Games Media Properties yesterday announced the cancellation of WSVG (the World Series of Video Games) after just two years, as a result of high operating costs.

Effectively immediately, all remaining events, including those in Los Angeles, London and Sweden, have been cancelled.

"The World Series of Video Games launched with the goal of expanding interest and participation in competitive gaming," event organisers said in a statement.

"The continuing challenges of securing adequate revenues has prompted us to re-evaluate our direction as an organisation. Unfortunately, the decision is to cancel the remainder of the WSVG season."

Any outstanding prize money will still be paid upon receipt of requisite paperwork, according to Games Media Properties.