CryptoLogic Inc.
TSX : CRY
LSE : CRP
NASDAQ : CRYP

CryptoLogic Inc.

October 23, 2006 06:00 ET

CryptoLogic Software a Safe Bet for Betsafe

Leading Scandinavian gaming site becomes CryptoLogic's newest customer

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - CryptoLogic Inc. (TSX:CRY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming industry, today announced an exclusive three-year contract with Betsafe, one of the fastest-growing poker sites in Scandinavia. The agreement, made through CryptoLogic's wholly-owned subsidiary WagerLogic Limited, will introduce CryptoLogic's proven poker software to Betsafe players later this year.

"For poker licensees, size matters. Thanks to a five-year focus on international markets, CryptoLogic's software now powers the world's largest shared poker network that excludes US players," said Lewis Rose, CryptoLogic's President and CEO. "Our size advantage, plus our adherence to strict regulatory standards will give Betsafe-and its players-a profitable, safe home online. Betsafe's established, rapidly growing player base and reputation for safe, secure gaming fit perfectly with CryptoLogic's focus on the world's blue-chip gaming brands."

CryptoLogic's reputation and market-leading strength in Betsafe's core European markets were key factors in Betsafe's decision.

"When we decided to expand our poker room, we knew we wanted a trusted software provider with a reputation for liquidity, stability, quality and integrity. CryptoLogic offered all this - and more," said Andre Lavold, Betsafe's CEO. "CryptoLogic's suite of innovative, exclusive games will bring new excitement to our poker players across Europe and beyond."

Through WagerLogic, Betsafe's players have access to the world's largest shared poker network that excludes the US market, enabling them to find a game at the level and stake they want, in the currency they want, when they want. Players can also take advantage of some of the Internet's most popular online games. These include the new Hold'Em Blackjack™, a game created exclusively for CryptoLogic licensees, which combines the intensity of poker with the simplicity of blackjack.

"The addition of Betsafe to our select roster of blue-chip licensees enhances our focus on Europe," said A.J. Slivinski, WagerLogic's Managing Director. "We're very excited to provide our software and services to Betsafe, and look forward to a long relationship."

Betsafe.com joins licensees including williamhillpoker.com, interpoker.com, sunpoker.com, pokerplex.com, classicpoker.com, ukbettingpoker.co.uk, littlewoodspoker.com, and a soon-to-be launched Playboy site. CryptoLogic's strategy to strengthen its leadership in Internet poker involves investing in strong partnerships with trusted, brand name licensees, and in product development and system scalability.

About CryptoLogic® (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Inc. is a world-leading, blue-chip public developer and supplier of Internet gaming software. CryptoLogic's leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of the company's gaming software and services to a blue-chip customer base around the world. For information on WagerLogic® visit www.wagerlogic.com.

CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the NASDAQ Global Select Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP).

About Betsafe (www.betsafe.com)

Betsafe is one of the leading providers of online gambling in Scandinavia, and offers a breadth of innovative products and best-in-class customer service. Betsafe is licensed, and regulated in Costa Rica.

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.

Contact Information

  • CryptoLogic
    Rick Wadsworth
    Director of Communications
    (416) 545-1455
    (416) 545-1454 (FAX)
    www.cryptologic.com
    or
    Argyle Rowland Communications
    Karen Passmore
    (North American media)
    (416) 968-7311 ext. 228
    kpassmore@argylerowland.com
    or
    Argyle Rowland Communications
    Dan Tisch
    (North American media)
    (416) 968-7311 ext. 223
    dtisch@argylerowland.com
    or
    Corfin Communications
    Ben Hunt
    (UK media only)
    +44 207 929 8985
    or
    Corfin Communications
    Neil Thapar
    (UK media only)
    +44 207 929 8999
    or
    Corfin Communications
    Harry Chathli
    (UK media only)
    +44 207 979 8980