Bwin.party drops major online poker operations
27 May 2015
The gaming operator is currently in the process of closing its WPTpoker.com online poker operations and to focus on its other lucrative bwin.party poker brands. The online gaming operator announced yesterday that it will be closing WPTpoker.com which have been operational in several European markets by June 3rd. Bwin.party have indicated to clients and consumers that there are no arrangements to reopen the WPTpoker.com. All players are able to withdraw remaining funds from their existing accounts for up to 90 days.
An email notification to all customers sent by bwin.party noted as follows: “Bwin.party has made the decision to focus our online poker efforts entirely on our lead brands: partypoker and bwin poker. This has resulted in the decision to close our WPTPoker.com site. Please be aware that we are unable to move any balance directly from a WPTPoker.com account to a partypoker.com account. The poker room will cease to run from June 3 however players will have a further three months to withdraw their cash balance. During this period we will remove withdrawal limits. The fee will not be waived. We understand the frustration and apologise for the inconvenience.”
This new development comes at a much undetermined time for the online gaming company as they are the subject of a major acquisition. While major online companies such as GVC Holdings , Amaya Gaming and 888 have positioned themselves for the takeover bid, bwin.party gaming is since struggling with revenue losses within the first quarter of 2015, a drop in target shares and overall stock ratings. Analyst have expressed that the closure of the WPTPoker.com brand could alleviate the losses to date.Recent stock indicators have indicated a “hold” rating on overall Bwin.party shares.
Other equities have reiterated an “under performing” rating on price share targets for the online gaming company. A sure indication that changed is required. The most significant falls came from the poker division which saw average net daily revenue plummet by 31% while real money sign-ups crashed through the floor with 37%. This performance for the first quarter confirms the challenging environment in European poker currently.
Despite the poor figures, the overall share price of bwin.party remained buoyant thanks to the dual £1 billion pounds acquisition bids from 888 Holdings and the joint venture of GVC Holdings and Amaya Gaming, valuing the online gaming company at £878.48 million pounds.