Online gambling firm claims to hold five percent of stock

Written On 4/7/11  By Frank Polliern :


Online gambling firm claims to hold five percent of stock

Causing ripples of interest this week following the news that Cryptologic may be on the sales block was a strong rumour that internet gambling firm Amaya has already amassed a five percent holding in Cryptologic stock and is considering an acquisition bid.

The Montreal-based server and network-based gaming company has been active in Kenya, and was recently successful in applying for the first online gaming licence issued by the Dominican Republic. It has revealed plans to premiere a new domain during the third quarter of this year, offering slots and table titles including blackjack, roulette, craps and baccarat in addition to peer-to-peer games such as online poker.

Cryptologic will not come cheaply despite its declining fortunes. The company has a wealth of IP, product and IT assets and a substantial if reduced cash position. News that it had commissioned an independent strategic review and was considering the possibility of selling as one option for the future sent the share price soaring last week.