Online casino software giant goes Asian
CryptoLogic, the online casino and gambling software provider has made big strides into the Asian gaming market with the announcement that has signed a Memorandum of Understanding with Brilliance Technology (Brilliance) and 568 Network (Game 568) to capitalise on the emerging gambling industry across the continent.
Initially, the venture will see the three companies launching a new company in China, utilising CryptoLogic’s online casino and poker games in the Chinese market. New casual, skill-based games will then be developed, which are more common to the region.
Brilliance will be responsible for developing the games in two modes: “play-for-fun” games, which will be played in internet cafes and on mobile devices and “play-for-money” games which will be developed through sites licenced by China Welfare Lottery, China’s gaming licence authority.
Although no financial details were revealed, CryptoLogic have ensured control over the venture by initially investing on a minimal interest in the new company, with an option to progress this investment into a controlling position. CryptoLogic will also have the right to appoint all members of the board of the new company.
"This is the first major step in executing one of our cornerstone strategies: to expand in Asia - a key growth market for CryptoLogic," said CryptoLogic's president and CEO Lewis Rose.
“The agreement brings to CryptoLogic substantial game development and IT skills uniquely suited to the Asian gaming market, and provides well-placed resources in China to guarantee that our first steps are successful ones."
Asia is rapidly becoming the number one target for online gambling companies with many experts predicting it will become the leading region for the industry. The Chinese venture will doubtless be just the first step for CryptoLogic.
"CryptoLogic recognized early that Asia's e-gaming market has vast potential for profitable growth, and we've quickly established a strong position here," said Shailesh Naik, Managing Director of CryptoLogic Asia-Pacific.
"With these experienced and respected partners and CryptoLogic's global reputation for innovation, we're poised to make an impact not just in China - but across the continent."
Editor, Jackpot.co.uk - 2007-01-19 12:02:11