Online Casinos, Gambling, Poker and Sports Betting Magazine

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Cryptologic Buys Out Parbet Poker

11/1/2007
Online gambling software developer, CryptoLogic has signed an agreement to buy the popular Scandinavian online poker room Parbet.com.

CryptoLogic will license Parbets assets, poker software, payment processing, customer support, and services to a Maltese online gaming company that will operate the online poker room.

The agreement includes all rights to the Parbet name including customers lists, databases and players cash. WagerLogic have 9million euros to pay for this and possible another 4million euros to improve the performance of the assets over the next six months.

Parbet currently creates roughly $7million annually; CyrptoLogic is expecting the licensing arrangement to add $2million more this year.

The agreement is expected to be complete by January 15th. All Parbet players will be moved to the WagerLogic Poker Network and begin enjoying the benefits immediately.

AJ Slivinski, Managing Director of WagerLogic said “We continue to demonstrate our commitment to be at the forefront of the next wave of poker growth in Europe. In December we launched two new poker sites, in mid-January we will launch three more, Parbet, Betsafe and Playboy Poker.”

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