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Betfair Extends Contract with Cryptologic
, 2005-10-24, by TwoGun
Betfair is the largest online betting exchange. It also has a poker room, which is on the Cryptologic network. Other notable poker rooms on the Cryp network include Caribbean Sun Poker.
Several months ago, Betfair made an announcement that it would likely not extend its contract with Cryptologic. Instead, it was considering developing its own in-house poker room. News of this caused Cryptologic's stop price to plummet by over 20% in just one day. Investors feared not only the lost revenue from Betfair but also that other companies would decline to renew their contracts with Cryptologic as well.
It appears the decision to break off the network has been put on hold, as it has recently been announced that Betfair has extended its contract with Cryptologic through June 2006 with an option to extend until January 2007.
Shares of Cryptologic (CRYP)soared over 7% due to this news.
Several months ago, Betfair made an announcement that it would likely not extend its contract with Cryptologic. Instead, it was considering developing its own in-house poker room. News of this caused Cryptologic's stop price to plummet by over 20% in just one day. Investors feared not only the lost revenue from Betfair but also that other companies would decline to renew their contracts with Cryptologic as well.
It appears the decision to break off the network has been put on hold, as it has recently been announced that Betfair has extended its contract with Cryptologic through June 2006 with an option to extend until January 2007.
Shares of Cryptologic (CRYP)soared over 7% due to this news.
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