Cryptologic is a software application development company based in Dublin, Ireland. They have a strong reputation in the industry which is in some part due to them being one of the oldest software providers in the online gaming sector. The company was first established all the way back in 1995 but in more recent years they have moved from company to company, becoming part of the Amaya Group in 2012. This acquisition saw Cryptologic broken up into smaller parts with the B2C division Wagerlogic sold off once more.
Cryptologic History
Cryptologic has a classic start-up story in its history, with a truly fantastic tale of a bedroom business turned into a huge company. It was founded in 1995 by brother Mark and Andrew Rivkin in the basement of their parents’ home in Toronto, Canada. The brothers managed to develop a sophisticated and secure online financial payments system and Cryptologic was their way of finding a real world use for their newly created system.
In 1996 the company signed a deal with InterCasino and provided the site with a secure way of handling payments over the internet. The company was able to expand its operations based on this success and started to develop their own casino software. More deals started to come their way and they teamed up with William Hill, BetFair, Littlewoods Gaming and also Ritz Club in the first half of the 2000s. The company became well known for its poker and casino offering but it also led the way in the bingo market, as one of the first providers of an online version of the popular game.
The company continued to grow at an almost unbelievable rate with their marketing capitalisation growing to a huge $90m which is a huge achievement for two lads who thought up an idea in the basement of their family home. By 2007, the marketing capitalisation of the company had a reached a value of $400m.
By 2009, Cryptologic made the decision to merge with Boss Media, a company who boasted their own poker network. Unfortunately, it wasn’t long after this that casinos running Cryptologic’s poker network began to change to different service providers after finding the client software for poker at the company unsatisfactory.
By 2012 the company was no longer the towering force it had once been and it was bought out by the Amaya Gaming Group, as mentioned above. Soon after this Amaya became the largest publicly-listed online gaming network through further acquisitions.
Cryptologic Now
The company is no longer the dominant leading force in the market they once were and being bought out by Amaya left the company in a position to go back to what they know best – providing quality software for a small selection of internet casinos. They may not be a company who are likely to peak like they did in the mid-2000s again but they have contributed significantly to the industry and their games and software is still used by many casinos to some degree or another.
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