Cryptologic sign Parbet Poker

Cryptologic, through it’s wholly-owned subsidiary WagerLogic, has announced a deal to purchase, a popular Scandinavian online poker room. With the deal also comes the related assets of Parbet. will now be operated by a private Maltese company who have been given the licence of its assets, poker software, payment processing services, multi-lingual customer support and services by Cryptologic.

The deal will be for an initial €9 million for the brand and assets, with a further €4 million on top dependant on performance of the assets over a six-month period. Currently, Parbet generates around $7 million in revenue a year, with Cryptologic expecting the licensing arrangement with the Maltese company to add approximately $2 million to its earnings for 2007.

“We have advanced several key strategies today,” said Lewis Rose, CryptoLogic's President and CEO.

“First, we have invested a small portion of our significant cash balance to immediately increase return to shareholders. Second, we have built on our acknowledged strength in the European poker market. Third, we have advanced our strategy to own or control strategic brands in order to increase their success and earn greater returns. And we still have more than ample resources to take advantage of additional strategic opportunities in the future.”

The deal is expected to be completed by January 15th, from when current Parbet customers will be switched over to the WagerLogic poker network, a change WagerLogic believes will be an exciting one for Parbet customers.

"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, CryptoLogic’s Vice President, Poker Software Development.

“All WagerLogic licensees and their players will benefit from the increased liquidity which Parbet, and all new licensees, add to the network.”

CryptoLogic are banking on the continued growth of poker in Europe, with Betsafe and Playboy Poker joining Parbet as their three new poker sites to be launched later this month.

Editor, - 2007-01-09 12:04:40

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