It appears the fledgling Canadian Poker Tour is starting to gain a foothold on the poker tournament scene as its parent company HeadsUp Entertainment posted record profits during the third quarter of 2010 according to a press release by MarketWatch.com
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HeadsUp Entertainment which owns and operates the Canadian Poker Tour and also Canadian Poker Player Magazine and Canadian Poker Player Television posted overall profits of $324,259, its largest quarterly revenue in history. The company points to the following measures as the reasons for the successful Q3 results: an “enhanced business model implemented for a series of new proprietary poker events, increased sponsorship sales and higher than expected CPT membership and renewal revenues.”
According to the press release: “The Company is now securing a new revenue stream from its casino partners with the launch of the CPT Casino Affiliate package… By monetizing the services that that have previously been offered at no cost to help build brand awareness and membership across the country, the Company is projecting an increase to monthly revenues of over $50,000 per month in addition to the existing revenue streams.”
The Canadian Poker Tour was acquired in 2008 by HeadsUp Entertainment and the tour has been steadily growing ever since. The tour features a number of tournaments mainly in the Canadian provinces of Alberta, Ontario, Saskatchewan, British Columbia, and Manitoba.
Unlike other poker tours the CPT features tournaments held almost daily, with buy-ins ranging from $60 to over $2,000.
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