Poker News

Dream Team Poker Heads to the Bicycle Casino for Monday Night Series

Fresh off the third tournament in its history, which took place at the Rio during the 2009 World Series of Poker (WSOP) Main Event, Dream Team Poker announced a Monday Night Football promotion at the Bicycle Casino in Los Angeles.

Appropriately dubbed Monday Night Football at the Bike, the latest version of Dream Team Poker will consist of 11 tournaments at the storied Los Angeles casino. Teams’ performances will be tracked on a leaderboard and the action starts on October 19th. The final week of the series, which issues its “Shuffle Up and Deal” command at 7:00pm local time, is December 28th. Monday Night Football actually airs around 4:30pm PT and, to warm up the crowd, KLAC’s Petros and Money will broadcast live starting at 4:00pm PT from the gaming establishment, which plays host to the annual Legends of Poker, a staple of the World Poker Tour (WPT).

Dream Team Poker CEO Daniel Delshad told Poker News Daily, “We are very excited about bringing Dream Team Poker to the Bicycle Casino. After the WSOP event, we had a lot of opportunities to take Dream Team Poker to new places and we wanted to make sure to manage the growth.” A total of 366 players, or 122 three-man teams, took to the felts at the Rio, with Team Tao of Poker emerging victorious from the pack to pocket $33,000. The event’s overall winner was “Cowboy” Kenna James, who earned $16,000. Dream Team Poker tournaments pay out to the top teams and individuals to avoid collusion.

Each tournament held over the course of the 11-week Monday Night Football series comes with a $67 per person price tag, or $201 per team. The more tournaments a team enters throughout the course of the series, the more chips they’ll start with at the end-of-season event, giving an edge to Dream Team Poker regulars.

The Monday Night Football finale takes place on December 28th at 7:00pm and the winning team each week will take home a seat to the Ho Ho No Limit Hold’em Dream Team Poker Main Event on Saturday, December 12th at 2:00pm local time at The Bike. The tournament will set entrants back $140, or $420 per team. Squads that submit their registration prior to December 1st will receive a customized jersey similar to those found hanging outside PokerPalooza at the Rio in July.

Up for grabs for the leading individual and team on the weekly leaderboard at the end of the season are $500 in spending money and one ticket each to Super Bowl XLIV, which will pan out in February from Miami, Florida. Last year’s Super Bowl, which was held in Tampa, featured the Pittsburgh Steelers defeating the Arizona Cardinals 27-23. All told, Dream Team Poker will award four tickets and $2,000 as part of the Monday Night Football series.

Dream Team Poker’s very first event took place last November at the Hard Rock Casino in Las Vegas. The invitation-only gala saw Team Bluff Magazine, which included Eric Morris, Matt Parvis, and Bodog Poker pro Justin “ZeeJustin” Bonomo, take to the winner’s circle. In March, Dream Team Poker headed to Caesars Palace, where the Jamie Gold-led Team ACED emerged victorious from the pack for $59,000. Finally, prior to the WSOP Main Event, the annual media tournament featured a Dream Team Poker format, with Team Lacey Jones coming out on top.

So what’s next for the team poker concept? Delshad told Poker News Daily, “We are in the midst of planning our 2010 events, where we expect to expand the game to new locations across the U.S. and especially look to start building our international presence. We do expect to introduce some other exciting products in 2010.”

Full Tilt sued over bot accusation

Lary "pokergirl_z" Kennedy and Greg Omotoy filed a complaint in the Superior Court of California this week accusing Full Tilt Poker, all the members of Team Full Tilt, Full Tilt Pro Perry Friedman and TiltWare CEO Ray Bitar of fraud, false advertising, racketeering, unjust enrichment, libel and slander.

According to the suit, Full Tilt confiscated more than $80,000 from the two player's accounts after accusing them of using poker bot software.

Kennedy, who used both accounts after Omotoy abandoned his, claims she never used a bot or computer program and attempts to clear her name using a webcam to broadcast images of her actually playing were ignored by the site.

The lawsuit also accuses Full Tilt of a number of indiscretions, making several insinuations about the inner-workings of the organization.

Included in the allegations are claims that Team Full Tilt's Chris Ferguson and Andy Bloch created poker bots to fill out online tables and generate revenue for the site and that Team Full Tilt members are playing on the site using company revenues, which is akin to being the house in a casino and therefore contrary to the site's claims it is not a gambling website.

Kennedy and Omotoy are seeking compensatory and punitive damages to be determined by the court based on Full Tilt's revenues.

Full Tilt Poker declined PokerListings' requests to comment on the suit.

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Entraction to Close CardRoom2

This week, Entraction officials announced plans to shutter CardRoom2, which makes its home on Boss Media’s International Poker Network. Entraction Network sites include Devilfish Poker and NoiQ Poker.

The room will be closed no later than the end of the 2009 calendar year. A statement released by Entraction noted, “Entraction has decided to close Cardroom2, [which] enables players in Entraction’s network to play on the [International Poker Network]. The traffic between the networks is not extensive and Cardroom2 only represents approximately 5% of Entraction’s revenues from poker.” Entraction had already terminated its agreement with Boss Media.

According to the traffic ranking site PokerScout.com, the International Poker Network is the ninth largest worldwide with a seven-day running average of 1,860 real money ring game players. During its peak hours, nearly 3,700 can be found battling it out on the felts of the Boss Media property. At the time of writing, which is late afternoon throughout Europe, 3,100 players are seated at its cash game tables. The International Poker Network’s family of sites, which is now devoid of CardRoom2, includes BetClick, Extreme Poker, InterPoker, Paradise Poker, and Total Poker.

The Entraction Network is comparatively smaller, registering as the 11th largest worldwide with a seven-day running average of 1,320 real money ring game players. Besides Devilfish Poker and NoiQ Poker, other Entraction Network sites include 24h Poker and i4Poker, which also offers an International Poker Network option.

Peter Åström, CEO Entraction, commented in a press release distributed by the company this week that Entraction Network’s popularity led to the decision to close CardRoom2: ”Cardroom2 has been a good possibility for players to play in two different networks using one account. Because of the strong growth in the Entraction poker network, there is no longer a need for Cardroom2.” Neither the Entraction Network nor International Poker Network allows players from the United States.

Last month, Entraction officials announced that the network was adding Live Casino games to its offering. Evolution Gaming brought Live Casino games to life and the partnership meant that baccarat, blackjack, and roulette would make their debut on the Entraction Network in the spring of 2010. On the company’s business-to-business agreement with Evolution Gaming, Åström commented, “We see strong growth in casino and Live Casino completes our strong casino offering. Our approach to always put the partner first alongside our complete portfolio of products and services for online gaming makes us an attractive partner for established gaming operators, media companies, and other companies with strong brands that want to offer their customers online games.”

On November 5th, Entraction will reveal its financial results for the third quarter of 2009. Its stock is listed on the NASDAQ OMX First North Premier exchange and, at the time of writing, was trading at $57.25, down $0.75 on the day, or 1.29%. Its stock price jumped to nearly $60 on word that CardRoom2 would be closed. The company itself is based in Stockholm and was founded in 2000.

Devilfish Poker is home to the bad boy of poker himself, David “Devilfish” Ulliott. The poker pro took down the World Poker Open during Season I of the World Poker Tour (WPT) for $589,000. Five seasons later, he grabbed third in the Doyle Brunson Five Diamond World Poker Classic at the Bellagio for $674,000. He participated in the WPT’s Bad Boys of Poker during Season II and won a $2,000 buy-in Pot Limit Hold’em event during the 1997 WSOP for his first (and so far only) bracelet. That event saw Ulliott outlast Poker Hall of Fame nominee Tom McEvoy, Full Tilt Poker pro Chris Ferguson, Paul “Eskimo” Clark, and Stan Goldstein at the final table.

Barry Shulman Wins WSOP Europe Main Event

After over 16 hours, CardPlayer CEO Barry Shulman defeated Team PokerStars Pro member and crowd favorite Daniel Negreanu to win the Main Event of the World Series of Poker (WSOP) Europe. Shulman earned £801,603.

The win marked Shulman’s second WSOP bracelet. The first came in 2001, when the media mogul won a $1,500 buy-in Limit Seven Card Stud High-Low event for $123,000. The London Main Event marked his eighth WSOP final table and 14th in the money finish. His win gave the United States its second WSOP Europe bracelet; both have come by virtue of taking down the Main Event, as John Juanda emerged victorious from the pack in 2008. Other countries that have grabbed WSOP Europe bracelets include Denmark (2), Finland (1), Afghanistan (1), Germany (1), England (1), Canada (1), Italy (1), and Norway (1).

The £10,000 buy-in feature tournament was nearly decided one hour into heads-up play. Negreanu held a 5:3 chip lead and his adversary called all-in after flopping a flush draw with A-5 of hearts. Negreanu turned over pocket aces on the Kd-8h-6h board, but watched as the turn filled Shulman’s flush. The hand propelled the CardPlayer CEO to a 3:1 chip edge.

Later on, Negreanu peeked down at Q-J and Shulman, this time, was dealt aces. The flop came jack-high and Negreanu led out. Shulman pushed all-in over the top and Negreanu tanked, before finally calling once again with a chance to win the tournament. The turn came another jack, giving Negreanu one card to victory in London and his fifth WSOP bracelet. However, Shulman spiked one of two remaining aces on the river to take down the hand with aces full of jacks. In the final hand in London, Negreanu ran his pocket fours into Shulman’s pocket tens. A ten hit the flop and running fours failed to hit, giving Shulman the WSOP Europe Main Event title.

In an interview with WSOP officials, Negreanu discussed playing with Shulman heads-up: “Playing against Barry is dangerous. There is no pressure on him. That makes him very difficult to play against because I can’t be sure where I am at. I’ve played a lot of hours with Barry and think I have him somewhat figured out. But he’s got at least one advantage against me, which is having no pressure.” Shulman’s son, CardPlayer Editor Jeff Shulman, is a member of the WSOP November Nine and will hold the third largest chip stack when play resumes in Las Vegas.

Besides Shulman and Negreanu, four other former bracelet winners took to the felts at the Casino at the Empire for the WSOP Europe Main Event final table. Chris Bjorin, a two-time bracelet winner, was sent packing in sixth place after running A-J into Negreanu’s A-Q. Shulman busted Matt Hawrilenko, who has taken down one WSOP event, in eighth place for £87,074.

Team PokerStars Pro member Jason Mercier, who grabbed his first bracelet during the 2009 WSOP in Las Vegas, was eliminated in fourth place after entering as a dominant chip leader. In his final hand, Mercier’s wired pair of sevens could not draw out on Negreanu’s pocket nines. The last decorated player to take to the WSOP Europe televised table was Praz Bansi, who won a bracelet in a $1,000 buy-in No Limit Hold’em event in 2006. Bansi was the hometown hero and was eliminated in third place.

Incredibly, two members of the November Nine reached the WSOP Europe Main Event final table. Everest Poker pro Antoine Saout was ousted in seventh place after coming out on the short end of a coin flip holding pocket fives against Negreanu’s A-Q of spades. Negreanu made a flush on the river to send Saout home in dramatic fashion. Eliminated shortly before Saout was James Akenhead, who hit the skids in ninth place. Negreanu’s pocket kings staved off disaster against Akenhead’s A-Q and the London native was sent home.

Here were the results from the 2009 WSOP Europe Main Event:

1. Barry Shulman - £801,603
2. Daniel Negreanu - £495,589
3. Praz Bansi - £360,887
4. Jason Mercier - £267,267
5. Markus Ristola - £200,367
6. Chris Bjorin - £150,267
7. Antoine Saout - £114,228
8. Matt Hawrilenko - £87,074
9. James Akenhead - £66,533

Jeff Shulman Takes Center Stage on WSOP Main Event on ESPN Coverage

Day 5 of the 2009 World Series of Poker (WSOP) Main Event played out on ESPN on Tuesday night. Jeff Shulman, Bertrand “Elky” Grospellier, and Andy Black were seated at the feature table as the field narrowed from 400 players.

Holding down the fort at Table Two were several brand name pros, including Vitaly Lunkin, Prahlad Friedman, and Andrew “luckychewy” Lichtenberger, who will be featured once again on tonight’s installment of the G4 online poker reality show “2 Months, $2 Million.” Lichtenberger raised to 20,000 pre-flop with 10-5 and was met with an all-in from Lunkin, who held A-8. Lunkin told his foe, “It seems to me you are bluffing.” On Lichtenberger’s youth, ESPN announcer Norman Chad quipped, “It seems to me he doesn’t shave yet.”

Back at the feature table, Grospellier had pocket aces cracked by Scott Buller’s pocket kings when a king hit the turn. Needing an ace or jack to hit on the river, Grospellier watched as a benign deuce fell. Meanwhile, Pasha Esfandiary, brother of Antonio Esfandiari, was ousted with aces against pocket fives when a five hit the flop. Antonio changed his last name to end in the letter “i” because he thought it looked better, while Pasha has left his last name unchanged.

Adam Bilzerian, a Vanderbilt University graduate, revealed to ESPN cameras that he renounced his citizenship to the United States after college. He penned, “America: Love it or Leave it, So I Left” and now boasts a passport from St. Kitts and Nevis. He apparently regretted his decision, noting, “You don’t appreciate what you have until it’s gone.” Adam was seated directly next to his brother, Dan Bilzerian.

ESPN cameras continuously checked in on Kara Scott, whom Chad ogled for much of the night. Scott doubled up Jamin Stokes with A-K against Stokes’ pocket kings, leaving Chad to note, “Kara Scott Chad should be more careful with our money.” Back at Table Two, Carter Swidler called the all-in raise of Lunkin with pocket nines. Lunkin held A-Q and the two were off to the races. The flop came A-Q-J, giving Lunkin two pair, and a running 2-3 doubled him up. “I’m a Celebrity, Get Me Out of Here” winner Lou Diamond Phillips promptly dropped a pot against Scott Baumstein after Baumstein hit a straight on the river.

Lunkin was crippled when his pocket aces fell to 2-5, while 2008 WSOP Main Event Champion Peter Eastgate doubled up with pocket kings against Gabe Walls’ Ad-4d. Eastgate’s chips hit the middle on a 7-3-7 board with two diamonds and the reigning champion dodged a multitude of outs to scoop the pot. Black called off his stack with pocket fours against Shulman’s pocket eights on a 10-8-5-2-5 board, leaving Chad to lament, “I didn’t see that blowup coming.” Black appeared very weary during the hand.

In the second episode, which aired at 9:00pm ET, Tom Schneider, the 2007 Player of the Year, began as the chip leader with a stack of 2.2 million. Table Two featured Esfandiari and Phillips, while the feature table remained the same. Scott doubled up at an outer table and, interestingly enough, is just the second woman to cash in back-to-back Main Events. Meanwhile, fellow female player Nichoel Peppe scooped a 2.6 million chip pot, the largest to air during the 2009 WSOP Main Event on ESPN.

At the feature table, Shulman raked in a 323,000 chip pot after raising to 30,000 pre-flop with pocket fours. Grospellier made the call with Jh-10h and the flop came 4-8-K with two hearts. Shulman bet out 60,000 with his set and Grospellier came along to see the deuce of spades hit the turn. Shulman fired out a bet of 120,000 and Grospellier folded. Meanwhile, PokerRoad CEO Joe Sebok doubled up with A-K against Q-7 after spiking a king on the river to stay alive. He had begun to put his backpack on after a seven hit the turn.

Scott doubled up again, but ultimately fell with A-2 against 5-3. The board ran out Q-6-5-5-9, leaving Chad to lament, “I am crestfallen.” Also hitting the exits was Dan Harrington, who departed after his flush draw failed to hit. Heading in the other direction was Phil Ivey, who called an all-in with A-7 against 10-6 on a 6-7-Q board for most of his chips. The turn was a nine and the river was a five, sending Mats Anderson to the rails.

Tuesday’s theatrics ended with Grospellier earning a 1.3 million chip pot with pocket aces against Tyler Patterson’s pocket tens. The board ran out Q-6-3-K-6 and, despite slipping for most of Day 5, Grospellier was back to nearly even. Three women remain along with two former Main Event champions, Eastgate and 2005 winner Joe Hachem.

Starting next week, new episodes will air from 9:00pm to 11:00pm ET on ESPN.

Poker News in Brief: Sept. 21-27

But despite the focus on London there was even more going in the poker world with Jamie Gold having more legal troubles and Yevgeniy Timoshenko taking down yet another major tournament by winning the WCOOP Main Event.

Of course there's always even more going on behind the scenes that doesn't necessarily make it to the front page of PokerListings.com. Fortunately, as part of our ongoing Poker News in Brief feature we've collected a list of those stories below.

This week we'll take a look at the death of a Las Vegas legend, Phil Hellmuth taking a shot at the WSOP, PokerStars potentially adding an online division to their team and poker in politics.

Wyden pulls online gaming amendment

It didn't take long for Senator Ron Wyden to change his mind about a possible amendment that would have seen legalized online gambling revenues go towards healthcare reform in the U.S.

Barely one week after proposing the amendment, Wyden opted to pull it from the table deciding he didn't want to add another controversial issue to the healthcare debate.

Wyden's bill had already gained support from Rep. Jim McDermott, Rep. Barney Frank and Internet gambling advocacy groups like the Safe and Secure Internet Gambling Initiative.

Las Vegas Icon Bob Stupak dies at 67

Bob Stupak, builder of the Stratosphere and a WSOP bracelet winner, died at Desert Springs Hospital on Thursday after a long battle with leukemia.

Stupak was one of the earliest visionaries in Las Vegas and was also responsible for creating Las Vegas world in 1974.

"Bob Stupak was a true visionary and he will be sorely missed," said a statement from the Stratosphere.

Puggy Pearson taught Stupak to play poker and in 1989, Stupak won a WSOP bracelet in the $5,000 Deuce-to-Seven event. Stupak also made the final table of the 2003 WPT's L.A. Poker Classic and put in an appearance on the GSN series High Stakes Poker.

Phil Hellmuth takes shot at WSOP

Phil Hellmuth is arguably the WSOP's most successful player with 11 bracelets, but the UltimateBet pro is hinting he might not play the series if Harrah's opens its own online poker room.

In an appearance on the Hardcore Poker Show, Hellmuth mentioned he thought there was a potential battle brewing between Harrah's and established online rooms like UltimateBet, PokerStars and Full Tilt Poker.

Hellmuth went on to say that if Harrah's decided to restrict competing poker room logos from its competitions there was a possibility that all the players from the major sites would form their own WSOP-style event.

PokerStars adding Online Pro division?

It appears that PokerStars will be adding a primarily online section of its Team Pro roster.

The employee that runs the official PokerStars twitter account tweeted the following Friday:

"Team PokerStars Online Pro is a new branch of our team who'll be playing mainly online not live. Anyone will be able to apply in due course."

Team PokerStars Pro Daniel Negreanu re-Tweeted the message.

PokerStars already has some very respectable online players with Bertrand "ElkY" Grospellier, Jason "treysfull21" Mercier and Hevad "RaiNKhaN" Khan all in the Team PokerStars Pro fold.

Bobb Barr speaks out on Internet Gambling

Former House Representative Bob Barr is the latest public figure to comment on the state of online gambling in his Atlanta Journal-Constitution column - the Barr Code.

Barr mentioned that the potentially revenue generated from legalizing, regulating and taxing online poker was becoming harder for the government to ignore.

Barr went on to say it was very likely that Barney Frank's pro-online gambling bill would go before a hearing this fall.

Earlier this year, conservative columnist George Will wrote in his Washington Post column that he supported the legalization of online poker.

Harrah's extends contract with IMG Sports & Entertainment

Harrah's Interactive Entertainment and IMG Sports & Entertainment announced a four-year contract extension for global representation of the WSOP property this week.

According to the agreement, IMG will continue to use its international network to help establish the brand in areas beyond Las Vegas and London.

"We are looking to emphasize the 'World' in World Series of Poker as our vision of the brand extends beyond the annual events in Las Vegas and London," said Mitch Garber, CEO of Harrah's Interactive Entertainment.

"By tapping the global reach and expertise of IMG, we are confident that together we can take the brand to new levels on the international stage through new international bracelet events and other WSOP licensed poker events."

IMG has worked with the WSOP since 2005 and helped attract corporate sponsors like Jack Link's, Hershey's and Planters.

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WSOP Extends Contract with IMG Sports and Entertainment

Harrah’s Interactive Entertainment (HIE) announced Thursday that its World Series of Poker (WSOP) brand would be renewing its contract with IMG Sports and Entertainment for five more years through 2014.  The two groups have worked together since 2005 and IMG has helped to bring major non-gambling sponsors like Jack Link’s Beef Jerky and Planters Peanuts to the popular tournament series.

Within a press release distributed by HIE, the company also placed emphasis on its efforts to grow the WSOP brand internationally into something larger than just an annual series of poker tournaments.  “We are looking to emphasize the ‘World’ in World Series of Poker as our vision of the brand extends beyond the annual events in Las Vegas and London,” explained HIE Chief Executive Officer Mitch Garber.  “By tapping the global reach and expertise of IMG, we are confident that together we can take the brand to new levels on the international stage through new international bracelet events and other WSOP licensed poker events.”

IMG has long been a power player in the representation game and has a client roster that includes Hollywood celebrities, Olympic and professional athletes, and several major athletic brands like Major League Baseball, the Ryder Cup, and the PGA.  With offices in over 30 different companies, HIE is hoping IMG’s global presence will serve them well in the next five years.

“The World Series of Poker is an impressive property that we believe is well positioned to expand successfully into international markets given the increased activity in the online and offline poker business in key international markets,” said David Abrutyn, Senior Vice President and Global Managing Director of IMG Consulting.

Harrah’s has been taking steps to position itself for this transition into the international poker markets.  First, it launched HIE earlier this year and hired former PartyPoker CEO Garber to run the operation.  Earlier this month, HIE also announced it would be teaming with 888 Holdings’ business-to-business venture, Dragonfish, to develop online content for the casino conglomerate.  Although the legality of online gambling remains up for debate in the United States, Dragonfish will supposedly create online gambling ventures branded for WSOP and Caesars Palace in European and other global markets.  The WSOP’s longstanding relationship with ESPN was also renewed recently, with a contract guaranteeing coverage of the event on the ESPN family of networks through 2017.

HIE and the WSOP are not without their critics, though.  Despite plans to make a grand entrance and participate in this weekend’s WSOP Europe, 11-time bracelet winner Phil Hellmuth recently spoke out against the company on the Hardcore Poker Show because of the steps being taken to expand the brand into online poker ventures.  Hellmuth, like many other top pros, has a sponsorship deal from an online poker site and fears HIE’s attempts to create a WSOP-branded room will jeopardize lucrative television logo deals that players use to subsidize their income.

“You know, there’s going to be some mistakes made by Harrah’s and just mark my words - they’re going to risk losing the World Series of Poker, which is estimated at $200 million,” Hellmuth said in his interview.  “It may actually become worth nothing if they force the players and all the great internet sites to say, ‘Look, we’re going to start our own deal because Harrah’s is restricting logos.’ They’re actually taking logo use out of the picture, or trying to press their position as a site owner.”

To date, there has been no official announcement of a WSOP-branded online poker site, but the hiring of Garber and recent steps taken by HIE lead many to believe that is the direction the brand is heading.

PKR releases Mac-compatible version

The online poker room released a Mac-compatible version of its software to Apple users world-wide.

"We are delighted to bring our award-winning software to Apple Mac users - who account for more than 10% percent of the home computer market," said PKR.com CEO Malcolm Graham.

"With our community always at the forefront of our minds, we've moved in response to popular demand from some of our fan base who were, until now, unable to play PKR on their systems."

Players will find the Mac release offers all the features of the Windows-based version including the PKR 3D graphics interface and embedded casino games that can be played in the client while waiting for a hand to finish.

The software will run on any Intel-based Mac running Leopard or Snow Leopard operating systems.

PKR is just one of many online poker rooms that have added Mac-compatible software over the last two years. Currently most of the major online poker rooms including Full Tilt Poker, PokerStars and UltimateBet offer Mac-compatible software.

The software upgrade marks another milestone for PKR, which registered its three millionth player last month.

The minimum requirements for running PKR on Apple computers is substantially higher than Windows-based machines with the specs requiring 1 GB of ram and 1.5 GB of hard drive space. To learn more click here.

According to the PKR website, older Apple computers may be able to run their software but the company is only offering support for Intel processor Macs.

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NEOVIA Reports H1 2009 Revenue Loss of 9%

Global payments processor NEOVIA Financial PLC reported a 9% fall in revenue for the half-year ending on June 30th, 2009. The company, which owns the popular e-wallet Neteller, posted group revenue of $32.6 million, down from $35.9 million at the same time last year. Net loss for the first-half was $6.7 million, or $0.06 per diluted share, compared to net profit of $1.15 million, or $0.01 per share, a year ago. The company is traded on the London Stock Exchange under the symbol NEO.

“The first half’s trading results were in line with management’s expectations given the continuing difficult market conditions that prevailed throughout the period,” said Dale Johnson, Chairman of NEOVIA. “We expect trading conditions to remain tough in the second half, with the Company delivering revenue similar to the first half, with prospects for 2010 looking promising.”

NEOVIA’s focus for improvement is centered on adding more consumer and merchant scale to its business and rolling out a new e-wallet business platform called NewTeller, which is scheduled for completion next year.

“The NewTeller platform will launch fully in early 2010 as anticipated, creating much needed flexibility for developing functionality to meet evolving market needs,” Johnson added. “During this period, the Group faces both challenges and opportunities, but remains focused on maximizing revenues, controlling costs, and preserving cash to deliver value for shareholders.”

On a positive note, revenues from the NETBANX Europe and Asia businesses performed better in 2009, up 12% compared to the same period in 2008. Revenues from the Asian business alone grew 40% to $6.9 million. Active e-wallet users were up 3% to 95,492 by June 30th. Average daily deposit volume was up 20% to $475,266 from last year’s mark of $396,413.

NEOVIA CEO Mark Mayhew, who took over the position on September 1st, isn’t worried by the decrease in revenue. “I am very pleased to have joined NEOVIA and am reassured by these results, which demonstrate the resilience of the Company’s business model even in the toughest of economic environments,” said Mayhew. “I shall be concentrating on creating substantial shareholder wealth in the future and the board is fully supportive of this aim. Over the next few months, one of my prime objectives is to focus the Group’s efforts on re-energizing our offering in order to grow revenues demonstrably.”

NEOVIA also announced completion of the investigation by the United States Department of Justice and the handing over of a copy of the Notice of Dismissal of the complaint filed against Neteller. The company received notice that it no longer faced the possibility of legal prosecution after the expiration of its Deferred Prosecution Agreement from the U.S. Attorney’s Office. In such an agreement, proceedings in a criminal case are put off for a period of time, subject to certain conditions. At the end of the time period, if all conditions have been met, the charges are dismissed. Neteller was forced to surrender $136 million in July of 2007 after admitting to operating an “unlicensed money transmitting business” and participating in the promotion of “unlawful transactions” between gaming operators and their customers in the United States.

Sebok signs with UltimateBet

"I am very happy to be joining UB today and look forward to our future," Sebok said.

The pro poker player, radio host and website CEO will be wearing the UB patch at tournaments across the globe and yet another hat, as he takes on an expanded role as a media and operations consultant with UltimateBet.

"We are ecstatic to bring Joe onto Team UB," said Paul Leggett, COO of Tokwiro Enterprises. "He will not only serve as a pro player representing the brand, but more importantly will be instrumental in helping us create a poker site for and by poker players."

Earlier this month the Kahnawake Gaming Commission released its final decision regarding the UltimateBet cheating scandal.

According to the decision, the ability to view hole cards was enabled by illicit software placed on the Ultimate Bet servers prior to November 2005. A third party account was then used to view cards and the information passed on to the offending players.

The Commission named 1994 WSOP Main Event champ Russell Hamilton as the person it believes is primarily responsible, adding that there were 31 individuals who were associated to varying degrees with Hamilton when the alleged cheating took place.

A total of $22 million was returned to affected UB customers and new UltimateBet management company Tokwiro Enterprises, who took over operations in the midst of the scandal, was fined $1.5 million.

Stepson of the legendary pro Barry Greenstein, Sebok worked with UltimateBet's new management team to make sure players weren't left in the dark as the site worked to make things right for its players, a role he intends to continue with the team.

"UB and I first started talking about a possible relationship almost four months ago and I made it very clear that I couldn't commit until that point in time when the names associated with the scandal began to be released," Sebok said.

"Paul Leggett has been instrumental in this process and I now feel comfortable and excited about joining the team, as we are heading in such a positive direction. While this process isn't entirely complete, I consider this to be one of my new responsibilities moving forward and intend to continue working very closely with Paul to ensure it happens."

Sebok made two final tables at the 2005 World Series of Poker and has more than $1.85 million in career tournament earnings, but is perhaps most famous for bubbling two World Poker Tour final tables in 2007.

At the 2009 WSOP Main Event this summer Sebok finished 56th cashing for $108,000.

Sebok will continue to run PokerRoad.com as he plays under the UltimateBet umbrella.

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Joe Sebok Discusses Ultimate Bet Signing

On Monday, it was revealed that PokerRoad CEO Joe Sebok had become the new Media and Operations Consultant for Ultimate Bet. The online poker site is fresh off releasing the list of screen names associated with the cheating scandal led by Russ Hamilton. Sebok sat down with Poker News Daily to discuss his new role.

Poker News Daily: Talk about the decision to sign with UB. Why now and why UB?

Sebok: My decision to come aboard with UB was one that I needed to take my time with.  Obviously, the superuser scandal played a huge part here, with UB’s subsequent mishandling of the situation. That was the reason I needed to fly down to Costa Rica, meet with the team, and go over the processes that they have in place in order to be sure I was comfortable with it. I have a fair amount of business experience myself, so I wanted to see how things were handled there now. During the trip, I spent hours talking with UB COO Paul Leggett about some of the mistakes that have been made and he explained to me how there needed to be a new commitment to not only never letting something like that happen again, but also acknowledging that large mistakes were made in how it was handled in the past. I was ecstatic to hear this and Paul and I were in agreement, which made me able to settle into my new role with the team, which is not only sponsored pro, but also Media and Operations Consultant.

I requested a business role within UB, as I wanted to make sure I could also be involved in the operations and help guide the path a little. Keep in mind, this deal has taken four months to put together and is a testament to Paul and the team over there, who are 100% committed to a new UB and that was what it was going to take to sign me. While I think we all know of the mistakes of the past, UB today is stronger than it’s ever been in its commitment to customers. The release of the superuser accounts and subsequent hand histories for players involved are the beginnings of closing the door on the past and moving forward. I say “the beginnings” because there is still work to be done, which I take very seriously, but the future of UB is bright right now and I wanted to have a part in leading that.

PND: How much did the Kahnawake Gaming Commission’s (KGC) release of the Ultimate Bet cheating scandal report influence your decision to sign in a deal brought on by 11Management?

Sebok: It was one of my insistences before coming onto the team. We needed to get those superuser account names out in the open and make accessible all hand histories to all players who request them. The only way to close that loop is to simply be completely transparent. UB had done a poor job in the initial go-around when the scandal hit, but hopefully has learned now and will make up for it with their actions moving forward. I also want to see the names of other associated cheaters with Russ Hamilton brought into the light. I understand the legal ramifications for why it’s not as simple as releasing them outright, but am working with Paul towards doing as much as we can to get those names out there. I think it’s important for the poker community as a whole to know those names, even if it’s basically impossible to prosecute them as things stand today. It’s all about doing the right thing and UB will definitely be doing the right things moving forward.

PND: Talk about UB’s broad coalition of pros, which includes Tiffany Michelle, Michael Binger, Annie Duke, and Phil Hellmuth. Is it exciting to be in that company?

Sebok: It’s nice to see UB building up a stable of pros that are all over the map. I can say that I know each and every one in a personal way because of my involvement in the poker industry over the last five years; each of them brings something different to the table. I like to think that I bring a little something different to the party that isn’t there yet, though. With my business, media, and tech experience, I have big plans for projects moving forward with the company. Whether it’s Twitter, television, social networking, or poker media, I have every intention of helping UB be on the cutting edge and pushing all envelopes for what we have seen in the poker world so far. There’s no reason that the UB stable of pros shouldn’t be able to redefine what it is to be a poker pro and what it is to interact with poker fans. I will take that as a personal challenge upon myself to work with everyone at UB to ensure we achieve that.

PND: What promotions will you be involved in?

Sebok: We are already talking about some pretty sick and cool stuff. I can’t let anything out of the bag, but be warned that it’s on the way soon. I am going to take the same PokerRoad.com sensibilities over to UB, help to apply them there, and together we’ll come up with a whole new mix for fans and players. We are going to be aggressive and we are going to do things that are new and fun, I promise you that. Keep your eyes and ears open. It’s going to be some serious innovation!

PND: Does this affect Poker Road in any way? Will UB be involved with shows or have any presence on the site?

Sebok: UB is sponsoring me and not PokerRoad. Fans needn’t worry that PokerRoad.com will suddenly be completely taken over by UB. I have always wanted PokerRoad to work in conjunction with all sites in order to build a stronger global poker community and this doesn’t change that at all. At PokerRoad.com, we will still be working with all sites that want to work with us. The only page that will be drastically changed will simply be my personal blog page, where we will house UB banners leading back to original content that I create for UB.

Joe Sebok Joins Ultimate Bet in Consulting, Sponsorship Role

Long considered to be one of the top poker professionals without a major sponsorship deal, it was announced late Monday evening that Joe Sebok will be joining Ultimate Bet’s roster of poker pros. Sebok will also take a prominent position inside of the Ultimate Bet organization in a deal orchestrated by 11Management.

While he joins Team UB and will be wearing the site’s signature black and gold colors at tournaments around the world, Sebok will also undertake a major consulting role with the company. Because of his abilities in the world of internet radio and podcasting, Sebok will accept a position as the site’s Media and Operations Consultant. In this capacity, Sebok will help bridge the gap between the Ultimate Bet brand and poker players. His in-depth knowledge of the online poker world will likely raise the bar and make Ultimate Bet the only place players will want to visit.

Sebok had previously gained the industry’s respect for his founding of PokerRoad.com, an online media outlet that provides poker fans with fresh, innovative, and often irreverent content from an insider’s perspective. Online poker fans around the world continue to look to Sebok and PokerRoad.com, where he serves as the company’s CEO, for a unique perspective on everything related to land-based and online poker.

“We are ecstatic to bring Joe onto Team UB,” said Paul Leggett, the COO of Tokwiro Enterprises. “He will not only serve as a pro player representing the brand, but more importantly will be instrumental in helping us create a poker site for and by poker players. His commitment to the brand was invaluable, as he worked closely with me to help begin to bring closure on the details surrounding the cheating investigation from last year. I’ll continue to work with him to ensure that we always do everything possible to satisfy the poker community’s concerns and will continue to work together to make Ultimate Bet the premier poker site. I couldn’t be happier to welcome Joe to the team today.”

“UB and I first started talking about a possible relationship almost four months ago and I made it very clear that I couldn’t commit until that point in time when the names associated with the scandal began to be released,” Sebok stated during the announcement. “Paul Leggett has been instrumental in this process and I now feel comfortable and excited about joining the team as we are heading in such a positive direction. While this process isn’t entirely complete, I consider this to be one of my new responsibilities moving forward and intend to continue working very closely with Paul to ensure it happens. I am very happy to be joining Ultimate Bet today and look forward to our future.”

While he has not captured a major title as of yet, Sebok is one of the best young poker players in the game today. Learning from a master of the game in his father Barry Greenstein, Sebok has earned over $1.85 million from live tournament poker over the last five years. He can count preliminary tournament victories at the 2006 Mirage Poker Showdown for $150,165, the 2006 Heavenly Hold’em Championship for $209,060, a 2006 Festa Al Logo Classic event for $267,295, and a 2007 L.A. Poker Classic event for over $96,000 as some of his most notable cashes. More recently, Sebok made a deep run at the 2009 World Series of Poker (WSOP) Main Event, where he eventually finished in 56th place for $108,000. In joining fellow poker professionals Phil Hellmuth and Annie Duke as members of Team UB, Sebok will bring further credibility to Ultimate Bet’s championship lineup of poker talent.

Crown releases 2010 Aussie Millions schedule

The schedule includes a total of 20 events running Jan. 14-31, 2010, at the Crown Casino in Melbourne with the $10,500 Main Event taking place Jan. 24-30.

In releasing the schedule, tournament organizers took the time to set some lofty goals in terms of prize pool and attendance.

"Crown is also announcing an expected first prize of $2.5 million for the No-Limit Hold'em main event which will further entrench Crown's Aussie Millions Poker Championship as one of the most prestigious poker tournaments in the world," said Crown CEO David Courtney.

Courtney went on to estimate the two-week series would draw more than 2,500 players with 1,000 for the main event alone. Courtney cited the growing popularity of poker in Australia as the main reason for expected growth.

Last year participation in the main event dropped by 99 players, but organizers still awarded the largest payout in Aussie Millions history with winner Stewart Scott taking home $2 million.

In the past, the Aussie Millions has had one of the most diverse tournament tournament schedules in the world and this year is no exception.

The series will offer Pot-Limit Omaha, H.O.R.S.E., Heads-Up, Seven-Card Stud, Pot-Limit Omaha Hi-Lo and team-based events in addition to numerous No-Limit Hold'em tournaments.

Perhaps the most notable tournament on the schedule, outside of the main event, is the elite $100,000 buy-in No-Limit Hold'em event on Jan. 23. Former winners include Erick Lindgren, Howard Lederer, John Juanda and most recently David Steicke.

The Aussie Millions is always a magnet for high profile celebrity players and Jennifer Tilly, Shannon Elizabeth, Michael Vartan, Shane Warne, Brian McFadden, Ruby Rose and Brendan Fevola have all made appearances at the event in the past.

The Aussie Millions will be filmed and developed into a TV show on Fox Sports Network for an international audience of over 100 million.

For a complete look at the 2010 Aussie Millions schedule visit the Crown Casino website.

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Bodog Network Launched Featuring Former Ongame Executive

Former Ongame Network CEO Patrik Selin is leading the launch of the Bodog Network, whose player base consists of customers of Bodog Europe, the Morris Mohawk Gaming Group, and Haydock Entertainment.

The newly forged network plans to incorporate non-Bodog domains starting in 2010. A gaming license for the European Union will also be unveiled next year. Selin commented in a press release distributed by Bodog, “I intend to build one of the largest and most reputable poker networks in the world. We are building a model that is founded on security and integrity, and Bodog Network partners will never need to disclose or put their customer databases at risk. The initial discussions I’ve had regarding potential candidate partners have been overwhelmingly positive.”

The news comes on the heels of the launch of Bodog.ca, which serves as the popular online poker room’s Canadian-facing portal. Bodog Europe holds the rights to market the site to the Canadian market. Founder Calvin Ayre commented on the fast-paced growth of Bodog, which has seen its market share slide over the past year: “I am extremely excited about this new licensee of BodogBrand.com - Bodog Network is the first business to business enterprise to license the brand and the fit simply couldn’t be better. Patrik Selin’s very detailed business plan and proposal were very compelling, and after building Ongame into a network powerhouse under his leadership, his abilities and credibility are unquestionable.”

Selin was at the helm when bwin acquired the Ongame Network back in 2006. He has also been successful on the poker felts, turning in a runner-up performance in 2007 in a £2,500 buy-in tournament held during the National Poker League in London for £20,000. He finished in the winner’s circle in the Ritz Club Poker Tournament, which was also held in London, for £22,000 in 2006. Selin finished 500th in the 2006 World Series of Poker (WSOP) Main Event, banking $26,000, albeit a far cry from the $12 million pocketed by eventual winner Jamie Gold.

Upon bwin’s acquisition of Ongame in 2006, Selin served as the President and CEO of GNUF and Betway. BodogBrand.com is based in Antigua and is the licensing arm for Bodog across the world. Bodog ranks as the 15th largest site/network globally according to PokerScout.com, boasting a seven-day running average of 810 real money ring game players. During its peak hours, which occur in the evening across North America, nearly double that total can be found battling it out on its virtual cash game tables. Its traffic is comparable with that found on PKR.

Bodog is the fifth largest site to accept players from the United States, trailing only PokerStars, Full Tilt Poker, CEREUS (Ultimate Bet and Absolute Poker), and the family of rooms that make up the Cake Poker Network. Year over year, Bodog’s traffic is off by 8% according to PokerScout.com, while that found on Full Tilt Poker and PokerStars is up 110% and 56%, respectively.

Bodog plans to unleash a “much-anticipated and unique solution to the rakeback challenge” this week at an event in Copenhagen, according to its release, but did not provide any further details. Its family of pros consists of David Williams, Evelyn Ng, online poker staple Justin “ZeeJustin” Bonomo, and “Survivor: China” castaway Jean-Robert Bellande, who recently re-upped his deal.

Bodog recently announced that players would receive double poker points if more than 2,000 were earned in a calendar month. Bonus points are placed in a customer’s account at the end of each month and can then be exchanged for cash or used as buy-ins to designated tournaments. Points are earned in cash games depending on the rake taken from each pot and in tournaments at a rate of three points per $1 of tournament fees.

WSOP edges closer to online poker with 888 deal

Harrah's Interactive Entertainment and 888 Holdings reached an agreement where 888's Dragonfish division will provide online poker and casino software to Harrah's as it attempts to enter the online gaming market.

"The intent is to be in the online gaming space, wherever it's legal," said WSOP Communications Director Seth Palansky. "We've partnered with 888 to develop a platform."

No timeline was given for Harrah's online launch, but it was confirmed that both the WSOP and Caesars Casino brands will have an online presence. In addition, Dragonfish will also provide ePayments, VIP services and Customer Service to help develop both brands.

888 Holdings is a major player in the online gaming market in Europe, but not as well-known in the U.S. after pulling out of the market when the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in 2006.

Although the 888.com website offers no games, it acts as a portal to popular gaming sites like Pacific Poker, 888sport (sports betting) and Reef Club Casino.

"This is a ground breaking deal for 888.com and demonstrates our ability to provide real value to globally renowned, land-based casinos and their leading brands," said Gigi Levy, CEO of 888.

It remains to be seen if the WSOP having an online presence would be a conflict of interest with live event sponsors like Everest Poker and Betfair Poker.

Palansky didn't see it becoming an issue.

"I really don't think there's anything for anybody to worry about," he said. "The WSOP will remain a premier live poker destination. Our offline events are great opportunities for our sponsors.

"If all this goes through and we do develop an online gaming site then we would be competing in some of the same markets. We would still have relationships with the other sites, however."

Mitch Garber, the CEO of Harrah's Interactive Entertainment, went into more detail about why they decided to go with 888.

"As we develop and roll out our interactive strategy, we have chosen to work with 888, primarily for their world-class technology, scalability and strong commitment to compliance and responsible gaming," said Garber.

The announcement of the joint effort between Harrah's and 888 comes just as the U.S. appears to be warming up to the idea of legalizing and regulating online poker.

An article by conservative columnist George Will appeared in the Washington Post calling for the legalization and Barney Frank's pro-online poker bill HR 2267 is scheduled for a hearing in September.

Palansky said it wasn't a factor in the deal, however.

"Harrah's has been looking into this for years," he said. "We just felt the timing was right for us to start exploring our options.

"Obviously we are hopeful the U.S. government will recognize that - like our brick and mortar gaming establishments - online poker can be regulated, taxed and run with the utmost confidence.

"If that happens, great, if not we'll focus on other markets."

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Sports Legends Challenge postponed

Originally planned for Sept. 14-17 at Atlantis Paradise Island in the Bahamas, the event was to feature 25 sports legends and 25 top poker pros playing four days of poker, casino games and golf with anyone willing to pay the $3,999 to $9,499 package price.

Now, claiming the current economic climate and weather patterns in the Bahamas have hurt sales, organizers have decided to reschedule the event for a new location and dates in 2010.

"It's not a very exciting story," Sports Legends Challenge CEO Bruce Bibbero told PokerListings. "People were concerned about hurricane season in the Bahamas and with current economic conditions being what they are, this was just more than people were willing to do."

Bibbero and partner Lawrence Lubin's previous attempts to launch a celebrity and sports star poker tournament in 2007 also fell apart, culminating with a lawsuit against both by gaming publishers Sludikoff Gaming.

Organizers claimed some of sports biggest stars were expected to attend the Sports Legends Challenge, including Sugar Ray Leonard, Kareem Abdul-Jabbar, Emmitt Smith, Reggie Jackson, Joe Namath, Julius "Dr. J" Erving, and Mark Messier.

Poker Pros including Phil Hellmuth, Annie Duke, Johnny Chan, Jamie Gold and Mike Sexton were also expected to be on hand.

Bibbero said details on the new venue and dates are being finalized, but organizers will be looking for a location on U.S. soil that provides easy access to major population centers.

All prior entries will be honored at the rescheduled event and refunds have been offered.

The new location and dates are expected to be announced over the next few weeks.

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Think different? UltimateBet releases Mac software

Mac-users will get all the functionality and features that PC-users now have when they log on to Ultimate Bet. The upgrade is not browser-based and offers complete Mac compatibility for the current UB client.

"Our company strives to make our poker room accessible to as many people as possible and we recognize that Apple computers have a growing market share in the personal computing industry," explained Tokwiro CEO Paul Legget.

"In response to this trend we have developed an all-new downloadable poker application specifically for the Mac operating system."

The new software allows Mac poker players to take part in full-ring games, satellites, single-table tournaments, multi-table tournaments and blackjack.

Perhaps the biggest fan of the new software is Anthrax Guitarist Scott Ian, who is also a sponsored UB player.

"A few weeks back, I got the news I've been waiting for, UB for Mac is ready for beta testing," Ian said. "I immediately downloaded the application and I was up and running in no time.

"I'm a Mac nerd and most of my buddies also swear by Apple Mac; it's been a constant frustration trying to get them to buy virtual windows programs so they can play on UB. Well, no more virtual anything. It's UB Mac and it's kicking a**."

Along with the debut of Mac-compatible software, Ultimate Bet also rolled out a new No-Download Poker Games option, which allows both PC and Mac users to play at UltimateBet from any Internet browser.

Over the last few years, major sites like Full Tilt Poker, PokerStars, Absolute Poker and PartyPoker have all made their software compatible with Apple's OSX operating system.

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Mark Mayhew Named CEO of NEOVIA

NEOVIA, an online payment business that operates Neteller, Netbanx, Net+, and 1-Pay, announced that the search for its new President and Chief Executive Officer (CEO) has come to an end. Mark Mayhew will be stepping in to run the company starting in September.

NEOVIA’s previous CEO, Ron Martin, resigned from the position in March citing “family reasons” and ceased working at the end of May. The company’s Chairman of the Board, Dale Johnson, stepped in as the interim CEO while NEOVIA conducted a thorough search to find a replacement. In the end, the company settled on Mayhew because of his extensive background in payment operations. Prior to accepting the position with NEOVIA, Mayhew served as the Head of U.K. Consumer Banking at Morgan Stanley and the leader of CIMS, described by NEOVIA as “the individual membership business of Cendant.” Most recently, Mayhew served as the CEO of Debrett’s Ltd., a company that specializes in social etiquette.

Johnson had nothing but positive things to say about the new CEO in a statement released by NEOVIA earlier this month: “Mark is a very accomplished executive and his proven credentials in strategy formulation, operational development, and Plc governance, coupled with his deep financial services and payments expertise, uniquely qualify him to lead NEOVIA at this exciting time.”

Mayhew was equally enthusiastic when discussing his new position: “The company has a strong track record and also an eventful history, but I am excited by the opportunity to drive NEOVIA’s next phase of growth, building on the Group’s vision to deliver bold payment solutions to selected e-commerce communities.”

One challenge NEOVIA won’t have to worry about is future legal action stemming from processing payments from online gambling sites to U.S. customers. NEOVIA previously faced prosecution from the United States Attorney’s Office (USAO) following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006 when it was still operating under the name Neteller. The USAO seized $60 million in Neteller funds in January of 2007 to use as evidence in a pending court case. Eventually, the company reached a Deferred Prosecution Agreement (DPA) with the USAO. As part of the agreement, Neteller consented to pay $136 million and take steps to prevent U.S. customers from transferring funds to and from online gambling sites via Neteller.

In the two years following the DPA, NEOVIA has complied with the terms of the settlement. Accordingly, the USAO announced earlier this month that the agreement has expired and the original complaint filed by the Southern District of New York has been dismissed.

With the last remnants of its legal troubles behind it, NEOVIA can now focus on the future. Customers located outside of the United States still use Neteller and NEOVIA’s other payment services to transfer funds on and off of online poker and other gambling-related sites. NEOVIA’s Neteller brand maintains close ties with the online poker community, most recently sponsoring June’s Poker in the Park event in London.

NEOVIA is a publically traded company on the London Stock Exchange, where it can be found under the symbol “NEO.”

WPT finds a new buyer

On Aug. 4, Gamynia Limited agreed to pay $9,075,000 plus a percentage of future revenues for almost all of WPT Enterprises assets, including its television, sponsorship, distribution and licensing units.

The deal was pending stockholder approval and in the interim another offer was made. SEC guidelines required the company to consider the new offer and Monday, the WPT announced they had accepted it.

This time the buyer is a subsidiary of PartyGaming, which also owns the online poker site Party Poker.

The deal is similar to the Gamynia offer, except the subsidiary, Peerless Media Ltd., has agreed to pay $12.3 million for the company's assets and 5% of future gaming and other revenues.

"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future," said WPTE president and CEO Steve Lipscomb.

"The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming."

This new deal is now pending stockholder approval and is expected to be completed in the fourth quarter of 2009.

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PartyGaming Purchases WPT Enterprises for $12.3 Million

The long-awaited second bidder in the sale of World Poker Tour Enterprises (WPTE) has finally been revealed. Peerless Media Limited, a subsidiary of Party Gaming, will purchase the rights to the popular poker tour for $12.3 million plus 5% of future gaming revenues.

PartyPoker, the online poker arm of PartyGaming, does not accept customers from the United States. In a form filed to the Securities and Exchange Commission (SEC) after trading had closed on Monday in New York City, WPTE officials explained, “Buyer will pay the Company $12.3 million less the amount of certain obligations of PartyGaming or its affiliates accruing or paid to the Company from July 10, 2009 through the close of the Transaction… $1 million of such amount shall be paid by Buyer to the Company upon the execution of the Purchase Agreement and the balance shall be paid to the Company at the Close.”

The $1 million cash advance will be used to back out of a prior purchase agreement with Gamynia Limited, which is associated with Playtech, the parent company of the iPoker Network. Earlier this month, WPTE entered into an agreement to sell the majority of its assets to Gamynia for $9.075 million plus 4% of future gaming revenues. The new agreement not only increases the sale price by more than $3.2 million, but it also affords WPTE an additional 1% of future gaming revenues.

Addressing the new buyer, WPTE Founder, President, and CEO Steve Lipscomb commented in a press release distributed late Monday afternoon, “The Board of Directors has determined that PartyGaming’s acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming.” WPTE stock, which is traded on the NASDAQ under the same four-letter acronym, closed at $1.05, down $0.01 on Monday. Upon hearing that a second buyer was waiting in the wings, the stock shot up from $0.93 to $1.09 last week.

In a similar arrangement as the Gamynia sale, WPTE will hand over its television library, intellectual property rights, and brand names, which include the WPT and Professional Poker Tour (PPT). The company will retain its cash on-hand and pocket “future license revenues from certain existing Sponsorship deals for Season Seven of the World Poker Tour.” WPTE will not distribute any of the proceeds of the sale to its stockholders; the Los Angeles-based company will use the proceeds as seed money in a business venture outside of poker. WPTE officials could not comment on any future proceedings, citing SEC regulations.

WPTE shareholders must now approve the sale. The company’s SEC filing notes that investors holding 39% of the company’s stock have agreed to vote in favor of the transaction. A stockholders’ meeting will be coordinated in order to vote on the proposal.

According to the filed document, “The Purchase Agreement may be terminated by either Buyer or the Company if the Closing has not occurred by February 24, 2010.” If WPTE officials were to accept an alternative proposal from another buyer, the company would be subject to a $1 million termination fee and, in some cases, a $1 million reimbursement for PartyGaming’s up-front payment.

PartyPoker boasts WPT Host Mike Sexton as its ambassador after the two parties reached an agreement in late April. Sexton is a 2009 Poker Hall of Fame candidate and is currently on-site for the WPT’s Legends of Poker, which wraps up on Wednesday from the Bicycle Casino in Southern California. Attendance at this year’s event was off 25% from last year. The tournament will air as part of Season VIII of the WPT on Fox Sports Net.

Stay tuned to Poker News Daily for the latest WPT sale news.

Tournament Director Matt Savage Returns to Aruba Poker Classic

For the consecutive third year, Tournament Director Matt Savage will supervise the Ultimate Bet Aruba Poker Classic, which is slated for October 3rd through 10th from the luxurious island nation.

Ultimate Bet pro Phil Hellmuth has the Aruba Poker Classic circled on his calendar each year. The 11-time World Series of Poker (WSOP) bracelet winner and de facto host in Aruba commented in a press release distributed by the online poker site, “Matt’s natural ability to run a smooth and fair tournament and his talent for making it feel more like a party than a poker room is one of the many reasons why our Aruba event is still one of the most popular on the annual calendar.” The Main Event in Aruba comes with a $5,500 price tag and kicks off on October 5th with the first of two starting days.

In addition to marking Savage’s third straight year overseeing action in the prestigious poker tournament, it also marks Ultimate Bet’s 10th year in operation. Savage commented in the same release, “In celebrating UB’s 10th Anniversary, I am honored to once again be part of the Aruba Poker Classic. With an extended tournament schedule, plus a group of floor staff and dealers that is second to none, 2009 is shaping up to be one for the scrapbook.” Savage will direct the action over the course of the eight-day poker extravaganza, which is expected to draw a total of 500 runners and see a prize pool topping $6 million.

Last year, Matt Brady trumped a 550-player field en route to a $1 million payday. In 2007, Travis “TravestyFund” Rice defeated 548 entrants and earned $800,000. In 2006, Devon Miller went toe-to-toe to former Team UB member Cliff “JohnnyBax” Josephy to earn $774,000 from the 512-player field. 2005 marked the final year that the Aruba Poker Classic served as a stop on the World Poker Tour. Freddy Deeb outlasted 647 runners that year to earn a $1 million first place prize.

The 2004 WPT Aruba Poker Classic featured one of the toughest final tables ever assembled, as Eric Brenes defeated Layne Flack heads-up. Also reaching the six-handed finale were Mike “The Mouth” Matusow and 2008 WSOP Europe Main Event Champion John Juanda. In 2003, Erick Lindgren beat Daniel Larsson heads-up in Aruba for $500,000 after 436 players entered. Also at that year’s final table was CardPlayer CEO Barry Shulman, whose son, Jeff Shulman, is a member of the 2009 WSOP November Nine. The younger Shulman has threatened to throw out the bracelet should he win. The very first Aruba Poker Classic was held in 2002 and won by Juha Helppi, who bested Phil Gordon heads-up.

Savage has directed a bevy of tournaments held around the world, including the WSOP, WPT, and the Aussie Millions. Along with David Lamb, Jan Fisher, and Poker News Daily Guest Columnist Linda Johnson, Savage founded the Tournament Directors’ Association. In 2003, he was inducted into the Poker Room Manager’s Hall of Fame.

On August 30th, Ultimate Bet will hold a 25 seat guaranteed tournament to send its players to Aruba. The event boasts a $530 buy-in and a bevy of qualifiers are available. In addition, direct satellites take place on Sundays, Tuesdays, and Wednesdays and award $8,500 prize packages. Each includes the $5,500 Main Event buy-in plus $3,000 to use for travel and hotel.

The Radisson Aruba Resort and Casino serves as the host venue and Ultimate Bet has rooms available at a rate of $209 plus 20% tax per night, which includes internet. STEP tournaments have been a popular way for players to claim their spot in Aruba.

We’ll have full updates on the 2009 Aruba Poker Classic right here on Poker News Daily.

APT Macau on the rise

The main event at the 2009 Asian Poker Tour Macau Festival kicked off Thursday drawing a combined 326 players over two day ones.

"One year ago we projected that we would get 300 runners for the main event so we are delighted with the turnout," APT CEO Chris Parker said. "Especially in the current economic climate. It vindicates our decision to transform The Asian Poker Tour Macau into a 12 day festival."

The HK$34,400 buy-in has helped create a total prize pool of HK$10,919,040 with a HK$3,035,000 top prize.

Last year's main event in Macau, won by American Yevgeniy Timoshenko, drew 257 players.

Outside of the sheer increase in numbers, Parker said the most encouraging sign for the tour is the bump in the number of Asian players in Macau.

"[This] bodes very well for the future," he said. "For example, on Day 1a just over 50% of the field was from Asia."

With online satellites available on a myriad of sites, including bwin poker, PKR, Titan Poker, RedKings Poker, ChiliPoker, and Winamax, the number of online qualifiers has increased significantly as well.

A bevy of big name pros also made the trip to Macau, including Full Tilt's John Juanda, PokerListings blogger Liz Lieu, 2009 November Niner James Akenhead, Team UB's Liv Boeree and APT sponsored Poker Pack members J.C. Tran, Nam Le, Quinn Do, David 'Chino' Rheem, and Steve Sung.

The Poker Pack has had a particularly good showing in preliminary events at the Starworld Hotel and Casino so far.

Sung and Rheem helped Team Korea to a victory in the JBET Battle of the Nations event, Quinn Do won 'The Poker King Movie' Celebrity Charity event, and Rheem was at it again, winning the HKGC No-Limit Hold'em R+A event.

Plus, Tran took down the 'The Poker Pack' headhunter event never giving up the bounty on his head on the way to a HK$76,000 first-place payday and HK$10,500 in bounties of his own.

Day 1b of the APT Macau main event continues Friday. Hong Kong Trader turned high-stakes pro David Stiecke led all comers on Day 1a.

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World Poker Tour Sale – Second Bid Filed

In breaking news from Wall Street, it was revealed that World Poker Tour Enterprises (WPTE) has received an “alternative acquisition proposal.” On August 3rd, it entered into an agreement with Gamynia Limited in a deal that was to be finalized during the fourth quarter.

The contents of the alternate bid and the company that submitted it have not yet been made public. A filing made to the Securities and Exchange Commission (SEC) on Tuesday simply reads, “The Company’s Board of Directors has received an alternative acquisition proposal and is following the process required by the Purchase Agreement. Until the process required by the Purchase Agreement is completed, the Company will delay the filing of a preliminary proxy statement with the SEC.” Additional information will be released on the bid in the near future.

An August 3rd filing by WPTE to the SEC outlined the parameters of the sale of its assets to Gamynia for $9.075 million plus a percentage of revenue derived from use of the World Poker Tour and Professional Poker Tour brands. The WPTE agreed to hand over its television library, intellectual property rights, and brand names to Gamynia. WPTE will retain its cash on-hand and “future foreign sponsorship revenues from the sponsorship of Seasons Four, Five, and Six of the World Poker Tour and Season One of the Professional Poker Tour by Party Gaming and the license of Season Seven of the World Poker Tour to PokerStars.”

Upon completion of the sale, WPTE officials noted that the company will pull itself out of the poker market and will not distribute any proceeds from the sale to its shareholders. The company’s stock, found on the NASDAQ under the symbol “WPTE,” was trading at $1.09 at the time of writing, up $0.17 on the day, or 18.49%. It spiked in early trading to $1.06 before trending up to its current level. The alternative bid may be the cause of the dramatic increase in share price on the day.

The filing outlining the sale explained that the WPTE’s “obligation to complete the asset sale is subject to the approval by the Company’s stockholders of the asset sale transaction and other customary closing conditions.” A meeting of stockholders was to be held and WPTE officials noted that investors representing 39% of the company had already agreed to vote in favor of the Gamynia acquisition. The filing on Tuesday explained, “Under the Purchase Agreement, the Company is to file a preliminary proxy statement with the SEC within 21 days of signing the Purchase Agreement.” The 21-day period has not yet elapsed, apparently leading to the second bid.

Gamynia had secured the services of Hardway Investments, which works with online gambling behemoths Playtech, Casino Tropez, Europa Casino, Titan Poker, and the affiliate network Euro Partners. WPTE Founder, President, and CEO Steve Lipscomb commented in the press release announcing the sale, “Of particular importance for our partners is the fact that Hardway Investments has an established track record of creating revenues and value in the online gaming marketplace. We should benefit for many years from our participation in those revenues streams.”

Under the specifications of the sale, should it be completed, the WPTE will change its name and continue operations. In the meantime, WPTE announced last week that it had entered into a pair of sponsorship agreements for televised and non-televised poker tournaments in Europe. The agreement lasts for two seasons with an option for a third and begins in October. The sponsor in question, which was not revealed in the filing, will also serve as the presenter of WPT Season VII in Europe.

Action on the World Poker Tour resumes on Saturday from the Bicycle Casino for the annual Legends of Poker event. The $10,000 buy-in tournament will crown a champion four days later.

Sportingbet, Entraction Partner in Europe

Sportingbet, the parent company of Paradise Poker, has partnered with the Entraction Network to bring online poker into additional areas of Europe. Paradise Poker currently makes its home on Boss Media’s International Poker Network.

In a press release posted on Entraction’s website yesterday, Peter Astrom, its CEO, commented, “We are proud to welcome Sportingbet to our network. The deal shows that Entraction is an attractive partner for the largest players in the online gaming industry.” The press release added that Sportingbet had already launched its first site on the Entraction Network. The specific markets that Sportingbet was targeting were not given.

An Entraction Network representative told eGamingReview Magazine why the partnership is attractive to the burgeoning family of sites: “Sportingbet has high standards and would not have signed up with us if it felt our software wasn’t up to scratch. While we started off with smaller operators, this deal shows we are now starting to recruit bigger and more established operators.” Paradise Poker is one of the staples of the online poker industry and was absorbed by Sportingbet in 2004.

The International Poker Network is the ninth largest worldwide, boasting a seven-day running average of 1,620 real money ring game players according to PokerScout.com. At its peak, more than double that number can be found on its virtual felts. Besides Paradise Poker, other members of Boss Media’s online poker network include CelebPoker, Classic Poker, Fortune Poker, i4Poker, InterPoker, and Poker Heaven.

The Entraction Network is slightly smaller, weighing in at 13th worldwide with a seven-day average of 1,100 cash game players. Its 24 hour peak is 2,241 and its traffic is comparable with that found on 888’s Pacific Poker and the Swedish gambling outfit Svenska Spel. The Entraction Network plays host to customers from sites like Devilfish Poker, NoiQ Poker, and Wasa Poker. Its parent company is based in Sweden; the Entraction Network’s servers call Malta home.

Sportingbet is a publicly traded company on the London Stock Exchange, where it can be found under the symbol “SBT.” At the time of writing, which is late afternoon throughout most of Europe, the company’s stock was up £1.75 on the day to £60.75, representing a jump of nearly 3%. Amid the worldwide financial meltdown late last year, shares of SBT traded as low as £23.25 in October. By December, it had crossed the £30 threshold and leapt over £40 for good in March.

Three weeks ago, Sportingbet divested itself of Sportingbet Italia, selling the entity to local management for what it termed “nominal consideration.” Over the first 11 months of the fiscal year, the Italian arm had turned in an operating loss for Sportingbet of £1.5 million. Sportingbet Italia was procured in 2006 with the expectation that payouts would increase, specific software would be developed for Italian customers, and “in-running betting” would be allowed. None of these changes occurred and, combined with the growth of brick and mortar gambling outfits in Italy, eroded Sportingbet Italia’s profit potential. The company took a loss of £7.1 million in order to rid itself of its failed venture, draining cash on-hand by £1.6 million.

eGamingReview speculated that the partnership between Sportingbet and the Entraction Network is set to expire in February. Neither Entraction nor the International Poker Network accepts players from the United States. The largest network that does not accept U.S. players is the iPoker family of sites, which includes BetFred, Better Poker, Boyle Poker, CD Poker, Chili Poker, Expekt, Mansion Poker, Noble Poker, PokerPlex, Titan Poker, and VC Poker. The iPoker Network is owned and operated by Playtech, which can be found on the London Stock Exchange under the symbol “PTEC.”

Gary Kaplan Pleads Guilty in BetOnSports Case

Gary Kaplan, the founder of BetOnSports, has pled guilty to violations of RICO and the Wire Act in a Missouri courtroom. He will face between 41 and 51 months behind bars and pay the United States Government $43.65 million.

According to a press release distributed by the U.S. Department of Justice, Kaplan established businesses in Costa Rica, Antigua, and Aruba. One company was BetOnSports, which advertised heavily to U.S. customers and offered the following technological prowess: “Kaplan’s toll-free telephone lines terminated in Houston or Miami and then were forwarded to Costa Rica by satellite transmitter or fiber-optic cable. Some of Kaplan’s Web servers were located in Miami and were remotely controlled from Costa Rica.”

The Department of Justice contends that in 2004, BetOnSports had 1,700 employees in Costa Rica alone and nearly one million registered customers. Its clientele issued more than 10 million bets that combined for over $1 billion. Also in 2004, BetOnSports held an initial public offering (IPO) on the London Stock Exchange that earned Kaplan $100 million. He was arrested in March of 2007 and sentencing will take place on October 27th. He has been held without bond ever since being detained by U.S. authorities.

Former BetOnSports CEO David Carruthers pled guilty to racketeering charges in April and now faces up to 33 months behind bars. Carruthers, who was detained in St. Louis, will learn his fate during a sentencing hearing on October 2nd. In June, Neil Scott Kaplan, Lori Kaplan-Multz, and Penelope Tucker all pled guilty for their roles with BetOnSports. None will receive jail time, although Tucker was issued a one year probation. Kaplan’s trial had been scheduled for September 21st before last week’s plea agreement was announced.

Interactive Media Entertainment and Gaming Association (iMEGA) Chairman Joe Brennan, who has been closely monitoring the actions in the BetOnSports case, told Poker News Daily, “It sounds like Kaplan’s plea agreement is complex. However, his risk against going to jail for a long time seems to have been minimized. There may also be some recognition that he’s already spent a significant amount of time behind bars.” Last August, William Hernan Lenis, Will Lenis, and Manny Lenis became the first BetOnSports staffers to admit guilt. The trio advertised the online sports betting outfit; one stunt involved bringing an RV to a St. Louis Rams game in 2002, enabling fans to place bets before entering the stadium.

In June, the Southern District of New York (SDNY) seized over $30 million in payments destined for more than 24,000 online poker players in the United States, marking one of the first times that the industry has been the target of federal law enforcement actions. Brennan explained, “Under the new administration, there has been no softening of the stance by the Justice Department towards internet gambling. When you look at what happened with Kaplan and what’s happening with the SDNY, it may be discouraging to those who thought that with the new administration, there would be less hostility towards internet gambling.”

On Friday, attorneys for Account Services will appear in the Southern District of California calling for the return of $14 million seized by the SDNY in June. Recently, Douglas Rennick, an individual associated with the company, was indicted on bank fraud, money laundering, and illegal gambling charges. He faces up to 55 years in jail and $1.75 million in fines. Brennan forecasted, “I’m sure that during the course of Friday’s hearing, there is going to be some discussion that the Department of Justice may prefer to see the criminal matter resolved before any civil action can move forward.” The Poker Players Alliance (PPA) has submitted an amicus brief in the case outlining that poker is a game of skill and therefore not illegal gambling.

FBI Special Agent John Gillies noted that Kaplan’s guilty plea was monumental: “Today’s guilty plea should have a lasting effect because Kaplan was not only the founder of BetOnSports, he was also one of the pioneers of illegal online gambling.”

Layne Flack goes global

"I believe that poker has a great future in Europe and I would love to be a part of it," Flack said after signing on with Scandinavian-based poker agency Poker Icons this week.

Flack, who owns six World Series of Poker bracelets, was nicknamed "Back 2 Back Flack" after winning two consecutive events at the 2002 WSOP and again at the 2003 WSOP.

His last bracelet win came in 2008, although Flack managed an eighth place finish in the $2,500 2-7 Lowball and a seventh in the $2,500 Mixed Event this summer.

The 40-year-old star started in poker in the early 90s running games throughout the state of Montana and has gone on to amass more than $4 million in career earnings through 14 major titles and 70 cashes.

His time in the public eye hasn't been all roses, however.

Flack had to skip the 2009 NBC National Heads-Up Championship this year because he spent the night in a Las Vegas jail charged with DUI Liquor, speeding and failing to yield to an emergency vehicle.

He later claimed innocence.

Flack has also sought treatment for substance abuse in the past, but in an interview with PokerListings after winning his sixth WSOP bracelet in 2008, he claimed to have left those problems behind him.

Poker Icons CEO Lars Kollind says while restrictions on Internet gambling have had a negative effect on American poker, the game is still growing in Europe and Flack is making the right move.

"There is good action in Europe, and good poker players look for the best action," he said.

"In Europe a well-merited player like Layne is looked upon as a big star, newsworthy and with a great potential for a sponsorship."

Poker Icons represents some of the biggest names in European poker, including Annette Obrestad, Jesper Hougaard, Arnaud Mattern, and Soren Kongsgaard, in addition to a growing roster of top American players that includes Kathy Liebert and 2006 WSOP Main Event champ Jamie Gold.

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Nordic Gaming Chooses Income Access

Nordic Gaming Group Ltd. (NGG), one of Europe’s fastest growing online gaming companies, announced Tuesday that it has chosen Income Access affiliate marketing software to power its soon-to-be-launched affiliate programs.

NGG, which was founded in 2002, is anticipating the start of an aggressive campaign to attract affiliate partners to all three of its brands, NordicBet, Triobet and Tobet. Each offer a competitive gaming and betting service that attracts customers from all over the world, but their main focus is on European sports, including a wide range of local sports in their target countries.

Income Access has worked with operators and affiliate marketers since 2002 to help them succeed in the online gaming space. The company offers four types of services to cater to different marketing objectives: an affiliate network, affiliate software, affiliate management, and a search engine marketing agency. Income Access has more than 17,000 gaming affiliates and its product has become synonymous with affiliate program management.

Through its cooperation with Income Access, NGG is expecting to have the industry’s most advanced tracking and campaign management system, while affiliates promoting NordicBet, Triobet and Tobet gaming services will have the advantages of in-depth tracking reports and a wide selection of enhanced marketing tools.

“We went with Income Access because it’s easily the best in the industry”, said Shaun O’Neill, NGG’s Affiliate Manager. “We’re sure that their system, combined with the top-notch program we’ve put together, will pull in a huge number of partners and put us right at the head of the affiliate pack.”

“We feel that after being in business for over seven years we have very strong brand name within the gaming community and now feel that the time is right to transfer the brands in the affiliate industry”, O’Neill added in a statement to Poker News Daily.

Nicky Senyard, the CEO of Income Access, is also enthused by the union. “This software agreement between Income Access and NGG gives gaming affiliates a great opportunity to boost their earning potential”, Senyard said in a press release. “The chance to promote a network of sites that cater to a variety of language markets means that affiliates will be able to diversify their player-base and revenue stream.”

The NGG NordicBet brand focuses on Denmark, Norway, Sweden and Finland. Triobet is NGG’s Baltic brand, covering Estonia, Latvia and Lithuania. Tobet, meanwhile, is geared toward the Polish, Hungarian and Romanian markets.

All three of the NGG brands have a poker room that allows players to compete in a wide variety of cash games and tournaments. The site is currently offering a “SNG Cash League” promotion in which players will be competing for €24,000 in prizes during the summer. The site is also running satellites to EPT Barcelona and Master Classics 2009.

Lock signs Matt "AllInat420" Stout

Plus, Eric "Rizen" Lynch has accepted the position as VP of Product Development with the company.

"We are thrilled to welcome this incredible group of players as part of the Lock Poker family," said Jennifer Larson, Lock Poker's founder and CEO.

"We will be integrating them into all aspects of the business. These Pro's are the insight we need to really create the best online poker experience worldwide"

Joining Stout as newly minted Lock Pros are 2007 WSOP Main Event seventh place finisher Lee Childs, WSOP bracelet winner Jason Young, WPT Season 7 Foxwoods runner-up Jonathan Jaffe, and online stars Mike "goleafsgoeh" Leah, Joe "JoeytheB" Brooks, and Kyle "kwob20" Bowker.

"I think the poker world is going to be blown away by Lock's plans for these players," said Randy Kasper of Poker Players International, the agent for all seven players and Lynch.

"Lock truly wants to create a partnership with its pro players, and was willing to go beyond traditional industry measures to create a phenomenal package for these guys."

Lynch was particularly pleased with the opportunity.

"One of the most exciting aspects and driving forces behind me joining Lock Poker was getting an opportunity to have an impact on the business direction of the company" he said.

"Accepting the position of VP of product development will allow me to really create the room for the player."

Stout's blog can be accessed from his Featured Authors Page.

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World Poker Tour sold

Pending stockholder approval, a privately held investment group under the name Gamynia Limited has agreed to pay $9,075,000 plus a percentage of future revenues for almost all of WPT Enterprises assets, including its television, sponsorship, distribution and licensing units.

The agreement will also see Gamynia jump full force into the online gaming market and, as a result, it has secured the services of Hardway Investments Ltd., an online gaming marketing company that has worked with Titan Poker and several other online gaming sites in the past.

"We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market," said Steve Lipscomb, President and CEO of WPT Enterprises.

According to the terms of the deal, the WPT will sell its television library, but retain cash investments and future foreign sponsorship revenues from Seasons Four, Five and Six of the World Poker Tour and Season One of the Professional Poker Tour to PartyGaming and the license of Season Seven of the World Poker Tour to PokerStars.

WPT Enterprises will keep its office and employees and plans to develop or acquire a non-poker related business.

"After the transaction, WPTE will move forward under a new name and will employ our cash in a new venture by developing a new business or combining, through one or more strategic transactions, with companies that have significant unrealized value or growth potential," Lipscomb added.

The sale must be approved by a majority of WPT Enterprises stockholders, but those representing 39% of the company's stock have already entered into voting agreements with Gamynia.

A stockholders meeting is planned for later in the year and Gamynia expects to complete the transaction in the fourth quarter of 2009.

"The World Poker Tour was the catalyst for the 2003 poker boom in the United States that quickly gave rise to a global poker phenomenon," Lipscomb said.

"The massive international business markets that have evolved from that phenomenon have been dominated and driven by the lucrative online gaming business. The World Poker Tour as a stand-alone entity has struggled to find the appropriate place for its stockholders in this fast evolving market.

"The World Poker Tour brand continues to grow around the world and has managed to make casinos and online gaming concerns cooperate in unique and mutually beneficial ways. In Gamynia, we have found a partner that already understands and fosters a spirit of cooperation in the online marketplace."

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World Poker Tour Sold to Gamynia Limited

In breaking news from the World Poker Tour (WPT), its parent company has sold the roving tournament series for $9.075 million plus a percentage of future revenues to Gamynia Limited. Recently, the WPT recorded its second straight month of profitability.

Its complete library of WPT episodes and intellectual property are just two of the assets that Gamynia Limited will absorb as part of the sale. The current ownership of the WPT will continue to receive revenues associated with “the sponsorship of Seasons Four, Five, and Six of the World Poker Tour and Season One of the Professional Poker Tour by Party Gaming and the license of Season Seven of the World Poker Tour to PokerStars.” The parent company of the WPT plans to use the $9.075 million in newfound revenue for business ventures that are unrelated to poker.

The sale will likely be completed during the fourth quarter of 2009, but must first be approved by a majority of the company’s stockholders. A special meeting to ratify the sale will be held and, in the meantime, the WPT has secured 39% of its stockholders as “yes” votes. WPT Founder, President, and CEO Steve Lipscomb commented in a market update distributed late Monday, “We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market. Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the World Poker Tour efficiently and profitably.”

Gamynia has already reached out to Hardway Investments, which, according to the same release, “will seek to exploit and develop the WPT brands with the goal of maximizing future revenue opportunities.” Hardway’s existing clients include some of the internet gambling industry’s marquee names like Playtech (which owns and operates the popular iPoker Network), Casino Tropez, Titan Poker, and Europa Casino. It also works closely with the affiliate group Euro Partners. Hardway is based in Antigua and brings a significant amount of internet gambling experience to the WPT brand.

WPT Enterprises will retain its cash on-hand, debt investments, office leases, and “employee obligations.” No proceeds from the sales will be distributed to WPT Enterprises’ stockholders. Its stock is traded on the NASDAQ under the symbol “WPTE” and was down $0.41 at the time of writing on Tuesday, or 27%, to $1.08. WPTE closed trading on Monday at a price of $1.49, but the release made to Business Wire was not published until after the NASDAQ had ceased trading for the day. After the sale is completed, WPT Enterprises will continue operations under a new name. The company plans to use its cash leftover from the poker business to enter into a joint venture or other business relationship with a new company.

The WPT is in the midst of filming its eighth season, which will once again air on Fox Sports Net. Its next tournament kicks off on August 22nd from The Bicycle Casino in Los Angeles, home of the Legends of Poker. The $10,000 buy-in tournament crowns a champion four days later. Last year, poker pro John “The Razor” Phan dominated the field of 373 players and earned a $1.1 million first place prize. He defeated online poker sensation Amit “amak316” Makhija heads-up in a final table that also featured Zachary Clark, Paul Smith, Trong Nguyen, and Kyle Wilson.

Attendance at the kickoff U.S. event of Season VIII of the WPT was down sharply. Just 268 players turned out for the annual Bellagio Cup, down 40% from the 446 that took to the felts at the storied Las Vegas casino in 2008. In the end, Team PokerStars Pro member Alexandre Gomes defeated Faraz “The-Toilet” Jaka heads-up to earn $1.2 million.