Relocation to Dublin only the first step in the wake of America’s UIGEA legislation.
Tuesday 4th March 2008
Online casino software developer CryptoLogic Ltd has announced that it has re-aligned its business model and is actively seeking new licensees as a result of America’s Unlawful Internet Gambling Enforcement Act (UIGEA).
Last year, the firm moved from Canada to Ireland in order to be closer to European markets it had been tirelessly cultivating for many years with Justin Thouin, Vice-President of Product Management for CryptoLogic, revealing that the new strategy is a marked change prompted by the need to boost share values.
“CryptoLogic sees its share price as undervalued and, consequently, it views an expansion strategy as vital in going forward,' said Thouin.
'Essentially, CryptoLogic is undergoing a very big change.”
The Dublin-based company stated that it had been content to ‘stick to its existing licensees’ in the past leading to a ‘knock-back’ following the changes to US legislation, which prohibits American financial transactions with online gambling companies and caused a number of major companies to withdraw from this lucrative market.If we want to grow, we need to change the business model,' said Thouin.
'We are going to go after new licensees in a way we have not done for years. We are going to look at acquisitions and we already made some acquisitions in the past year with Parbet.”
Online casino software developer CryptoLogic Ltd has announced that it has re-aligned its business model and is actively seeking new licensees as a result of America’s Unlawful Internet Gambling Enforcement Act (UIGEA).