Saturday, Sept. 2, 2006

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Betfair Poker withdrawal won't hurt CryptoLogic Inc.

By Sarah Polson

Betfair Poker will leave CryptoLogic Inc. to move to an in-house technology solution at the end of October. According to CryptoLogic Inc., the loss won't have an adverse effect on their financial results for the year.

"As a technology company, Betfair Poker is unique amongst our customer base, so this is a natural progression for them. We are pleased to have enjoyed a mutually beneficial relationship," said Lewis Rose, CryptoLogic Inc.'s president and CEO.

Rose said the company's earnings so far for 2006 show it can continue to profit from a well-diversified portfolio of products, clients and markets. Excluding Betfair Poker, CryptoLogic Inc.'s subsidiary WagerLogic Limit saw 47% growth in fees from licenses compared to last year. The Internet poker market has also proved profitable for the company, with 31% of revenues from the second quarter of 2006 coming from poker.

The company's largest profit contributor continues to be its casino software business which grew 53% from last year and brought in 59% of CryptoLogic Inc.'s second quarter revenue.

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