb and launched in 2002. PartyGaming acquired WPT in 2009 for $12.3 million, and Ourgame International Holdings Ltd acquired it in 2015 for $35 million.