PartyGaming and Crytologic in Poker Talks

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PartyGaming PLC and Cryptologic Locked in Talks

PartyGaming PLC and Cryptologic are locked in talks regarding the two companies' poker businesses to save costs, reported the UK’s Financial Times today.

CryptoLogic yesterday said it would enter into a poker partnership with a large poker network, which is understood to involve PartyGaming, according to the newspaper.

CryptoLogic said in a statement on Monday that it was “in discussion with another major poker network to increase liquidity while reducing expenses substantially.”

The Financial Times says that this is understood to involve PartyGaming, without citing sources. The company also announced on Monday that it had entered into a separate five-year licensing agreement with PartyGaming.

In regards to the five year licensing deal agreed on Monday, Brian Hadfield, CryptoLogic's President and CEO said; "We are delighted to welcome PartyGaming as our latest partner. This is one of CryptoLogic's biggest customer wins of the year and an endorsement of the branded games element of our new strategy. It proves that when you combine great innovation and excellent execution, you get expansion. PartyGaming has chosen six CryptoLogic games that represent four different partnerships with world-famous entertainment brands. It is a clear validation of CryptoLogic's branded gaming strategy - and our success in delivering a superior customer experience."

Neither company have yet to comment on the FT story and subsequent speculation. However, PartyGaming PLC stock spiked up sharply by 3% this morning after falling to an all time low of 120p on Monday.