ryptoLogic stated that the five-year strategic Internet poker agreement was in line with its recently announced growth strategy of focusing on its highly popular branded games and online casino business. It revealed that the migration to Boss Media’s International Poker Network, in tandem with other actions, would help it generate significant cost savings reaching as high as us$ 15 million annually.
“CryptoLogic’s aggressive action on its new strategy, as witnessed in several recent announcements, and our new agreement with Boss Media, is a major step in our journey back to growth, profitability and returning shareholder value,” said Brian Hadfield, President and CEO for CryptoLogic.
“This partnership provides our poker customers with access to one of the largest poker networks in the world while helping CryptoLogic reduce costs substantially. Also, it will allow us to focus on the continued development and licensing of the Internet’s most innovative casino games and to leverage our lead in branded content games in partnership with the world’s top entertainment brands.”
Boss Media is a subsidiary of America’s GTech Corporation, one of the world’s leading gaming technology and services companies, which is itself a division of Lottomatica, the Italian commercial lottery operator.
CryptoLogic stated that its poker licensees, including highly successful brands such as InterPoker and Parbet, would join the International Poker Network early in 2009 while continuing to benefit from its own back-office services.
“This agreement reflects GTech’s strategy to optimise our assets and to broaden and grow our international player base,” said Atul Bali, President for GTech’s New Media and Sports Betting Company.