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CRYPTOLOGIC COMMENTS ON SPORTECH-888 DEAL
Cryptologic was quick to address the news this week that it was to lose the Sportech poker and casino software account as a result of the online betting company's new deal with 888.com .
In a press release, Cryptologic CEO Brian Hadfield referred to Sportech as a "relatively small licensee" and said that the lost business would be more than compensated for by income from a minimum of five new clients this summer and fall.
“CryptoLogic is having a banner year in signing long-term contracts with leading gaming brands in both Europe and Asia, and that’s why we remain so bullish about our growth prospects,” said Hadfield. “CryptoLogic’s customer base has never been larger – and our customer pipeline has never been healthier.”
The Cryptologic statement reveals that Sportech currently licenses CryptoLogic software for its Littlewoods-branded gaming sites, representing approximately four percent of the software provider’s annual revenue.
And because Sportech has entered into a new relationship with 888 Holdings plc, CryptoLogic expects to continue earning at least some some revenues from Littlewoods players as a result of its cross-platform agreement with 888 to offer more than 10 of CryptoLogic’s top games to players and partners.
CryptoLogic also expects some Littlewoods players to migrate to its other licensees’ sites to find their favourite games that are not available on the 888 platform.
Sportech’s move to a new provider will have no material impact on liquidity in the poker room shared by CryptoLogic licensees, as the vast majority of Littlewoods business comes from its casino site, the statement clarifies before detailing the new Crypto licensees as Khel Galli (India), Maharajah Club (UK) and OPoker (Scandinavia). The company’s top games will be available at 888.com later this summer, and the company will launch a site for Betjacks (Ireland) this fall.
Other major, and as yet unannounced, online gambling brands will be generating revenues for Crypto soon and are currently in the pipeline.
Hadfield took the opportunity to point out that in addition to adding new customers, CryptoLogic expects to earn fresh revenues by providing localised versions of its casino games and poker software to help its licensees penetrate key markets in Europe and Asia.
The company is also promoting player acquisition and retention by rolling out new games and content more frequently, and by continuing to ramp up its business development and marketing activities.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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