Weekly Poker News: WPT is sold, Kornuth concedes

Featured in this article:

  • Chance Kornuth concedes during a high stakes game
  • User arbaarba wins PokerStars Blowout Event
  • World Poker Tour sold to Element Partners for $78 million

The World Poker Tour has been sold. That’s one of the key storylines of the week in the poker world but before we get there, we’ll cover a couple of big tournament winners that collected big paydays recently.

Chance Kornuth Concedes During High Stakes Poker Challenge

It seems like Chance Kornuth ran out of options during his High-Stakes poker challenge against Phil Galfond and he was left to concede. The two poker professionals played around 25,400 hands of heads up $100-$200 pot limit Omaha until Kornuth decided to concede the event and pay a $250,000 side bet that he placed against Galfond, who placed a $1 million bet himself.

By the time Kornuth had threw in the towel, he had supposedly lost around $726,500 to Galfond with 10,000 hands left to play.

This challenge was the third that Galfond has competed in. He’s now won on three of them, so he might consider trying to lure others into these challenges. He overcame ‘VeniVidi1993’ in his first challenge then followed that up with a victory over ‘ActionFreak’ Kontonatsios. He now has another active match with Bill Perkins however they are not very far into the competition.

‘arbaarba’ Wins PokerStars Big Blowout Online Event

It was a fantastic day for the Lithuanian based poker player named ‘arbaarba’ as he was able to take home the top prize in the PokerStars Big Blowout $1,050 buy-in no-limit hold’em eight max event. The event reeled in a whopping 6,922 total entries and smashed the $5 million guarantee. With so many participants, the final prize pool ballooned to $6,922,000.

It was ‘arbaarba’ who came out on top in the end, taking home the top prize of $739,976. He wasn’t the only player that cashed out in this event as the top 975 finishers were able to make money from the event, each picking up at least $2,264.

Fernando Viana was the second-place finisher in the event after a strong showing that saw him take home $771,416. He was able to finish with more money than ‘arbaarba’ due to a deal that the final three players were able to come too before a winner was born. Lonnie Hallet was the third-place finisher in this event and collected $646,189.

world poker tour logo wpt

WPT Sold To Element Partners For $78 Million

Big changes could be coming to the World Poker Tour as Allied Esports Entertainment has officially sold the poker circuit to Element Partners. The company had paid $68 million up front with the remaining $10 million being dished out throughout the next three years. WPT CEO Adam Pliska stated that “My management team and I are excited about this next chapter and the tremendous new opportunities for the WPT brand and business.”

The World Poker Tour was first created back in 2002 and has since paid out over $1 billion in prize money throughout all of their many tours. In 2009, the WPT was sold to PartyGaming for $12.3 million. After that, it was sold again to Ourgame International Holdings Ltd for $35 million in 2015. But that wasn’t all, as it was finally flipped to Allied Esports Entertainment in 2019. Clearly, it’s proven to be a good investment for all of its predecessors as they’ve all made excellent profits. The thinking is that the World Poker Tour will continue to grow, attract more players and become an even more valuable asset.

Currently, the WPT doesn’t have any plans of changing their tours regardless of it switching ownership. They still plan on offering their live events as well as their online events as per usual.

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