CryptoLogic

CryptoLogic was an online gambling technology company founded in Canada in 1995 by brothers Andrew Rivkin and Mark Rivkin. The business originated from a secure online financial-transaction system developed by the founders, who sought to adapt that technology to practical internet commerce. It began in the basement of their parents' house and developed into one of the older established software providers in the online gambling sector. The company supplied software and related services to online casino, poker and bingo operators. Its business-to-consumer and licensing activities were conducted through the WagerLogic subsidiary, which provided gaming software, operational support and the ECash payment-processing system. CryptoLogic's early commercial breakthrough came in 1996, when InterCasino became its first licensee. The company subsequently expanded its operator network through agreements with established gambling businesses, including William Hill and Littlewoods Gaming, as well as online brands associated with Playboy and World Poker Tour Enterprises. CryptoLogic's products included downloadable and Java-based casino applications, online poker technology, bingo software and payment infrastructure. Its operator relationships also helped demonstrate the importance of regulatory certification in the developing online-gambling market. Littlewoods Gaming's relationship with CryptoLogic contributed to software certification in the Isle of Man in 2002, while the Ritz Club obtained certification from the Alderney Gambling Control Commission in 2004. The company also announced an exclusive online poker arrangement with Betfair in January 2004. The business became publicly traded as it expanded. CryptoLogic listed on the Toronto Stock Exchange in 1998, joined NASDAQ in 2000 and began trading on the London Stock Exchange in 2003. Under Lewis Rose, who served as president, chief executive officer and director from 2002 to 2007, the company reported substantial growth in market capitalization, from approximately $90 million to more than $400 million during his tenure. CryptoLogic continued broadening its brand and distribution relationships in the middle of the 2000s. Playboy launched casino and poker offerings using CryptoLogic technology in early 2007, and World Poker Tour Enterprises joined the CryptoLogic network later that year with casino and poker products. These arrangements illustrated CryptoLogic's role as a technology and platform provider behind consumer-facing gambling brands rather than primarily as a single consumer casino brand. Amaya Gaming Group acquired CryptoLogic in 2012 in a cash-for-shares transaction. Amaya later sold WagerLogic, CryptoLogic's consumer-facing subsidiary, to Goldstar Acquisitionco Inc. in 2014. The transaction included consumer-facing online gambling sites such as InterCasino, InterPoker and InterBingo. Following the acquisition and subsequent disposal of the consumer business, CryptoLogic ceased to operate as an independent listed online-gambling technology company. Its historical significance lies in its early entry into internet gambling, its combination of gaming software with payment services, and its licensing relationships with both specialist online operators and established gambling brands.

CryptoLogic began in 1995 as a Canadian technology venture founded by brothers Andrew Rivkin and Mark Rivkin. The founders had developed a secure online financial-transaction system and looked for a practical internet-based application for it. The company was started from the basement of their parents' home and entered the emerging online gambling industry, where secure payments and trusted software were central commercial problems. Its first licensee was InterCasino, launched in 1996. CryptoLogic then built a business around licensing casino and poker software to online operators, while also providing support services and payment processing through its WagerLogic subsidiary. The company developed downloadable and Java-based casino products and later added online poker and bingo capabilities. ECash formed part of its payment-technology offering. CryptoLogic expanded through agreements with operators and brands. William Hill became one of its notable relationships, while a deal with Littlewoods Gaming was associated with software certification in the Isle of Man in 2002. The Ritz Club obtained certification from the Alderney Gambling Control Commission in 2004. In January of that year, CryptoLogic announced an arrangement with Betfair for an exclusive online poker game. These developments reflected the industry's increasing need for platform providers to work within jurisdiction-specific regulatory frameworks. The company also pursued public-market growth. It listed on the Toronto Stock Exchange in 1998, on NASDAQ in 2000 and on the London Stock Exchange in 2003. Lewis Rose led the company as president, chief executive officer and director from 2002 through 2007. During that period, CryptoLogic's reported market capitalization increased from about $90 million to more than $400 million. Brand licensing and network expansion continued in 2007. Playboy launched casino and poker products using CryptoLogic software, and World Poker Tour Enterprises joined the company's network with casino and poker offerings. CryptoLogic therefore operated mainly as infrastructure and software behind consumer-facing gambling businesses, although WagerLogic also handled consumer-facing assets and services. Amaya Gaming Group acquired CryptoLogic in 2012 through a cash-for-shares transaction. The acquisition removed CryptoLogic from independent operation and consolidated its assets under Amaya. In February 2014, WagerLogic was sold to Goldstar Acquisitionco Inc. The sale included CryptoLogic's consumer gambling sites InterCasino, InterPoker and InterBingo. After these transactions, CryptoLogic no longer functioned as an independent listed brand and company. Its legacy is that of an early online gambling software specialist that combined casino, poker, bingo, licensing, operator support and payment-processing capabilities during the formative period of internet gambling.

• 2014

  Sale of WagerLogic

  [1]CryptoLogicen.wikipedia.org

  Goldstar Acquisitionco Inc. acquired WagerLogic, including CryptoLogic's consumer-facing online gambling sites.

• 2012

  Acquisition by Amaya Gaming Group

  [1]CryptoLogicen.wikipedia.org

  Amaya Gaming Group acquired CryptoLogic in a cash-for-shares takeover.

• 2007

  Expansion through Playboy and World Poker Tour Enterprises

  [1]CryptoLogicen.wikipedia.org

  Playboy launched casino and poker products using CryptoLogic software, and World Poker Tour Enterprises joined the CryptoLogic network.

• 2004

  Betfair poker agreement and Alderney certification

  [1]CryptoLogicen.wikipedia.org

  CryptoLogic announced an exclusive online poker arrangement with Betfair, while the Ritz Club obtained Alderney certification for CryptoLogic-related software.

• 2003

  London Stock Exchange trading begins

  [1]CryptoLogicen.wikipedia.org

  CryptoLogic began trading on the London Stock Exchange under the symbol CRP.

• 2002

  Isle of Man software certification

  [1]CryptoLogicen.wikipedia.org

  A relationship with Littlewoods Gaming led to certification of CryptoLogic gaming software in the Isle of Man.

• 2000

  NASDAQ listing

  [1]CryptoLogicen.wikipedia.org

  The company began trading on NASDAQ under the symbol CRYP.

• 1998

  Toronto Stock Exchange listing

  [1]CryptoLogicen.wikipedia.org

  CryptoLogic listed on the Toronto Stock Exchange under the symbol CRY.

• 1996

  InterCasino becomes the first licensee

  [1]CryptoLogicen.wikipedia.org

  CryptoLogic launched its first licensee, InterCasino, establishing its software-licensing model in online casino gaming.

• 1995

  CryptoLogic is founded

  [1]CryptoLogicen.wikipedia.org

  Andrew Rivkin and Mark Rivkin founded the company in Canada to apply their secure online financial-transaction technology to internet commerce and gambling.

An early online-gambling technology and platform provider focused on regulated casino, poker and bingo software, operator support, licensing and internet payment processing.

• Casino gaming technology · 1996

  Online casino software

  CryptoLogic's core offering was software for online casino operators. The company supported downloadable and Java-based casino experiences and licensed its technology to external brands, including InterCasino, William Hill-related operations, Playboygaming.com and other operator networks.

• Poker gaming technology · 2004

  Online poker software

  The company expanded from casino software into online poker, supplying technology and licensing arrangements for operator and branded poker rooms. Its poker activity included an exclusive game arrangement announced with Betfair and poker products associated with Playboy and World Poker Tour Enterprises.

• Bingo gaming technology

  Online bingo software

  CryptoLogic added bingo to its online gambling software portfolio. The capability was distributed through operator relationships and was also represented in the consumer-facing InterBingo business later associated with WagerLogic.

• Online payment processing

  ECash

  ECash was CryptoLogic's payment-processing service for online gambling transactions. It complemented the company's gaming platforms by addressing the payment and transaction infrastructure required by internet casino and poker operators.

• Online gambling services subsidiary

  WagerLogic

  WagerLogic handled CryptoLogic's licensing, gaming software, support services and consumer-facing online gambling activities. Its assets included the InterCasino, InterPoker and InterBingo sites, which were sold after CryptoLogic's acquisition by Amaya.

• 2014

  Sell WagerLogic to Goldstar AcquisitioncoM&A

  Background

  After acquiring CryptoLogic, Amaya separated the consumer-facing WagerLogic business from the rest of its assets.

  Action taken

  Amaya sold WagerLogic and its consumer-facing online gambling sites to Goldstar Acquisitionco Inc.

  Aftermath

  InterCasino, InterPoker and InterBingo were transferred to the buyer, further separating CryptoLogic's historical consumer brand activities from its acquired corporate structure.

  Transaction value. $70 million (February 2014 sale)

  Source

• 2012

  Accept acquisition by Amaya Gaming GroupM&A

  Background

  CryptoLogic was operating as an established online gambling software and services company with licensing, payment and consumer-facing activities.

  Action taken

  The company was acquired by Amaya Gaming Group through a cash-for-shares takeover.

  Aftermath

  CryptoLogic ceased to operate as an independent listed company and its assets became part of Amaya's gaming business.

  Transaction value. $35.8 million (2012 acquisition)

  Source

• Unconfirmed

  Reported2020.04.15

  HIVE acquires 30 MW cryptocurrency operation in Canada[2]HIVE收购加拿大一处30兆瓦加密货币运营设施crowdfundinsider.com

  HIVE Blockchain Technologies Ltd. reported that it acquired a 30 MW cryptocurrency operation located in Canada from Cryptologic for C$4 million.

Read more

1. 1CryptoLogicen.wikipedia.org
2. 2HIVE收购加拿大一处30兆瓦加密货币运营设施crowdfundinsider.com