CryptoLogic Fortunes Vulnerable
Published: Saturday, April 11, 2009 Online-Casinos.com
CryptoLogic Limited recently moved it's headquarters to Ireland from Canada and ever since has been playing catch up in the management department.
CryptoLogic's former CEO, Javaid Aziz, demanded the firing of one board member. CryptoLogic then sent a letter to Mr. Aziz on February 22 and gave him until 5:00 pm Eastern Time on February 23 to advise the company of how he intended to address "deficiencies in his requisitions". This has not played out well on the online gambling global scene where competitor, Playtech, has taken full advantage of Cryptologic's current vulnerabilities.
CryptoLogic Limited has with Marvel Entertainment created popular casino games and slots involving Marvel's superheroes. A new deal between Marvel and Playtech allows the rival gambling software company to use the same characters that CryptoLogic once had exclusive access to.
Now the software and game developer has signed a new deal with DC Comics, bringing the superheroes known on an iconic basis not controlled by Marvel to the company's games. DC's Batman and Superman characters gives CryptoLogic the ability to transform all of our favourite superhero comic characters into casino games.
Playtech's new arrangement with Marvel will upset CryptoLogic plans to corner the superhero cache. Now Playtech can use such characters as the Incredible Hulk and the X-Men.
CryptoLogic's deal with Marvel expires in 2010 and unless an extension can be agreed on, CryptoLogic now faces the possibility of aligning with DC against Marvel and Playtech. Alleged mismanagement has resulted in the software firm losing some of its key clients including William Hill.
Recently the company has release another round of new games continuing a period of aggressive activity for CryptoLogic, which has both released games and signed new licensing agreements at a rapid pace.
Brian Hadfield, CEO of CryptoLogic said, ""CryptoLogic's branded casino games remain the bread and butter of our business and the keys to our profitability and growth in 2009 and beyond."
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