Casino News

CryptoLogic secures Parbet poker deal

2007-01-09 15:00:00

Software provider CryptoLogic has announced that it has signed a deal to purchase Parbet.com, a leading Scandinavian online poker room.

Under the terms of the agreement, CryptoLogic will license software, customer support, payment processing and assets to a separate Maltese company who will operate Parbet.com themselves, a similar arrangement to those so successfully employed at InterCasino.com and InterPoker.com

Parbet currently generates in the region of $7 million in annual revenue, though CryptoLogic is hoping that its new licensing strategies will add an extra $2 million to this figure.

"We have built on our acknowledged strength in the European poker market. […] We have advanced our strategy to own or control strategic brands in order to increase their success and earn greater returns," said CryptoLogic president and chief executive Lewis Rose.

"We still have more than ample resources to take advantage of additional strategic opportunities in the future," Mr Rose added.

"This is a very exciting development for Parbet players. They will now enjoy a poker network with triple the liquidity, attractive room-wide incentives and a platform that is one of the most stable in the industry," said Andy Goetsch, vice president at CryptoLogic.

"All WagerLogic licensees and their players will benefit from the increased liquidity which Parbet, and all new licensees, add to the network," Mr Goetsch advised.


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