WPT Enterprises Inc, owner of the World Poker Tour exclusive brand has announced that it has filed a notice with the U.S. Securities and Exchange Commission (SEC) notifying the online gaming provider Cryptologic Inc. about an agreement termination and cease of operations of World Poker Tour online poker room and casino on the Cryptologic network starting next November 14^th, 2008. Last week, WPT Enterprises announced a company’s reorganization that includes a re-evaluation of all contracts and agreements

WPT Enterprises Inc had a three-year agreement with Cryptologic to run WPT's online poker room on its platform in mid 2007. Then, in early 2008, WPT’s site added more online casino games and the two parts decided to extend the agreement for another year. The U.S. Securities and Exchange Commission also revealed that WPT had assured to pay Cryptologic $750k from site profits, and if revenues were not enough to cover the agreed amount, then WPT would make up the difference. WPT Enterprises Inc has not released any information on how much WPT will have to pay Cryptologic to compensate for this premature contract termination.

ClubWPT.com, WPT's subscription online poker, will keep on working as usual. Recently, WPT and Fox Sports Net launched a TV show called "ClubWPT.com" which features six amateur players competing for "their shot at cash prizes and poker stardom." The show is expected to increase the people’s interest in ClubWPT.com; in addition, WPTE believes that its decision to eliminate its online poker room will also make the show more attractive for poker sites looking to advertise their brands on the TV.