Cryptologic

In todays´ fast growing and emerging gaming developer market, we have been accustomed to seeing a wide range of business combinations and other changes that are made by hard-to-earn business acquisition. One of these times, was in 2012 when Amaya Gaming Group acquired the Irish game developer known as Cryptologic. We are about to tell you all about them, and what makes them so unique in this growing bizz. 

How it all started

Cryptologic is a company founded by two brothers, Andrew and Mark Rivk, who would kick off this later successful company from the cellar of their parents’ house in 1995. The reason why the brothers wanted to set up a business was their money-transfer method they wanted to find a suitable application. The Cryptologic software was licensed through its sister company, WagerLogic, and its first license was issued in 1996, the year after its establishment.

This fan of the game developer started out quite comfortably as it entered into contracts with several online casinos and poker rooms, the best-known name being William Hill plc. Cryptologic´s certification of game software in the Isle of Man led its agreement with Littlewoods Gaming in 2012, while in the Alderney market it reached in 2004, after signing an agreement with Riz Club. In 2004, Cryptologic also managed to release an exclusive poker game with Betfair´s contract. 

Already in the beginning of its business, in 1998, Cryptologic was listed on the Toronto Stock Exchange and a couple of years later, in 2002, on the NASDAQ. Before Cryptologic got its software certified to Alderneys administration, it has started to trade in its stock on the London Stock Exchange. As can be seen from this, it was no longer a tiny garage business – but they had taken a breeze and started rolling at high speed. 

The developer of casino and poker products

As mentioned before, Cryptologic became a company originated from Rivik´s brothers´ need to find an application that enabled them to use the money transfer software they developed. However, the company soon began to grow and create poker and casino software for several well-known operators. In addition to casino and poker products, Cryptologic also offered bingo products. 

The game products offered by Cryptologics´ casinos were therefore quite impressive. And no wonder, as they were available in readily available formats, as downloadable products as well as on the Java platform. This was, and continues to be an important factor in the casino industry, as players want to access game products easily and pricelessly on the platforms they use. 

In 2012, Amaya Gaming Group acquired Cryptologic, but before that the company achieved much more. Especially between 2002 and 2007 when Lewis Rosen was the CEO of the company, the value of it rose from $90 million to $400 million. During that time, the company also achieved many other stages that we previously told. Among others, it has entered into several agreements with leading industry names such as Betfair and Riz Club London. But this wasn’t enough for an ambitious company, but it also headed east and opened an office in Singapore. 

Cryptologic also won several prestigious awards in the field with its innovative software and its 24-hour customer service. Its customer service centre was located in Cyprus, from which a professional team serviced clients who needed assistance every day, 24 hours a day. 

From a small business to a bright star 

As you can read, Cryptologic gained a great deal of popularity and success in the online casinos from the 90´s until 2012, when its story continued as part of the Amaya, a leading company in the same field. Cryptologic is a testament to the fact that a small, garment company can become a bright star of the industry as long as there is knowledge, ambition, and the desire to move forward. This game developer created several excellent poker products, casino games and other software that the industries competitors may still remember. Now, however, it is time to move to our story for the next chapter, which originated from months of sales negotiations with Canadian company Amaya.

After months of negotiation, Cryptologic and Amaya signed an agreement for Amaya to buy Cryptologic for $35.8 million. The agreement was beneficial for both parties, as Cryptologic was able to offer its products to the Canadian market, while Amaya gained access to Cryptologic´s know-how and experience that further strengthened its strong supply in the industry. Although the transaction may not have been the largest in terms of cash in 2012, it was still one of the most significant events since Cryptologic had already gained a tremendous reputation in the industry by the time the transaction was completed.

Amaya, a leader in Canada is one of the largest public gambling companies in the industry. It creates, among others, casino, poker, and sports betting products as well as many other services they offer, Amaya also owns several or all of the industry. It operates widely around the world and has licenses from both Europe and the US. 

As we begin pointing it out, the gaming sector is never fully in place and acquisitions are also taking place in this area as well. The changing demands of the industry, the different wishes, and desires of players and operators as well as the overall market situation are constantly moving in one direction. Although the acquisition of Amaya and Cryptologic was the result of months of negotiation, there was no guarantee that this would remain the case and Cryptologic as part of Amaya for a long time. In 2015, new wind arose and Amaya moved its Cryptologic operations forward. 

Cryptologic is a grand company and you will see more and more coming from them – and it will never disappoint!