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When it first appeared, fans flocked to the television to watch the world's best poker players and the world's biggest chumps vie for huge pots on the World Poker Tour (NASDAQ: WPTE). Unfortunately, one of the biggest losers walking away from the table now is the World Poker Tour itself, having turned a table stake at one time estimated at $500 million into chump change. Last week, the company announced that it had reached agreement to sell all its rights and operations for slightly over $9 million, plus a share of future profits, to Gamynia Enterprises, a privately held company.
According to the Wall Street Journal (subscription required), WPT was a victim of its own success. Given the eagerness of the gaming industry to popularize its products, there was no shortage of funds to sponsor poker broadcasts. And the low cost of producing such entertainment meant that any idiot could set up a camera and create a show (and many did). At one time, poker was on television more often than Billy Mays.
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