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New Crypto-Will Hill deal

Discussion in 'Casino Industry Discussion' started by jetset, Dec 22, 2006.

    Dec 22, 2006
  1. jetset

    jetset RIP Brian CAG

    Senior Partner, InfoPowa News Service

    And the launch of a new Spanish targeted poker site

    The Canadian turnkey provider CryptoLogic Inc. this week signed up major UK gambling group William Hill for a further three year contract, extending the close relationship between the two online gambling companies. The contract will be handled through Crypto's software subsidiary Wagerlogic.

    Under the new agreement, the financial terms are materially unchanged from those in their former agreement, with incentives to increase gaming activity. The companies have also launched a new Spanish language poker site at William Hill Poker.co.uk (or es.williamhillpoker.com).

    "We are very excited about the prospect of continuing our partnership with William Hill-an icon in the UK betting market and one of CryptoLogic's most important relationships," said Lewis Rose, CryptoLogic's President and CEO. "While much of the online gaming world has only recently started paying attention to the UK and continental Europe, we have been focusing our attention on these markets for the past five years. Our relationship with William Hill exemplifies our strength in the region and the success of our strategy."

    The contract will provide enhanced rights of exclusivity to CryptoLogic as software provider of choice for William Hill's key online casino and poker businesses. While the financial terms remain unchanged based on historical activity levels, William Hill will be rewarded with lower marginal rates for increases in gaming activity. Such increases are expected based on new development and business initiatives planned by the companies.

    "Based on our seven-year history with CryptoLogic and the exciting initiatives already underway, like Spanish poker, I am confident that we will grow our business significantly," said Peter Nolan, William Hill's Group Director, Remote Channels. "CryptoLogic powers one of the largest poker networks in the world, with particularly strong liquidity in European markets. Their award-winning Internet casino software-both download and non-download versions-creates an engaging entertainment experience that draws new players to our sites and keeps current players coming back."

    The regulations under the UK Gambling Act are scheduled for completion on September 1, 2007, and are expected to have implications for the businesses of both companies. Under the agreement, the companies have committed to work together to achieve a mutually beneficial result in the new environment. If such a result can't be reached, both parties have a right to terminate the contract or portions thereof.

    The Spanish language poker site adds to the Greek site that CryptoLogic previously developed for William Hill.

    Rose commented: "Spain is one of Europe's biggest poker markets and the country is embracing Internet gaming. Europe is an increasingly competitive market, so we'll continue to give our licensees an edge and distinguish CryptoLogic as the software provider of choice through more language-specific offerings like Spanish poker."

    CryptoLogic-developed games are featured at William Hill's online casino and poker gaming sites. Recently, CryptoLogic also announced new contracts with Betsafe and DTDPoker, both European poker rooms with strong potential.

    "With a new poker customer launched this month, other poker and casino customers that will debut early next year and ongoing business that is secure in long-term agreements, we are excited about the future," said A.J. Slivinski, WagerLogic's Managing Director.

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