Online gaming software firm CryptoLogic has confirmed that leading betting exchange Betfair will continue its exclusive poker software licensee agreement with WagerLogic, CryptoLogic’s licensing arm, until June 2006, with an option to extend the deal until January 2007.
This decision is in keeping with Betfair’s strategy of establishing and managing its own poker room and bringing its poker software in-house, in line with its technology-driven products.
Although Betfair poker fees have generally accounted for 5% to 10% of CryptoLogic’s revenues, the software firm expects to continue its record of profitable growth from the poker revenues of its continuing licensees, which are up by around 100% over the same period in 2004, not including Betfair.
Lewis Rose, CryptoLogic president and chief executive, said: “We have enjoyed a mutually profitable relationship with Betfair and we are pleased that it will continue into 2006.”
Through its agreement with CryptoLogic, Betfair has built up a fast growing online poker room, which it expects to manage fully and develop as of June next year.
source : egr magazine
