WPT Enterprises Inc. and WagerWorks announced Thursday they have agreed to develop a World Poker Tour online gaming site.
The site, which will allow players to gamble with real money, is expected to go live in the second quarter of 2005, according to a press release. The site will prohibit bets from players in the United States and other jurisdictions where online gaming is banned.
West Hollywood, Calif.-based WPT Enterprises created the World Poker Tour, a televised poker tour that airs in more than 50 markets worldwide. WPT Enterprises is a majority-owned subsidiary of Minnetonka-based Lakes Entertainment Inc.
The recent surge in poker's popularity is expected to make online gaming a $10 billion industry in 2005, WPT Enterprises said in a statement.
"This is the next step in our global branding initiative," said Lyle Berman, CEO of WPT Enterprises.
WagerWorks, which will develop the software to support the site, said it expects the World Poker Tour brand to accelerate a successful start for the site. WagerWorks is licensed out of Alderney, United Kingdom.
WPT Enterprises (NASDAQ: WPTE) shares closed up $3.86, or 29.6 percent, at $16.87 in heavy trading Thursday. Shares were down 64 cents, or 3.8 percent, at $16.23 in early trading Friday.
Lakes Entertainment (NASDAQ: LACO) shares closed up $2.20, or 14.7 percent, at $17.20 in heavy trading Thursday. Shares were down 30 cents, or 1.7 percent, to $16.90 in early trading Friday.
© 2005 American City Business Journals Inc.
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