CryptoLogic is to merge its poker network with Boss Media's International Poker Network (IPN) from the first quarter of 2009. CryptoLogic revealed a poker tie-up was on the cards with another platform recently when it announced that it would focus on its casino licensing business, leading to widespread speculation that PartyGaming would be the partner poker network.
The migration of its poker operations and customers to the Boss Media network is expected to generate savings for CryptoLogic of between US$12m and US$15m per year. Chief executive Brian Hadfield said the deal represented “a major step in our journey back to growth, profitability and returning shareholder value”, while Atul Bali, president of Boss parent company GTech’s New Media & Sports Betting, said the deal would deliver some much-needed liquidity to the networks: “We are delighted to welcome these customers and their players to our network and significantly increase the liquidity for our new enhanced player base," he said.
CryptoLogic poker licensees, including the InterPoker and Parbet brands, are on schedule to join the IPN in early 2009, St Minver, another GTech subsidiary, will provide a fully managed customer management solution to Crypto's poker licensees.
Showing posts with label CryptoLogic. Show all posts
Showing posts with label CryptoLogic. Show all posts
November 12, 2008
October 24, 2008
Speculation rises on Crypto-Party poker tie-up
CryptoLogic's deal to provide PartyGaming with its casino gaming suite is set to usher in a new strategic direction for the company founded on its casino licensing business, according to the software firm.
The company also revealed this strategic shift would involve a partnership with another major poker network, “to increase liquidity while reducing expenses substantially”. PartyGaming is thought to be the operator currently in talks with CryptoLogic.
A spokesperson for PartyGaming:: “We are keeping our options open and this may include seeing whether there is any merit in combining our two businesses.”
Yesterday’s announcement that CryptoLogic had entered into a five-year casino licensing deal with PartyGaming represented welcome news for the company and its shareholders, coming as it did on the back of an earlier announcement that it had lost the contract to provide William Hill with its poker and casino gaming platform to Playtech.
CryptoLogic said it expects the games to be launched in the first quarter of 2009, contributing significantly to next year's revenue streams. PartyGaming is CryptoLogic’s ninth new casino customer so far this year, joining brands such as 888.com, Sky Betting and Gaming and Gaming Media Group (The Poker Channel).
CryptoLogic’s chief executive Brian Hadfield said: “This is one of CryptoLogic's biggest customer wins of the year and an endorsement of the branded games element of our new strategy.” PartyGaming's chief executive Jim Ryan added: “This agreement reflects PartyGaming’s strategy to broaden our product base - and grow our player base - through innovative alliances.”
CryptoLogic announced its new strategy will also involve developing branded casino content based on top entertainment brands and expanding its business and relationships in China, Korea and Singapore.
The company also revealed this strategic shift would involve a partnership with another major poker network, “to increase liquidity while reducing expenses substantially”. PartyGaming is thought to be the operator currently in talks with CryptoLogic.
A spokesperson for PartyGaming:: “We are keeping our options open and this may include seeing whether there is any merit in combining our two businesses.”
Yesterday’s announcement that CryptoLogic had entered into a five-year casino licensing deal with PartyGaming represented welcome news for the company and its shareholders, coming as it did on the back of an earlier announcement that it had lost the contract to provide William Hill with its poker and casino gaming platform to Playtech.
CryptoLogic said it expects the games to be launched in the first quarter of 2009, contributing significantly to next year's revenue streams. PartyGaming is CryptoLogic’s ninth new casino customer so far this year, joining brands such as 888.com, Sky Betting and Gaming and Gaming Media Group (The Poker Channel).
CryptoLogic’s chief executive Brian Hadfield said: “This is one of CryptoLogic's biggest customer wins of the year and an endorsement of the branded games element of our new strategy.” PartyGaming's chief executive Jim Ryan added: “This agreement reflects PartyGaming’s strategy to broaden our product base - and grow our player base - through innovative alliances.”
CryptoLogic announced its new strategy will also involve developing branded casino content based on top entertainment brands and expanding its business and relationships in China, Korea and Singapore.
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