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Software Company Ready to Compete

CryptoLogic has long been considered one of the top software development companies in the industry. CryptoLogic’s wide range of exclusively licensed online casino gaming titles and user-centered designs have won the company many software awards – but even with that support in the industry, CryptoLogic has suffered in the past year because of the U.S.’s ban on Internet Gambling transactions. Like many companies in the online casinos gambling industry, the Unlawful Internet Gambling Enforcement Act meant a large cutback in company revenue on top of the restructuring costs. CryptoLogic actually moved base operations from Canada to Ireland because having a base of operations near the U.S. was neither needed nor productive. With that in mind, CryptoLogic moved to Dublin, Ireland last year and has focused on developing the CryptoLogic online casino gambling brand in the European market.

The new year has also brought an entirely new strategy for CryptoLogic – instead of focusing on simply providing games and services for the online casinos that currently license the CryptoLogic gambling software, the company is actively seeking new licensees. As a leader in the software development industry, actively branding the company and seeking out new online casino licensees is something that hasn’t been a major focus for years. The VP of Product Management and Business Development, Justin Thouin, remarks, "If we want to grow, we need to change the business model. We are going to go after new licensees in a way we have not done for years. We are going to look at acquisitions; we already made some acquisitions in the past year with Parbet.”

Considering the hit that most companies took after the U.S. online casinos gambling ban, CryptoLogic is following in the footsteps of several other prominent companies that have been forced to restructure and refocus. Considering that the European internet gambling market is growing exponentially because of new regulations in the UK, that is the main market that most companies are looking toward in the immediate future. Beyond that, the acquisition of licensing and deals in the Asian market speaks toward a trend in the online gambling industry – that is where most analysts predict the most growth in the coming decade.