Video gaming as a professional (and spectator) sport has been an idea that's been fighting for legitimacy for some time now, and it seemed to be gaining traction after CBS aired its first gaming special back in July. But the pro gaming world got sucker-punched yesterday with the news that World Series of Video Games—one of the biggest gaming tournaments and the subject of that CBS special—is closing down, effective immediately.

According to GGL Wire, the organizer of the tournament, New York-based Games Media Properties, has canceled upcoming events in Los Angeles, London, and Sweden, and the would-be purse of $355,000 will instead go toward the company's online efforts, including gaming site Gameriot. In a statement, Games Media Properties said that "the continuing challenges of security adequate revenues...prompted us to re-evaluate" the tournament.

As GGL Wire points out, the World Series of Video Games—like any tournament—lives and dies on its sponsorships, and with several other gaming tournaments (such as the Electronic Sports World Cup and the Cyberathlete Professional League) vying for a piece of the finite sponsorship pie, it appears the WSVG got caught in the squeeze. Of course, it also means that dozens of professional gamers will have to look elsewhere for prize money.

Hey, I'm the first to admit that watching World of Warcraft as a spectator is only so-so interesting, and the cheesy CBS special clearly didn't spark much interest from the public at large (as far as I know, the network isn't planning a follow-up). But watching pro-level Quake 4 and Call of Duty free-for-alls is a blast—and if, say, ESPN were to take gaming coverage more seriously, there's no reason it couldn't take off like televised poker tournaments (which seem to be on 24/7 these days). Anyway...bummer.

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World Series of Video Games closes doors! [GGL Wire]