World Poker Fund Holdings Inc. on July 30 said it agreed to sell partial rights of its peer-to-peer betting technology for $2.5 million.
The company is selling foreign rights to its recently acquired peer-to-peer betting technology, while retaining the U.S. rights as it continues its plans to integrate the peer-to-peer betting technology with Picking Duck, another recently acquired app.
The developer and operator of online technology, gaming platforms and brands did not disclose the name or details of the buyer.
"The partial sale of this asset will result in WPFH booking over $2 million in profits for the third quarter. This transaction is a win-win situation as WPFH will have additional funds from the sale, while retaining the US licensing rights of the technology," Travis Kasper, World Poker Fund CEO, said.
The company also said that its private placement deal with PW Holdings, where the latter will pay $2.5 million in exchange for 1 million shares in World Poker Fund, is proceeding as expected and could see the transaction closing within the next 45 days.