WPT faces competition with new online gaming site
August 24
It seems that WPT Enterprises, the owner of the
World Poker Tour TV show, is in for some stiff
competition as it debuts its online gaming site in
the US, where online gambling is against the law.
The company faces major off-shore
gaming companies who have already peaked the markets on their home turf.
US companies are restricted and
face bigger competition. For instance, online poker
giant PartyPoker - this company has already tapped into
the markets in the UK.
Party Poker's British parent
company Partygaming Plc, has seen its stock jump
well over 10% since going public over a month ago.
WPT's shares have decreased a
whopping 44.7% over the same period of time.
Gibraltar-based Cassava Enterprises
will be another major competitor, it operates several
online casinos including online poker favorite Pacific Poker.
Is is said that Cassava may be planning an preliminary public offering for
next month.
Even though US is responsible for
at least 80% of the world's gaming market for
online poker restrictions for US companies is rigid.
Even so, companies based overseas target US customers. WPT's
new site will
would prohibit US based betting.
Despite the challenges, experts
believe the company has real potential. The global
gaming market should bare enough opportunity.ot of potential to
grow in the rest of the world," Mangini said.
