Is InterCasino & InterPoker going bust?

dunboy

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InterCasino & InterPoker are owned by Cryptologic. A suprisingly few number of people know this. It used to be run by some guys in London called Ads Dot Com (wholly owned by Crypto) and now Wagerlogic in Malta. The overall ownership is Cryptologic who just released a stockmarket announcement that reads:

CryptoLogic Announces Strategic Review DUBLIN, IRELAND, Mar 25, 2011 (MARKETWIRE via COMTEX) -- The Board of CryptoLogic Limited ("CryptoLogic" or the "Company") (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a developer of branded online betting games and internet casino software, announces that it has appointed Deloitte Corporate Finance as financial adviser to assist it with a strategic review of the Company. This review is at an early stage and will consider a number of strategic options, including the possibility of an offer being made for the Company or a disposal of part of the business. The Board wishes to stress that there can be no certainty that any offer will be forthcoming.

I wonder if a) we are witnessing the end of one of the pioneers in our industry and b) WHEN THE HELL THEY ARE GOING TO HONOR MY WITHDRAWL REQUEST! it was not for a huge amount (only $130) but I am wondering whether others are in the same boat.

Cheers
Gavin P
 

BoyleCasino.com

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It's a shame to see Crypto struggling although it looks like their restructure has stemmed their losses.

Crypto do still own both Inter brands. Ads dot com was the holding company I believe and they got rid of both their London and Cyprus offices to relocate to Malta. Wagerlogic have always been around, I think they're the parent company of Crypto although I may be wrong. I didn't read too much into the financial reports, just the operational parts!
 

baldidiot

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Wagerlogic have always been around, I think they're the parent company of Crypto although I may be wrong. I didn't read too much into the financial reports, just the operational parts!

I met someone from crypto once who tried to explain it to me. I think wagerlogic is the parent company and crypto is the division that deals with licencing. I think ;)
 

BoyleCasino.com

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I met someone from crypto once who tried to explain it to me. I think wagerlogic is the parent company and crypto is the division that deals with licencing. I think ;)

Makes sense, Crypto is the development side and then Adsdotcom would be the operational branch, so it seems they've just brought them all in house under the Wagerlogic banner.
 

rainmaker

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I met someone from crypto once who tried to explain it to me. I think wagerlogic is the parent company and crypto is the division that deals with licencing. I think ;)

I think it is the other way, Wagerlogic is the subsidiary of Cryptologic :)

I think someone soon will make an offer to buy Cryptologic.
 

rainmaker

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That's what I meant. What did I say?...

oops! :p

No problem. Easy to get confused when it comes to company structures :)

CRP rose 10-15% after the announcement of a possible sale. The market apparently believes that it is a good thing. With Cryptologic`s poor results, it is difficult not to agree
 

DiamondGeezer

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As a player of a few years with zero inside knowledge it seems to me like the best course of action would be a sale of Intercasino. I find it hard to see what the software company is really worth as unlike Playtech or Microgaming they don't have a string of lucrative contracts. I guess the licensing of single games accross platforms must be worth something but it must be a lot less than turnkey solutions.

I think the big mistake Crypto made was they lost focus on the customer. I mean it's all very well going for expensive comic book slots but what they forgot is that a bit over half of slots players are women. And quite a few blokes are not into comics anyway.

I think it is a big mistake for a developer to sink huge funds into a slot game as they are a bit like pop songs - a new one will come along next week. And some of the best ones were most likely a lot cheaper to make, like Rival's Scary Rich and RTG's Enchanted Garden.

I have played quite a few Crypto slots over the years and if you dig beneath the headline ones most of them are crashingly dull. It's like the company suffers from a deep lack of imagination.

If I was incharge of it all I would try and flog Intercasino to a company like Ladbrokes or Jackpotjoy who may just want the players and knock out a competitior. Then look to sell the software side to another software company like IGT.
 

jetset

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@ gavinP - I'm pretty sure your winnings are safe - Cryptologic has always been an straight company in my experience, and I doubt that that is about to change.

I think this is going to be another industry consolidation with Cryptologic and its subsidiaries either merged or acquired - obviously a lot will depend on the asking price.

They still have cash and equivalents of $10.6 million despite that biting loss over last year of $20.4 million, and by firing 47 percent of their staff and drastically pruning other costs they have significantly reduced operational costs, so the losses should be further reduced this year.

I would be concerned over the dispute they are facing, and whether their unfortunate situation will persuade other licensees to bail on them, preferring to control the process rather than react to it.
 

threescatters

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To the OP, please keep us informed about your withdrawl request although I am sure knowing crypto it will be processed today, they always seem to send cashouts the very next day (except weekends). It is sad to see a once giant of the industry like this but they are not the only ones, the whole gambling industry is on its knees these days. I think they still have the crypto poker software as its not in use anymore, they could sell that for some funds surely? You can trace the beginning of the decline of crypto poker back to when betfair left their poker network to set up on their own. For the casino it had to be removal of USA players from intercasino.com that hurt them the most. William Hill dropped them a couple of years ago as well which was sad to see. Yes their slots are bad but overall they are a great casino, I have had many ups and downs there and its always been fun with absolutely NO worrys about getting paid or not when that rare big win comes around. I hope they pull through this.
 

rainmaker

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Cryptologic was on the "Nasdaq Biggest Percentage Decliners"-list today (Wall Street Journal). Up and down again :cool:

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I would also like to agree with Jetset. This is not about going bust.
 

threescatters

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Crypto's poker software was terrible IMO. I got to where I wouldn't even bother hitting all of the monthly bonuses on all of the skins because it sucked so bad.

This is a matter of personal preferance of course so we will just have to agree to disagree, but the crypto software was great for poker. OFC it was no pokerstars/full tilt but just look at the diabolical buggy interfaces offered by boss media, ongame etc these days and compare it to the good working crypto software. Boss media cannot even get the blinds correct HU in a cash game when there is a player sat out. Ongame doesnt even have waiting lists ffs. Crypto was solid, clear, and worked well for every player from recreational to multitabling pro.
 

topboss

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I can't comment on the poker software as I haven't used it, but I am a regular player at their casino. I am not crazy about their games, but do tend to find the odd ones that pay out regularly like their Forest Gump and Braveheart.
The main thing that keeps me playing is their quick payouts - always seems to be by the following day.
I would actually be quite sad to see them go..if they go...
 

DiamondGeezer

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Intercasino is a very well run casino with an excellent player base I'm sure so they would be of interest to many gaming companies I'm sure.

There are two good businesses the casino and the crypto software brand but it looks like they need to find new partners to propel them forward.
 
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