AsianLogic Secures Unspecified Stake in Asian Poker Tour

16 February 2008

AsianLogic, the Asia-Pacific facing operator with close ties to Playtech, has entered into an agreement with Singapore-based Capital Events to "acquire" the Asian Poker Tour (APT).

AsianLogic did not specify the value of its new shareholding, but did say that under the terms of the deal, Capital Events will remain a "key strategic shareholder."

For AsianLogic's part, it will assume managerial control over the operation of APT's online and land-based tournaments, as well as over APT's brand and URLs.

By way of the deal, APT will launch a play-for-fun and real-money poker rooms on Playtech's iPoker Network.

AsianLogic will also have a presence in the Korean market via a partnership deal APT closed with the Korean Professional Poker Tour (KPPT).

According to AsianLogic Chief Executive Chris Parker, the group has been in negotiations with APT "for some time." He said too that AsianLogic has been working with KPPT "for some time," and that the group's deal with KPPT would bring it "significant competitive advantages in Korea."

Parker added that APT was an attractive acquisition target because of its status as one of Asia's first poker tournament organizers as well as its strong brand presence in the region.

He said that the APT will offer four tournaments across 2008, and will look to draw participants from both the land-based and online markets.

To entice players to participate, Parker said APT will be offering online satellite tournaments, but did not specify in which regions these would be made available.

In 2006, through a sponsorship agreement with Betfair, APT offered online satellite tournaments via Betfair Poker, as well as land-based satellites in Singapore.

Betfair Communications Director Mark Davies told IGN that to his knowledge, APT's new agreement with AsianLogic would not affect Betfair's existing sponsorship agreement.

Meanwhile, Capital Events Director Nicole Wee said the partnership between Capital Events, AsianLogic and KPPT was "significant," and that it would help bring a larger number of land-based and online tournaments to the Asian region.

Optimistically, Parker called GBGC's latest forecast for compound annual growth in the Asian poker market -- 23 percent for the next four years -- "conservative."

On the London Stock Exchange Friday, shares in AsianLogic were up 6p to 108.00.

Chris Krafcik is the editor of IGamingNews. He lives in St. Louis, Mo.