A report in the FT today realeaved the news that there may be an alliance with PartyGaming in the coming months. The two companies PartyGaming, owner of PartyPoker and Cryptologic are talking about pooling their poker businesses to save costs, as both companies fight to maintain their positions in the online gambling industry.
CryptoLogic's self-proclaimed goal is to reduce annual operating expenses by $12m-$15m, and would build its new strategy around casino licensing, its most profitable business, offering its leading games to other gaming operators and developing branded content. Cryptologic already announced a five-year licensing agreement of casino games to PartyGaming yesterday, as well as an earlier announcement to provide casino games to 888.com (Pacific Poker owner).
Jim Ryan, PartyGaming chief executive, said CryptoLogic content would enhance its market-leading position. Brian Hadfield, his counterpart at CryptoLogic, said PartyGaming was one of its biggest customer deals "and an endorsement of the branded games element of our new strategy".
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