Online gambling software provider Cryptologic has announced the signing of a multi-year licensing deal with Virgin Games, part of the Virgin Group.
The agreement enables Virgin Games to provide at least 10 of CryptoLogic’s top branded and non-branded online slot games to its customers. The games include comic book classics and innovative casual slots, with some games linked into the CryptoLogic jackpot network. These games will bring a new level of enjoyment and rich content to players, while giving them a chance to win a jackpot that has reached over GBP 4 million.
One game, Bejeweled, is already live on Virgin Games, with more scheduled for launch in the fourth quarter of 2009 and further roll-outs planned in the first half of next (2010) year.
The games will be deployed through Gaming Technology Solutions plc, a CryptoLogic technology partner, on its GTS Edge platform.
The agreement is in line with CryptoLogic’s build-once-license-often growth strategy and will generate recurring revenue based on a share of wagers placed by players, a company spokesman said.
Simon Burridge, Chief Executive of Virgin Games, said: “CryptoLogic has a track record of delivering the industry’s most compelling games while the Virgin brand is widely associated with fun and great value. Our agreement is sure to be a winning combination delivering unrivalled enjoyment and potential prizes to Virgin Games’ players.”
Online gambling group Gaming VC Holdings S.A., has released its interim results for the six months ended 30 June 2009.
Financial highlights included:
* Net online gaming Revenue Euro 26.5 million, up 10 percent on H2-08 and Euro 400 000 on H1-08
* Gross profits increased 4.4 percent to Euro 22.0 million (H1-08: Euro 21.1 million)
* Clean EBITDA up to Euro 8.9 million from Euro 8.7 million in H2-0
* Net cash resources increased to Euro 20.8 million, equivalent to approximately 60p per share
The company reported third quarter 2009 highlights that included:
* Entered South American market with acquisition of betboo.com for Euro 3 million
* Proposed redomiciliation of the group from Luxembourg to the Isle of Man
Commenting on the results, Kenneth Alexander, Chief Executive of Gaming VC, said: “I am pleased to report that, despite the challenging economic conditions, we have achieved a strong set of interim results including improvements in both Net Gaming Revenue and gross profit compared to the same period last year, and more importantly to the second-half of 2008.
“Our strategy of geographic diversification continues and has been underpinned by our move into South America through the completion of our acquisition of betboo.com. I am encouraged with current trading in the third quarter and remain confident about our prospects for the second half of the year.”
The popular Vancouver Sun columnist David Baines renewed his call for online gambling regulation in Canada over the weekend, using the re-launch of the Bodog brand in the Canadian online gambling market as a peg on which to hang his appeal.
Baines opined that Canada is losing millions of dollars to offshore casino gambling operators, a flow that could be kept within the country if the authorities would recognise that the genie is out of the bottle and online gambling is here to stay.
“Insulated from prosecution, Bodog has now joined a host of other offshore Internet gambling companies that are stripping millions of dollars from the Canadian economy every year,” writes Baines after explaining how the brand has located in Kahnawake out of reach of Canadian authorities.
“As I argued in my August 21 column, when it comes to Internet gambling, the genie is out of the bottle. There is no sense trying to eradicate it. The most sensible approach is to regulate it. That way, we can make sure the games are fair, operators are of good character, and taxes are collected,” Baines continues, adding that moves are afoot in the neighbouring USA to legalise online gambling, which could unlock $63 billion in tax revenues over the next decade.
“It’s time that Canadian politicians accepted the reality of the situation and developed similar legislation to gain control over this outlaw industry and capture whatever benefits it can provide,” Baines concludes.
