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News Archive
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WPT Enterprises looks online for growth
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[2006-02-15]
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The poker company behind the TV show World Poker Tour believes its online enterprises could eventually become its top money spinner.
WPT Enterprises believe that the popularity of online gaming site WPTOnline, which was launched last year, could prove more lucrative than its televised World Poker Tour.
Speaking at the Reuters Hotels and Casinos Summit held in Los Angeles, WPT Enterprises' chief executive Steve Lipscomb said that the online site was a fast-growing division of the company which pulled in $694,000 last quarter.
In contrast, television and product licensing fees accounted for $4.3 million of WPT's $5.2 million in revenue in the quarter which ended on January 1st.
Mr Lipscomb dismissed rife industry speculation that the poker craze has past its high point.
He said: "I've been hearing that since we started. It doesn't surprise me at all. (Poker is) extraordinarily cool. It's a sport now."
The popularity of online gaming continues to rise with a recent report from Christiansen Capital Advisors estimating that the total revenue from online poker could grow from around $1 billion in 2004 to $6.7 billion in 2010.
WPT Enterprises recently hired financial advisers Thomas Weisel Partners to look into possible strategies for growth in the online gaming industry.
Mr Lipscomb said: "Since its launch in 2002, the World Poker Tour has established itself as the premiere televised poker series in the United States and in many international markets.
"Additionally, we are leveraging the World Poker Tour brand through our real-money gaming website, WPTonline.com, to take advantage of the growing market for online poker.
"We believe that in order to fully take advantage of the brand we have created in online gaming, we need to seek opportunities to increase our scale and reach."
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