Betfair buys Poker Champs

Top Internet gaming company Betfair recently closed a deal to purchase online poker site Poker Champs along with its Danish gaming software provider Aglet, it has been announced.

The deal has reportedly been in the works for months, and will see Aglet and Poker Champs helping Betfair to develop in-house poker products and a unique, integrated games platform to use at its Betfair Poker site.

Poker Champs has a solid reputation in the online gaming industry. It is expected to become one of the fastest growing poker rooms in 2006 as a result of its partnership with Betfair, one of the largest online gaming firms in the world.

Betfair currently licenses its software through poker software giant CryptoLogic's licensing subsidiary WaterLogic, Ltd. However, the contract is slated to conclude next year. CryptoLogic's stock price remained largely unchanged subsequent to the announcement, but is still off its 52 week high by about 50%.