Hope no one is CRYPing now...
Friday June 15, 12:23 pm Eastern Time
Press Release
CryptoLogic Applauds New Law Enabling Internet Gaming in Nevada
Leading Software Supplier Embraces Milestone Announcement, Reiterates Call for Regulated and Responsible Online Gaming Practices
TORONTO--(BUSINESS WIRE)--June 15, 2001-- CryptoLogic (NASDAQ:CRYP - news; TSE:CRY. - news), a leading software supplier to the Internet gaming and e-commerce industries, today welcomed the passage of a Nevada law enabling Internet casino gaming for the first time in the United States.
The Toronto-based company, whose software is used by online players in 240 countries, embraces the news as an opportunity to establish a regulated environment that fosters safe, secure and responsible online gaming.
``Nevada's new law makes this is a great day for everyone who cares about protecting consumers of online entertainment,'' said Jean Noelting, CryptoLogic's president and CEO. ``Internet gaming is here to stay - and the question is how we can ensure that it's safe and secure. That's why CryptoLogic has always advocated regulated, responsible Internet gaming environments. We're delighted at the growth opportunities in the US and Nevada's lead favoring gaming regulation for the Web. We will continue to play our role in ensuring we can all realize the economic benefits of online gaming - while enjoying it responsibly.''
The law supports the growing international trend to allow Internet gaming to flourish within a regulated environment. The Nevada law is an enabling law and the next step is for the Nevada Gaming Commission and Gaming Control Board to draft and adopt rules and regulations governing online gaming. In the meantime, CryptoLogic is preparing for certification in Nevada. The company licenses its technology to international gaming organizations operating in several regulated jurisdictions, including the first Internet casino licensed in Argentina. In addition, CryptoLogic is completing its software certification in Australia, arguably the most highly regulated environment for Internet gaming in the world.
The company, which has enforced self-regulating best practices since its inception, already includes several consumer safeguards in its software such as restricted deposit and betting limits and account locks. CryptoLogic has been working proactively with regulators in the United Kingdom and the United States to help establish fair and effective regulations.
Internet gaming has achieved critical mass and experts predict the industry will grow to more than US$5 billion by 2003. There are over 50 government jurisdictions that permit some form of Internet gaming and that number continues to rise. Las Vegas operators such as MGM and Harrah's have already started to offer play-for-fun/play-for-prizes casino sites and are positioned for regulation.
About CryptoLogic
CryptoLogic Inc. is the leading software development company serving the Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.
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