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Malta issues LOI to Cake Network

22 Apr 2010

ST. JULIANS, Malta -- (PRESS RELEASE) -- The Cake Network is pleased to announce that its recently established company in Malta was issued a Letter of Intent by the Malta Lotteries and Gaming Authority in relation to its application for a Class 4 Remote Gaming License.

Through the formation of this new European division, the Cake Network is now able to offer current and future network partners the option of being regulated by Malta (subject to the satisfaction of the conditions set out in the LOI), or under Cake Gaming's license in Curacao.

As part of its move to structure and entrench its business for the future, the Cake Network sought licenses from a respected jurisdiction within the EU. Following a detailed analysis of available jurisdictions, the Cake Network concluded that Malta was the ideal jurisdiction for its initial move into the EU given Malta's international reputation and strict regulatory infrastructure.

This move further enhances the Cake Network's European presence by building on the resources and services that have successfully captured a significant worldwide market share of the white label poker market.

Cake Network, Director of Marketing, Andrew Turner notes; "We are excited about being in a position to offer our existing and future partners licensing through the Malta Lotteries and Gaming Authority. This will greatly assist existing partners as they undertake further marketing within the European region and allow existing European White listed operators the opportunity to take advantage of the Cake Network's suite of services."

Cake Network will offer its European network partners the same successful business models it is currently operating including options for turnkey or integrated solutions. The Cake Network in Europe will continue with the pure B2B model, operating a network where the partners on the network will each operate their own card room. The integrated partner solution is available to operators who have their own player management and fund management systems and procedures. In the case of partners requiring a complete solution including cashier services, the turnkey partner solution will be offered by the Cake Poker Network.

The Cake Network has already signed partners who are preparing to launch under the regulation of the Malta license option – the names of which will soon be announced.
 
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