|Toronto and Frankfurt-listed online gambling software company Las Vegas From Home (LVFH) has announced that it has signed a deal to supply an Asian multi-player software platform to CY Foundation, a company authorised to operate online games in the People’s Republic of China.|
According to LVFH, the product is to be delivered through an unnamed but controlled entity in China licensed by the Ministry of Culture to operate online games and tournaments.
”This is a tremendous opportunity for the company,” said Jake Kalpakian, President and Chief Executive Officer for LVFH.
“This relationship allows us to be a recognised supplier in arguably the world's most sought after market all through a strong and solid organisation such as CY Foundation, which has the licensing approvals from the Government to operate tournament-style games online as well as having a very impressive distribution network.'
LVFH also stated that CY Foundation is to pay to use its software to operate the popular Fight The Landlord and 13 Card Poker online games in the Henan Province and the city of Beijing and its suburbs. CY Foundation is to pay royalty fees the greatest of either ten percent of all tournament fees collected less the tournament prizes paid to players or one percent of all tournament collection fees collected without deductions for prizes.
'The purchase of the exclusivity rights for certain games in the designated territory not only solidifies our long-term operating position in the Peoples Republic of China but also has tremendous potential when you factor in the populations of Henan Province and Beijing, approximately 93.7 million and 15.3 million respectively according to the National Bureau of Statistics in China,” said Kalpakian.