Business Negotiations between PartyGaming and CryptoLogic
The software developer CryptoLogic negotiates a merge with PartyGaming in order both companies to withstand their positions in the online poker business.
CryptoLogic are remodeling their business strategy now that their poker and casino software provider WilliamHill have switched to competitor Playtech. They announced that have concluded a five-year licensing agreement with PartyGaming for delivering casino games on its gaming platforms, such as Marvel's The Fantastic Four, Hulk and Spider-Man. Another purpose of the poker partnership with Party Gaming is to cut expenses to the minimum while increasing revenues.
The market share of PartyGaming in online poker has dropped to about 8.5 per cent from 40 per cent two years ago, after leaving the blooming US market due to legislation restrictions.
The new business strategy of CryptoLogic includes cutting operating expenses by $12 million - $15million a year, and boosting its most profitable business - casino licensing, by game branding development and offering its top games to other gaming operators. In the long run they will continue developing their business growth with their latest Asian investments in China, South Korea and Singapore.
The Chief executives of both companies have said for the press that the new partnership will affirm their companies' leading positions on the market. This is the ninth licensing agreement that CryptoLogic have concluded this year and they said that many new opportunities are still lying ahead.
The software developer CryptoLogic negotiates a merge with PartyGaming in order both companies to withstand their positions in the online poker business.
CryptoLogic are remodeling their business strategy now that their poker and casino software provider WilliamHill have switched to competitor Playtech. They announced that have concluded a five-year licensing agreement with PartyGaming for delivering casino games on its gaming platforms, such as Marvel's The Fantastic Four, Hulk and Spider-Man. Another purpose of the poker partnership with Party Gaming is to cut expenses to the minimum while increasing revenues.
The market share of PartyGaming in online poker has dropped to about 8.5 per cent from 40 per cent two years ago, after leaving the blooming US market due to legislation restrictions.
The new business strategy of CryptoLogic includes cutting operating expenses by $12 million - $15million a year, and boosting its most profitable business - casino licensing, by game branding development and offering its top games to other gaming operators. In the long run they will continue developing their business growth with their latest Asian investments in China, South Korea and Singapore.
The Chief executives of both companies have said for the press that the new partnership will affirm their companies' leading positions on the market. This is the ninth licensing agreement that CryptoLogic have concluded this year and they said that many new opportunities are still lying ahead.
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