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CryptoLogic Praises UK Decision to 'Embrace Internet Gaming'9 March 2001TORONTO, Canada – (Press Release) -- CryptoLogic, a leading software supplier to the Internet gaming and e-commerce industries, today welcomed a new decision by the British government to embrace Internet gaming. The Toronto-based company, which has licensed its software to one of the leading gaming operators in the UK, sees the government's news as yet another positive step towards the regulation of Internet gaming in Europe and around the world. "CryptoLogic has always maintained that regulated, responsible Internet gaming is the best solution for consumers, licensees and governments," said Jean Noelting, CryptoLogic's president and CEO. "We welcome the British government's decision to allow this form of entertainment to continue to develop, while protecting players. This favorable legislation in the UK reinforces CryptoLogic's 2001 strategy to focus in Europe, a burgeoning market that offers immediate growth opportunities." This week, the UK eliminated its tax on sports betting in exchange for a pledge by British bookmakers to shut down their offshore Internet operations and reopen them at home. British bookmakers will be free to accept wagers on sports contests from all over the world. The nine per cent tax on wagers had led most bookmakers to establish their own Internet divisions in tax-free jurisdictions such as Antigua, Gibraltar and Malta, cutting into the revenue the British government collected from gambling. Now, those bookmakers that return to Britain will enjoy a competitive advantage over offshore operators, who will be banned from advertising their services in the United Kingdom. The British decision is widely seen by industry experts as yet another example of the growing international trend to allow Internet gaming to flourish within a regulated environment. In the United States, this week also saw the tabling of legislation that would permit online gaming in Nevada, with 33 of the state's 42 assemblymen sponsoring the bill. The Nevada bill comes hot on the heels of similar legislation introduced in New Jersey earlier this year. Europe is a key growth market for CryptoLogic. The company has licensed its software to William Hill, the second largest sports book in the UK. Like other major CryptoLogic licensees, William Hill is a highly reputable brand that shares CryptoLogic's commitment to providing players with online entertainment that promotes safe, secure and responsible gaming. |