ok, here is my spin...

World Poker Tour is not profitable... They have lost money every quarter since inception. The business is highly scalable and would be very profitable if sales grew mightily from here.... but it doesn't look like they will.

ESPN expanded coverage with WSOP circuit events. Fox Sports airing more poker. NBC airing poker. Yada yada yada...

Now Barry Greenstein is talking about the fact that the networks are bidding on the players 'poker league' -- a league consisting of a number of teams of name players... These players are pissed off at WPT for (up to recently) not allowing sponsorhips at final tables and the WPT is competing with them with fantasy camps and now launch their own online gaming site.... Some players are boycotting the WPT...

So back 2 months or so, Doyle makes bid for WPT -- it was on 'Doyles Room' home poker site when you logged in so this was not just a rumor -- it was fact... The bid fails... Seems it was just too expensive for the players to get together and do this league thing through WPT Enterprises.... Why pay $1-2 billion to WPT Enterprises when you can organize if for a fraction of that and sell it to the networks???

So WPTE stock hit $29 when that offer was announced.. but is now back knocking on the door of single digits...

So I bring up my new theory... WPT will go the way of the failed inventor... like Netscape... just too much well-funded competition.