CHANNELING On Monday, CryptoLogic Ltd. announced a strategic partnership with Orbis Technology Ltd. to make its top-performing games available to the to Orbis’ portfolio of operators.
According to a prepared statement by the company, CryptoLogic will gain access to another distribution channel and plans to launch games for Skybet through Orbis’ fixed odds games platform during the first quarter of 2009. The Dublin -based software company said it expects Orbis' other clients to follow suit.
In addition to Skybet, some of Orbis' clients include Betfair, Paddy Power and Blue Square Ltd.
“The global Internet gaming market continues to grow rapidly, and that is why CryptoLogic’s strategy includes opening up new channels to market through the world’s leading operators,” said Brian H. Hadfield, CryptoLogic’s president and chief executive, in a prepared statement. “CryptoLogic’s new partnership with Orbis Technology enhances both our position and our optimism as we revitalize our business for growth in 2009 and beyond.”
Although financial details were not released, Todd Eilers, senior research analyst with Roth Capital Partners, wrote in a note that he suspects Crypto will share revenue with Orbis for access to its games.
“Despite signing multiple distribution deals and shares trading for cash, we remain cautious on the name as we continue to look for a couple more challenging quarters as CryptoLogic transitions its business model to focus on casino games,” he added.
B2B BOOST 888 Holdings gave its bingo activities a boost on Monday when the operator announced a bolstering of its business-to-business activity by signing agreements to launch three new bingo networks for third-party companies.
Set to launch in the first quarter of 2009, two of the sites will have a United Kingdom focus, while the other will target Spain. Currently, 888 runs seven bingo networks: Foxy Bingo, Mirror Bingo, Cashcade Network, Think Bingo, Think Bingo Cosy, Bingo Scotland and Wink Bingo.
“These agreements and new initiatives represent acceleration in 888's bingo activity," said Gigi Levy, chief executive of 888, in a prepared statement. “They are set to make a significant addition to our bingo business not only in revenues but also in geographic presence.”
Ivor Jones, an analyst with Evolution Securities, noted that Monday's I-gaming deals for both 888 and CryptoLogic Ltd. showed the fragmented nature of the market for the supply of online gaming software.
“Not only are there competent new entrants (or newly aggressive players) like 888, (Bwin Interactive Entertainment A.G.) and Party(Gaming), but the choice for owners of brands and Internet traffic is no longer binary between one casino supplier and another,” Mr. Jones wrote. “Owners can now pick and mix content from multiple suppliers. Good for owners of content (Crypto games, 888, Playtech's poker), bad for suppliers of turnkey casino software (Playtech casino, Crypto casino).”
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