Cryptologic Anticipated Online Casino Ban3 Oct 2006 Many companies appear to have been unprepared for the recent online casino gambling legislation that is rocking the industry, but Cryptologic has been spending recent years giving special attention to the possibility that the US crackdown would become a reality. The company has recently decided to move to Ireland, which will provide them with a wider range of marketing support and brand management services, not to mention the proximity to their major online casino customers.
The legislation has become an issue that must be dealt with immediately and Cryptologic's prior preparation for such an event leaves it in a comfortable position. The company is not threatened by paralyzing losses even though it has pulled out of the US market, announcing that licensees of WagerLogic Limited, the company's licensing subsidiary, will not take wagers from U.S.-based players.
More than 70 percent of its licensees' revenue is now coming from outside the US, and it plans to deepen their relationship with existing and potential new customers in Europe, as well as in Asia and additional, thriving markets. Cryptologic of course sees eye to eye with those advocating the regulation of the online casino industry and believes that Internet gaming should be regulated, licensed and taxed, an approach that coincides with the UK model: creating a safe and regulated environment for fiscal and social benefit.
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