|(London, 15/1/04) Betfair, the company revolutionising betting, has today announced a deal with CryptoLogic to launch an online poker platform.|
Through a license agreement with CryptoLogic subsidiary WagerLogic, a leading software provider to the internet gaming industry, Betfair will introduce the game using WagerLogic’s latest player-to-player poker technology.
Poker has quickly become a favourite with internet users, attracting an increasing number of both casual players and seasoned professionals. The internet poker market has grown six-fold in the past year to an estimated 10% of a $5 billion in revenue global online gaming market.
“Online poker is a natural complement to Betfair’s sports betting business. We are delighted to be working with a company of CryptoLogic’s calibre and experience. In CryptoLogic, we identified a partner with top-class technology and one who shares our aspirations to create the best integrated poker platform on the internet,” said Steve Ives, Betfair’s Business Development Director.
“Betfair is an outstanding opportunity to increase CryptoLogic’s leadership in the fast-growing online poker market,” said Lewis Rose, CryptoLogic’s President and CEO. “Betfair is in perfect step with CryptoLogic’s strategy of doing business with the best in gaming. Together, we have a winning formula, matching what is comfortably the world’s leading exchange player, with our sophisticated poker solution.' Notes to Editors:
1. Betfair (www.betfair.com) was the first person-to-person betting exchange. A betting exchange allows punters to bet on prices set by punters themselves rather than by a bookmaker, which, by one independent study, results in Betfair’s odds being 20% better than bookmakers’ starting prices.
2. Betfair was launched in June 2000 and is already the UK’s No 1 online betting company. At peak times the exchange – based on the NYSE - matches up to 12,000 bets a minute.
3. The company’s co-founders – former professional gambler Andrew Black and former JPMorgan vice-president Edward Wray – were jointly voted Ernst & Young Emerging Entrepreneur of the Year 2002. In April 2003 Betfair won a Queen’s Award for Enterprise in the Innovation category.
4. In 2003, Betfair was the 3rd biggest sponsor of horse races in the UK in terms of the number of races covered. The company was the 2002/3 shirt sponsor of the Premiership’s Fulham FC.
5. Strategic investors in Betfair include Benchmark Capital, UBS Capital, JPMorgan Chase.
6. CryptoLogic (www.cryptologic.com) is a global leading software and services provider to the online gaming market. Since inception in 1996, its software has processed more than US$15 billion in wagers for over 1.5 million players in 240 countries. CryptoLogic’s common shares trade on the Toronto Stock Exchange (CRY), Nasdaq Natoinal Market (CRYP), and the London Stock Exchange (CRP).
For further information please visit www.betfair.com or ring Caspar Hill, Communications, on 020 8834 8000.
For information on CryptoLogic please visit www.cryptologic.com or ring Nancy Chan-Palmateer, Director of Communications, on 416-545-1455.