PokerTek Hits the High Seas - (NASDAQ PTEK)

In our most recent chat with PokerTek we found the number of legitimate, licensed poker tables that exist to be astonishingly low. There are only so many places in the U.S. where one can gamble and gaming has not caught on in all parts of the international scene. So where else can these things get installed you might ask; the high seas. With the advent of cruise ship gaming comes yet another pipeline of revenue for PokerTek.

Just today PTEK announced the successful completion of the 2009 Carnival PokerPro Challenge tournament, which was held onboard the Carnival Freedom. The completion of the tournament marked the 2nd straight successful event and encouraged plans for 2010’s event to be put in motion. A 2010 event which is poised to see a bigger turn-out and growing popularity compared to its two predecessors.

Scott Mateosky of Middleberg Heights, OH had the winning hand of pocket 5's to walk away with the first place prize of $35,000 and the coveted Carnival PokerPro Challenge winner's bracelet. The remaining $40,000 prize pool was awarded to the top 10 finishers.

So what exactly does PokerTek have to gain from high seas gaming competitions; new installation opportunities. Six PokerPro tables were installed in the Dynasty Lounge on the Carnival Freedom specifically for the final tournament. The tables were available for cash play and tournaments throughout the week. From January 24th through January 30th, 127 final event qualifiers played down to 1 as the Carnival Freedom sailed from Ft. Lauderdale to Key West, Grand Cayman, and Jamaica.

Carnival and PokerTek plan to announce details of the 2010 Carnival PokerPro Challenge in the coming weeks. It will be interesting to see if the trend of gaming competitions continues on cruise lines; if so PTEK may have the perfect product to meet the demand.