Online bingo games operators and UK online bingo halls who use software developed by former Canadian company CryptoLogic Inc may be interested in the recently revealed plans by the company to revamp its business model with even more emphasis on the European market and away from the legal issues plaguing the US market.
The continuing fallout from the Unlawful Internet Gambling Enforcement Act (UIGEA) has plagued CryptoLogic enough for it to concentrate on acquiring new licensees in Europe. The company moved from Canada to set up its headquarters in Dublin, Ireland, so as to be closer to the European market.
In comments reported by EGR, CryptoLogic’s Vice President of Product Management and Business Development Justin Thouin explained that the move has been prompted by a need to increase share values. “Cryptologic sees its share price as undervalued, and consequently it views an expansion strategy as vital in going forward," he told EGR. "Essentially, Cryptologic is undergoing a very big change.”
A number of online bingo software providers and operators have had to withdraw from the US market due to UIGEA. The US law prohibits US bingo online players from engaging in financial transactions with non-US gaming operators.
"If we want to grow, we need to change the business model," Thouin added. "We are going to go after new licensees in a way we have not done for years. We are going to look at acquisions; we already made some acquisitions in the past year with Parbet.”
Written by Bingo Lady
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