Bwin.party has sold its interests in World Poker Tour to Ourgame for US$35m.
Ourgame International Holdings is a Hong Kong-listed social gaming company with interests across Asia and a market capitalisation of approximately HK$5.7bn (US$733m).
Under the terms of the transaction, bwin.party will continue to sponsor various WPT events and television shows in both the US and Europe until December 31, 2016. In addition, bwin.party also has a right of first refusal over such additional sponsorship opportunities that may become available until that date.
Martin Weigold, bwin.party CFO, said: "Over the past six years we have built WPT into a global franchise, with tournaments and TV deals in many countries including Asia where poker remains a popular and growing sport. However, consistent with our strategy of divesting our non-core assets, we believe that now is the right time to release that value for shareholders so that we can focus our efforts on our core real-money gaming and technology business."
