CHARTWELL TECHNOLOGY INC.
TSX : CWH

CHARTWELL TECHNOLOGY INC.

October 16, 2006 09:07 ET

Betfair Chooses Chartwell

CALGARY, ALBERTA--(CCNMatthews - Oct. 16, 2006) - Chartwell Technology Inc. (TSX:CWH), a leading provider of gaming software systems to the online and remote gaming industry is very pleased to announce a licensing agreement with UK based betting giant, Betfair. The agreement calls for Chartwell to design and fully integrate a unique casino and soft gaming section to complement Betfair's existing exchange betting platform. The games can be viewed at www.betfaircasino.com.

Betfair was founded in June, 2000 and is the world's leading betting exchange, as well as being one of the most visited gaming sites globally, offering its products in 18 languages to a player base of more than 900,000 in 80 countries. Betfair handles over 5 million bets per day.

"Betfair is in a class of its own", states Darold H. Parken, President and CEO of Chartwell. "They have raised the bar of excellence with respect to their commitment to regulatory compliance, technological advancement and marketing focus in the online gaming industry, all of which have contributed to their tremendous success. We are both proud and honored to team up with such an innovative and powerful gaming brand and look forward to a mutually beneficial relationship."

Steve Ives, Betfair's Director of Games said, "Chartwell has an excellent track record and offers robust as well as innovative technology. I am confident Chartwell will deliver a casino product in keeping with our unique requirements and brand values. We're looking forward to working with them."

About Chartwell

Chartwell specializes in the development of leading-edge gaming applications and entertainment content for the Internet and wireless platforms and other remote access devices. Chartwell's Java and Flash based software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications. Chartwell does not participate in the online gaming business of its clients. Chartwell's team of highly trained professionals is committed to delivering the highest quality software and maintaining its leading edge through continuous development and unparalleled customer support.

Chartwell invites you to preview our company and gaming applications at www.chartwelltechnology.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained herein may constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe that the expectations reflected in the forward-looking statements are reasonable based upon management's current views but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date hereof. Except where required by law, we do not intend, and do not assume any obligation, to update conclusions, forecasts or projections that may be contained in these forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by these forward-looking statements will occur, or if they do, that any benefits may be derived from them. Past results and information provided by third party sources considered to be accurate have been applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of factors that may include, but are not limited to: a failure to complete the business combination referred to herein, the impact of government regulation and laws affecting international operations, the impact of price competition, loss of business or credit risks associated with current and prospective major customers, general industry and market conditions and growth rates, currency rate fluctuations, the impact of consolidations in the online gaming industry and other risks detailed from time to time in Chartwell's Annual Information Form and Management's Discussion and Analysis, both of which may be found at www.sedar.com.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

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