The match was often frantically paced but lacked some of the basic skills one would have expected - in particular from the expensively put together Wolves side.
Blackpool spent far too much time relying on the high ball to Ben Burgess in the hope his flick-ons would set Paul Dickov free.
But the experienced Gary Breen at the heart of the Wolves defence soon read the tactic and outplayed Burgess, leaving Dickov living off scraps.
Chances were few and far between in the first half.
A neat seven-pass move by Blackpool in the ninth minute saw Gary Taylor-Fletcher cross to the far post but Burgess could not touch it in.
Kevin Kyle was guilty of misses at the other end, heading one effort wide after good work by Andy Keogh.
Any hope that Blackpool would change their style in the second half did not materialise and it was Wolves who grew in confidence.
The pace of Sylvan Ebanks-Blake started to cause the Blackpool back four problems and in the 64th minute he had his side's best opportunity when he out-paced Michael Jackson.
But clean through, the Wolves striker rattled the post with his shot.
Blackpool responded with their best chance when Taylor-Fletcher cut in from the right and his 20-yard drive was brilliantly pushed on to the bar and to safety by Wayne Hennessey.
Both managers threw on substitutes in a bid to break the deadlock, but it was Wolves boss Mick McCarthy who was happy to settle for the away point after his side was put under late pressure during which Stephen McPhee should have scored for the Seasiders.