Cryptologic Online Casino Deal with Loto-QuebecBy: Adam Baker, Wednesday February 8th 2012
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The leading online casino software provider Cryptologic has announced the signing of a multi-year licensing agreement with Espacejeux, the online casino operated by the provincial state lottery corporation Loto-Quebec. Espacejeux is the second online casino of this type in Canada, the first one being PlayNow.com operated by the British Columbia Lottery Corporation. Espacejeux launched its online gaming web site in 2010 in keeping with Loto-Quebec's objective of becoming a global leader in the responsible marketing of games of chance.
Under the terms of the agreement Cryptologic has granted Espacejeux the licensing rights to at least fourteen of its top performing games. The games will be rolled out over the year, with the first game already live on the website. This is the popular Casual Slots game Bejeweled, which is usually the first game offered under similar agreements. The games will be distributed through the OpenBet fixed-odds games platform.
Ian Price, Group Head of Business Development at Cryptologic, was delighted to welcome Espacejeux as Cryptologic's latest customer. He said that this agreement highlighted both the content quality and global reach of Cryptologic. Price added, "Working with governmental organisations such as Loto-Quebec underpins Cryptologic's reputation for delivering innovative but also responsible gaming solutions."
Francois Poulin, General Manager for Espacejeux, also reacted to this development. He said that in a short space of time Espacejeux had built a reputation for integrity, dynamism and innovation. He added that working with Cryptologic would enable Espacejeux to provide a more diverse array of games for Quebecers, and thus enhance their online casino experience.
There has been another important development at Cryptologic and it concerns the ongoing process with Amaya Gaming. It has been reported that the due diligence being conducted by Amaya Gaming, as a requirement of its intended acquisition of Cryptologic, has been successful. The Montreal based Amaya Gaming has announced that it has made an offer to Cryptologic to buy up the remaining shares it does not already own. The price indicated is US$ 2.54 per share, which would put the value of Cryptologic at about US$ 35.8 million. Amaya currently holds 7% of the Cryptologic stock. Cryptologic shares rose by 7% on this announcement.
Amaya president and CEO David Baazov said that both companies share the same fundamental values and business philosophies. Therefore the Amaya Gaming team is excited at the opportunity of working in partnership with the Cryptologic management and employees. He added that they were looking forward to completing the acquisition of Cryptologic as another important step in their international expansion strategy to deliver leading edge gaming solutions to an expanding global client base of regulated gaming operators and governments.
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