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Online Casino News - October, 2008

Cryptologic to Pool Online Poker Resources With PartyGaming?



  Seed Newsvine

by Elizabeth Nguyen, News Staff Writer

October 21, 2008

Following the breakup of William Hill and Cryptologic and a seemingly consequent deal between Playtech and Will Hill, it is none other than Cryptologic who has made headlines with a speculative deal in the online gaming sector. As if Will Hill and Cryptologic both were planning to take their operations in another direction, the two businesses are now poised to drum up a whole new demographic entirely.

As for online gaming software developer, Cryptologic, their big deal is likely to fall in court with Party Gaming. As reported by the Financial Times, it looks imminent that Cryptologic is serious about pooling their online poker resources with PartyGaming so as to cut back on costs. Certainly, this is no soft rumor - In addition to losing Will Hill, Cryptologic is being faced with an even greater loss - the World Poker Tour.

WPT announced in an advisory report to the Securities Exchange Commission on October 17 that it will be prematurely terminating it's extended contract with Cryptologic, set to expire in 2011. With over two years left on the contract, it is very likely that Cryptologic will be entitled to compensatory costs, although neither company has stated anything to this effect. The contractual agreement stated that Cryptologic would be guaranteed to $750,000 per year, with a provision guaranteeing agreed upon monthly figures if revenues were to drop.

Despite the fact that WPT is not carrying any debt and has strong assets, the companies stock prices have continued to drop. So much so, in fact, that the SEC has warned WPT that if shares remained under the $1 mark for another thirty days, it could be subject to a delisting. You could say that Cryptologic is itself in a similar bind. However, if a deal or even merger with Party Gaming does indeed go through, Cryptologic's future will look considerably brighter.



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