CryptoLogic, Betfair Sign License Agreement

TORONTO-- (Press Release) -- CryptoLogic Inc., a leading software developer to the Internet gaming and e-commerce industries, is pleased to announce that the company is advancing its international growth with new customer Betfair, the largest online betting exchange.

Through a license agreement with CryptoLogic subsidiary WagerLogic Limited, Betfair will introduce one of the world's most popular card games using WagerLogic's leading player-to-player poker technology.

'Betfair is an outstanding opportunity to increase CryptoLogic's leadership in the fast-growing online poker market,'said Lewis Rose, CryptoLogic's President and CEO. 'Betfair is in perfect step with CryptoLogic's strategy of doing business with the best in gaming. Together, we have a winning formula: Betfair's world-leading brand in betting exchanges, strong player base, and global marketing might -- matched with our sophisticated poker solution. Betfair offers exciting promise as its online poker site is launched this year, and starts to build momentum.'

Betfair has revolutionized the global and U.K. online sports wagering industries with its online betting exchange service. The founders of the betting exchange concept, Betfair retains a 90% share of the growing multi-billion dollar market. The company matches well in excess of Pounds Sterling 50 million in bets per week on a wide range of sports, entertainment and financial markets. Poker offers Betfair the opportunity to consolidate its leadership in the exchange market by offering a new wagering product to its global customer base.

'Online poker is a natural complement to Betfair's sports betting business. We are delighted to be working with a company of CryptoLogic's caliber and experience. In CryptoLogic, we identified a partner with top-class technology and one who shares our aspirations to create the best integrated poker platform on the Internet,'said Steve Ives, Betfair's Business Development Director.

'With our proven poker software, Betfair is ideally positioned to capitalize on the large, high growth online poker market to our mutual benefit,'added Jon Moss, WagerLogic's Director of Business Development.

Poker has quickly become a favorite with Internet users, attracting an increasing number of both casual players and seasoned professionals. The Internet poker market has grown six-fold in the past year to an estimated 10% of a $5 billion in revenue global online gaming market. Since the launch of its poker offering in October 2002, CryptoLogic has already earned a market-leading position and powers one of the top 10 poker rooms on the Web. Industry analysts estimate that these top 10 sites account for approximately 90% of the online poker market.