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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Wednesday 10th January 2007

Gaming Giant Confirms it will Buy European Poker Room

Canadian company CryptoLogic has confirmed that it will purchase the poker brand and related assets of Parbet.com, a Scandinavian online poker room.

CryptoLogic companies will reportedly license the Parbet assets, poker software, payment processing services, multi-lingual customer support and services to a private Maltese online gaming company which will operate Parbet.com. The agreement is subject to certain conditions.

The purchase will include rights to the Parbet brand name, associated domain names such as Parbet.com, customer lists, databases and players� cash in deposits.

As part of the agreement, CryptoLogic's subsidiary, WagerLogic, will pay �9 million for the brand and assets, and potentially additional amounts up to �4million, dependent on improved performance of the assets over a six-month period. The deal is expected to be completed by January 15.

Currently, Parbet is said to generate approximately $7 million in revenue annually. CryptoLogic said it expects the licensing arrangement to add approximately $2 million to 2007 earnings.

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Source: OnlineCasinoNews

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Poker.co.uk is operated by InTouch Poker Ltd (hereinafter called the "Company"), a limited liability company with registration number C44236, registered in Malta (a member of the EU since May 2004). The Company’s registered address is at Vincenti Buildings, Suite 623, 14/19 Strait Street, Valletta VLT 1432, Malta. The Company operates the Poker.co.uk online poker room under a provisional license issued and regulated by the Lotteries and Gaming Authority ("LGA") of Malta (issued on 2 December 2008, number LGA/CL3/412/2007). The software used for operating the Poker.co.uk online poker room is licensed from Boss Media Malta Poker Limited. Our services are not available to residents of the United States, US Virgin Islands, US Minor Outlying Areas or Turkey or any other jurisdiction that legally prohibits its citizens from engaging in online gaming.