CASINO.CO.UK DELIVERS THE GOODS FOR CRYPTOLOGIC
2 May 2008
Newly 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.
Online Casino News courtesy of
InfoPowa
More news here.
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