CryptoLogic Inc., the network that covers sites such as Interpoker, Willam Hill Poker, Sun Poker and others, announced that licensees of its WagerLogic software would cease taking wagers from US customers immediately. Crypto skins have long been favorites of multi-site bonus chasing players, as multiple sites offered monthly reload bonuses that were easy to clear and had multiple bonuses available across the network.
CryptoLogic CEO Lewis Rose said in a press release "since 2001, CryptoLogic has been shifting its business to Europe, and our record revenue and earnings in 2005 and 2006 to date flow from our success in the markets that embrace Internet gaming. While the new U.S. developments will be a challenge for the whole industry, our company's diversification, strong balance sheet, thriving European customers and potential new business in emerging markets enable us to face the future with confidence."
Lewis stressed taxation and regulation as more logical methods of dealing with internet gambling, opposed to an outright ban. "We believe Internet gaming can and should be regulated, licensed and taxed. The U.K. model is the right one: create a safe, secure and regulated environment for players to enjoy this form of entertainment," Rose said.
"We will continue to advocate regulation as the logical solution for all stakeholders, including players, investors, and governments. In the meantime, we will continue to deepen our existing relationships and attract potential new customers in Europe, Asia and other thriving and emerging markets." With nearly 70% of its customer base made up of non-US citizens, CryptoLogic stands to be one of the more stable online gaming sites in the wake of the new US legislation.
Another multi-site licensing company, Boss Media announced that it will immediately cease taking wagers from American customers. "As the bill on banned Internet gambling payment processing services in the United States turns into formal law, Boss Media AB will immediately take action to block American players resident in the United States from accessing any such services and software provided by Boss Media." Boss expects the loss of US customers to result in a 10-15% dip in revenue for 2006.
Boss, based in Sweden, licenses to a number of sites including Poker Heaven, Total Poker, Virgin Poker and Bet Direct Poker.