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Back in 2002, WPT Enterprises (NASDAQ: WPTE) revolutionized the gambling business. That is, the firm created the highly popular World Poker Tour television show. In fact, by the middle of 2005, WPT's stock hit $26.50.

Unfortunately, things haven't been so rosy since then. Today, PartyGaming PLC -- a major online gambling operator in the U.K. -- agreed to buy WPT at a paltry $12.3 million. On the news of the deal, the shares of WPT are up 3% to $1.08 per share.

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PartyGaming gambles on World Poker Tour for $12.3M originally appeared on BloggingStocks on Tue, 25 Aug 2009 13:30:00 EST. Please see our terms for use of feeds.

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