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Media Corp Diversifies

Media Corp has announced that in a effort to further company goals of diversification, the company has sold one of its popular online casinos gaming portals, Casino.co.uk. The company plans expansions into other sector of the industry and sold the portal as a way to generate the cash needed to finance company goals. On the other side, CryptoLogic has agreed to buy the gaming portal for exactly the same reasons. As the online casino industry expands, many companies are beginning to expand their offerings into other sectors of the industry so they can become more of a “one-stop-shop.”

CryptoLogic, recently relocated to Dublin, Ireland, holds the title as the dominant online casino software provider. The company is well known for innovative game releases, cutting edge graphics, and a user and operator friendly gaming platform. Now that the agreement is official, Casino.co.uk will be run by CryptoLogic. For any concerned online casinos players though, the company announced plans to continue offering the same services to gamers. CryptoLogic’s subsidiary, Gaming Portals Ltd is responsible for the acquisition and will handle maintaining and expanding the gaming portal. CryptoLogic agreed to buy the site for GBP 3 million.

Media Corp has another gaming portal in the works, Gambling.com. The decision to see Casino.co.uk is attributed to the company’s desire to develop this new portal, and to focus some on the online casinos advertising industry. The Chief Executive at Media Corp, Justin Drummond, comments on the “disposal of the casino.co.uk business [as] a key part of the overall strategy of the Group to focus on its online advertising businesses and diversify into other markets.” He also notes that the cash raised from the agreement with CryptoLogic, “combined with the Group's existing GBP 4 million cash balance” will create “an excellent platform to accelerate growth through acquisitions and investment in the current websites and advertising businesses." The online casinos industry is dynamic, and as such many companies are finding the most financial security and benefits from diversifying the company’s holdings.