CryptoLogic Announces Exclusive Online Poker Agreement With Betfair, The World's Largest Betting Exchange.
Business Editors/High-Tech Writers
TORONTO--(BUSINESS WIRE)--Jan. 15, 2004
Betfair Chooses CryptoLogic-developed Software to Expand into
One of the Internet's Biggest Growth Markets
ALL DOLLAR AMOUNTS IN US$
CryptoLogic Inc CryptoLogic Inc. is a Toronto-based online gambling software supplier, one of the four largest in the industry along with Microgaming, Playtech, and Real Time Gaming.
CryptoLogic was founded by brothers Andrew and Mark Rivkin in 1995 from the basement of their parent's house. ., a leading software developer to the Internet gaming and e-commerce industries, is pleased to announce that the company is advancing its international growth with new customer Betfair, the largest online betting exchange A betting exchange is a peer-to-peer gambling website acting as a broker between parties for the placement of bets. The concept is similar to that of a stock exchange or a futures exchange, where in this case the commodity being traded is a bet, rather than a stock or futures .
Through a license agreement with CryptoLogic cryp·tol·o·gy
The study of cryptanalysis or cryptography.
crypto·log subsidiary WagerLogic Limited, Betfair will introduce one of the world's most popular card games using WagerLogic's leading player-to-player poker technology.
"Betfair is an outstanding opportunity to increase CryptoLogic's leadership in the fast-growing online poker Online poker is the game of poker played over the Internet. It has been partly responsible for a dramatic increase in the number of poker players worldwide. In 2005, revenues from online poker were estimated at US$ 200 million per month. market," said Lewis Rose, CryptoLogic's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Betfair is in perfect step with CryptoLogic's strategy of doing business with the best in gaming. Together, we have a winning formula: Betfair's world-leading brand in betting exchanges, strong player base, and global marketing might -- matched with our sophisticated poker solution. Betfair offers exciting promise as its online poker site is launched this year, and starts to build momentum."
Betfair has revolutionized the global and U.K. online sports wagering industries with its online betting exchange service. The founders of the betting exchange concept, Betfair retains a 90% share of the growing multi-billion dollar market. The company matches well in excess of Pounds Sterling 50 million in bets per week on a wide range of sports, entertainment and financial markets. Poker offers Betfair the opportunity to consolidate its leadership in the exchange market by offering a new wagering product to its global customer base.
"Online poker is a natural complement to Betfair's sports betting business. We are delighted to be working with a company of CryptoLogic's caliber and experience. In CryptoLogic, we identified a partner with top-class technology and one who shares our aspirations to create the best integrated poker platform on the Internet," said Steve Ives, Betfair's Business Development Director.
"With our proven poker software, Betfair is ideally positioned to capitalize on the large, high growth online poker market to our mutual benefit," added Jon Moss, WagerLogic's Director of Business Development.
Poker has quickly become a favorite with Internet users, attracting an increasing number of both casual players and seasoned professionals. The Internet poker market has grown six-fold in the past year to an estimated 10% of a $5 billion in revenue global online gaming market. Since the launch of its poker offering in October 2002, CryptoLogic has already earned a market-leading position and powers one of the top 10 poker rooms on the Web. Industry analysts estimate that these top 10 sites account for approximately 90% of the online poker market.
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Inc. is a leading software development company serving the global Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic continues to develop state-of-the-art Internet software applications for both the electronic commerce and Internet gaming industries. WagerLogic Ltd., a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of CryptoLogic, is responsible for the licensing of its gaming software and services to customers worldwide. For more information on WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE)
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol: CRY), the Nasdaq National Market (symbol: CRYP CRYP Cheyenne River Youth Project (Eagle Butte, SD) ) and the London Stock Exchange London Stock Exchange
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (symbol: CRP C-reactive protein (CRP)
A protein present in blood serum in various abnormal states, like inflammation.
Mentioned in: Pelvic Inflammatory Disease
n.pr See C-reactive protein. ). There are currently 12.3 million common shares outstanding.
About Betfair (www.betfair.com)
Founded in 2000 and located and licensed in the United Kingdom, Betfair is the world's largest online betting exchange. A betting exchange is a bookmaker, which allows customers to bet at prices set by themselves, rather than having to accept prices dictated to them by the wagering operator. Using sophisticated technology modeled on the New York stock exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Betfair accepts bets placed by individuals on a wide range of sports, horse racing, entertainment and financial events, and immediately offsets them against counter-orders from other customers. All bets on Betfair are placed by individuals who want to bet for or against the outcome of a given event.
With turnover exceeding Pounds Sterling 50 million per week, Betfair has a user base from more than 80 countries worldwide. Its services are offered in multiple languages -- English, Chinese, Danish, Finnish, German, Greek, Italian, Norwegian, and Swedish -- and the company targets users from all over the world. At peak times, the exchange matches up to 12,000 bets a minute. The company's co-founders were jointly voted Ernst & Young Emerging Entrepreneur of the Year 2002. Betfair was awarded the Queen's Award for Enterprise The Queen's Award for Enterprise is an award for British companies and other organizations who excel at international trade, innovation or sustainable development. The prestigious award is the greatest accolade a British company can receive. , in the Innovation Category for 2003.
CRYPTOLOGIC FORWARD-LOOKING STATEMENT forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. DISCLAIMER:
Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.