Betfair (http://www.betfair.com)has executed a non-binding Letter of Intent with Harrah's License Company LLC, an affiliate of Harrah's Entertainment, Inc which designates Betfair.com as the "Presenting Sponsor" of the World Series of Poker (WSOP) Europe through 2011.

The inaugural WSOP Europe will take place in London between September 6th and 16th. The first World Series event to be held outside Las Vegas, the tournament will be hosted at three casinos operated by London Clubs International - Fifty, in St James's; The Casino at the Empire, Leicester Square; and The Sportsman, on Marble Arch.

The Letter of Intent, which is subject to execution of a definitive agreement, calls for the largest-ever union of its kind between an offline- and an online gaming company. As part of the agreement, Betfair (http://www.betfair.com)will be integrated into several facets of WSOP Europe and will promote the event internationally on a year-round basis.

"Betfair (http://www.betfair.com)is a global leader in gaming innovation" said Jeffrey Pollack, Commissioner of the World Series of Poker. "Our two organizations each have a vision, style and brand strength that is complementary and world-class."

"Our alliance with Betfair (http://www.betfair.com)will launch and build the World Series of Poker Europe with prestige and authenticity. This will likely become the most important poker tournament outside of Las Vegas," Pollack said.

"This is an historic deal for us," said David Yu, Chief Executive Officer of Betfair. "To present the WSOP, with its 38-year tradition, on its first venture into Europe is a great honour."

"Betfair is renowned for its ground-breaking moves in the world of fixed-odds sports betting," Yu said. "This deal puts Betfair alongside the most important brand in offline poker, and bonds us with Harrah's Entertainment, the largest casino operator in the world."

The World Series of Poker Europe presented by Betfair.com will consist of three events. The largest of these is the Main Event, a £10,000 buy-in, 750-player, six-day tournament spread over three casinos, with a prize pool of roughly £7.5 million. The winner could take home more than £1.5 million in cash, depending on the number of entrants, and a WSOP gold bracelet, the most coveted prize in poker. It will be the first time a WSOP bracelet can be won outside the US.

WSOP Commissioner Jeffrey Pollack will be joined by the Managing Director of Betfair Games, Steve Ives on July 5th at World Series of Poker in Las Vegas to announce formally the World Series of Poker Europe presented by Betfair.com.