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CryptoLogic Signs Betsafe as 26th Licensee

9th September 2009 8:06 am GMT

CryptoLogic Limited has signed up its 26th licensee with an agreement to provide Betsafe.com with its downloadable casino product and a full suite of instant play casino games. The agreement represents CryptoLogic's second full casino hosting licensing deal of the year.

The downloadable casino will initially be offered in English, Danish, Norwegian and Swedish using the Euro as its currency, with an option to widen the range of languages and currencies in future.

Under the terms of the agreement, CryptoLogic becomes Betsafe's exclusive supplier of download casino software and a non-exclusive supplier of a full suite of instant play casino games, primarily aimed at casual players who do not wish to download games on their computers.

The games are expected to become available on Betsafe's website by the end of 2009 and will provide CryptoLogic with a share of revenue.

The two companies have a pre-existing relationship, with Betsafe previously using CryptoLogic's online poker platform before making the switch to the Ongame Network earlier this year.

"This is the first time Betsafe, one of the fastest-growing operators, has offered a download casino to its players. The agreement underlines CryptoLogic's credentials as a trusted partner with branded and innovative proprietary games and a technology platform that is second to none. In line with our strategy, this deal also provides us with greater penetration into the Scandinavian market and is a further significant step towards our goal of profitability and long-term growth," said Brian Hadfield, President and CEO of CryptoLogic.

Henrik Persson, Chief Executive at Betsafe, added: "We are delighted to sign this agreement with CryptoLogic, who have a proven track record of consistently delivering innovative, industry-leading betting games. Betsafe casino is committed to providing its customers with the best gaming experience available and this collaboration with CryptoLogic will help us achieve that goal."

Betsafe.com already offers instant play casino games through a deal with Net Entertainment and has experienced rapid growth, adding approximately 100,000 new players since the start of 2009.

Shares in CryptoLogic Limited (Co. Profile) (LSE:CRP) remain unchanged this morning in London at 440.00 pence per share.

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