Gaming Giant secures acquisition of Online Casino
By Miriam H
The Canadian gambling software developer CryptoLogic has confirmed that it is to acquire the brand and assets of Scandinavian online poker room for around €9 million.

The company confirmed that it will purchase the poker brand and its related assets and reportedly go on to license Parbet assets, poker software, payment processing and multi-lingual customer support services to a private Maltese online gaming company which will take over operation of

The sale will include rights to the Parbet brand name, associated domain names such as, customer lists, databases and players’ cash in deposits.

As part of the agreement, CryptoLogic's subsidiary, WagerLogic, will pay €9 million for the brand and assets, with the potential to add amounts up to €4million, dependent on the enhanced performance of the company’s assets over the next six months.

Parbet’s current performance is said to generate approximately $7 million in revenue annually.

CryptoLogic said it expects the licensing arrangement to add approximately $2 million to its 2007 earnings.

The company handover is set to complete by January 15.

Online Casino provides online gamblers with information on online casino gambling, sports betting tips, wining casino tips, internet casino reviews, sports odds, matchups, results, editorial and much, much more… We also have an industry insider’s section including Internet gaming press releases, a calendar of events and gaming industry news.
Bluff Europe: Europe's leading Poker Magazine brings you the latest Poker News, Player Interviews and all the best Online Poker offers Poker in the Park: Europe's largest Poker Festival.