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Tuesday 5th September 2006

CryptoLogic Unperturbed by Betfair Poker Departure

CryptoLogic Inc, a software developer to the global Internet gaming market, have confirmed rumours that Betfair, one of the company's poker-only customers, will move to an in-house technology solution at the end of October 2006.

Betfair's departure is expected to have no material adverse effect on CryptoLogic's 2006 financial results.

'As a technology company, Betfair is unique amongst our customer base so this is a natural progression for them. We are pleased to have enjoyed a mutually beneficial relationship,' said Lewis Rose, CryptoLogic's president and CEO.

'CryptoLogic's record 2006 year-to-date earnings show that we continue to profit from a well-diversified portfolio of products, clients and markets,” continued Rose. “With the recent announcement of Playboy joining CryptoLogic's blue-chip internet casino and poker client base, we look forward to continued growth overall.'

The company has recorded continued growth in the internet poker market. Excluding Betfair, fees from WagerLogic Limited's (CryptoLogic's licensing subsidiary) licensees grew 47 per cent on a year-over-year basis in the second quarter of 2006.

Source: OnlineCasinoNews

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