Crypto's portal deal works out

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CASINO.CO.UK DELIVERS THE GOODS FOR CRYPTOLOGIC

Recently acquired online gambling portal exceeds performance targets

The acquisition of the online gambling portal Casino.co.uk by turnkey provider Cryptologic paid off this week as the earn-out agreement was completed, with performance exceeding expectations over the past six months.

As part of an earn-out agreement for the gaming portal, made through Cryptologic's wholly-owned subsidiary, Gaming Portals Limited, CryptoLogic will release an additional payment of GBP 625 000 to leading Internet advertising group Media Corporation plc (Media Corp).

Media Corp chief executive Justin Drummond said: “Part of the sale obligation was to run the portal with the new vendor for a period of six months post disposal and I am pleased to announce that we have exceeded the pre-agreed revenue target by a significant margin.”

Casino.co.uk has been accretive to CryptoLogic's earnings from the outset, and is expected to continue to grow over both the short and long term. The acquisition has enabled CryptoLogic to offer advertisers both a premium portal and new opportunities to reach their markets.

"CryptoLogic's investment in casino.co.uk has been a 'win-win' for everyone involved - generating new revenue for our business, and new opportunities for advertisers, so that they can deliver even more exceptional experiences to players everywhere" said Brian Hadfield, CryptoLogic's President and CEO.