Cryptologic Signs Deal with Betsson

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The first few months of 2010 were relatively quiet for Cryptologic compared to the feverish signing up of new licensees in 2009. It has also been a while since new games have been released by this leading online gaming software provider. Now Cryptologic has come back in the news with a press release announcing an agreement with Betsson Malta Ltd.

Betsson is a leading European online gaming operator listed on OMX Stockholm. It operates a number of online casinos including Betsson, Casino Euro and Cherry Casino. Cryptologic's slot games will ultimately be launched at all three brands. Betsson has a customer base that spans 18 countries. It offers a wide range of online gambling products that include Sports Book, Betting Exchange, Casino, Poker, Games, Scratch Cards and Bingo. Magnus Grinneback, Business Area Director of Betsson, said, "We are confident Cryptologic's highly innovative games will enhance our customers' gaming experience and attract more demand. We look forward to working with CryptoLogic to help us achieve just that."

The deal with Betsson is structured similarly to its earlier deals. The format now seems to have been standardized. The agreement is for three years and under it Cryptologic will license at least nine of its most popular online betting games to Betsson. The first game has already gone live at Casino Euro. This is Bejeweled, the popular slot game from Cryptologic's Casual Slot series. Bejeweled has always been the first game to be licensed in all such agreements. The remaining games will be rolled out over this year in stages. This deal will further extend Cryptologic's reach in the European online gambling market.

Justin Thouin, Vice-President of Cryptologic once again pointed out that these agreements highlighted the value put on the innovative Cryptologic games by online gaming operators. He said, "With every new licensee Cryptologic not only expands its global reach but also strengthens its base for generating long term revenues." Cryptologic will earn recurring revenue based on wagers placed on the Cryptologic by the players at the Betsson brands.

Just a week before Cryptologic had announced its full year results for 2009. The revenue decreased to about $40 million from $61.5 million. However Cryptologic did not seem unduly worried about these numbers because they reflected lower wagering activity across the online gaming industry and adverse currency factors. The revenue from branded games increased from 0.3 million to $2.8 million, indicating that the strategy of focusing on branded games was working well. Brian Hadfield, Cryptologic's President and CEO, said about 2010 that branded games will continue to roll out, the new licensees will contribute more significantly and the online gambling market is showing signs of improving. He said, "We look to the year with cautious optimism."

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