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Cryptologic and PartyGaming Might Join Forces
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October 22 - The Financial Times today revealed that Cryptologic Limited, a top online gaming software developer and PartyGaming, owner of PartyPoker, are in the advanced stages of discussions about the possibility of joining forces. The move would join both the companies' online poker resources and allow for the two to save costs and maintain their foothold in the online poker industry, which has recently taken a recent bashing.
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Cryptologic has been receiving some unpleasant announcements recently from its business partners following the notification that World Poker Tour, which uses Cryptologic's software, would be closing for business in mid November. Cryptologic has also since lost the license agreement with William Hill to competitor and rival Playtech. The move to partner with PartyGaming is most likely a strategy to counter further losses.
Cryptologic plans to reduce its annual operating costs by $12-$15 million and hopes to rather build up its casino licensing sector which is the most profitable side of their business, by offering its top games to other gaming operators and developing branded content. It has recently signed a five year licensing deal in providing casino game to PartyGaming and also 888.com.
Cryptologic's market share in the online poker sector dropped from 40% to 8.5% after they pulled out of the very lucrative US poker market two years ago, when UIGEA was passed. In a strategic statement issued, Cryptologic said that they would "continue to develop its business and manage its recent investments and new relationships in China, Korea and Singapore to achieve long term growth."
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