Thursday marks the official move of InterPoker and ParBet from the CryptoLogic Network to Boss Media’s International Poker Network (IPN). The move stems from a November agreement between the two networks whereby Boss would absorb CryptoLogic’s remaining online poker sites.
The past two days have seen the final rooms on the CryptoLogic Network make their way to Boss. On Tuesday, Extreme Poker jumped to IPN. Wednesday saw the moves of Classic Poker, Opoker, DTD Poker, and BetJacks. Atul Bali, President of GTECH’s New Media and Sports Betting Company, commented in a press release distributed on Thursday, “With the addition of six new poker licensees including InterPoker and ParBet, we are significantly increasing the liquidity that can be offered to both the new licensees’ players as well as our existing customers’ player base. We look forward to further developing our relationship with CryptoLogic and increasing the size of the IPN over time.” GTECH is the parent company of Boss Media and is based in Providence, Rhode Island.
According to a market update issued by CryptoLogic on Tuesday, the moves of InterPoker and ParBet represent the final “integration of all poker customers.” The company will instead focus its efforts on creating industry-leading online casino software. In 2008, it signed on 10 new customers in total, including 888.com, Party Gaming, BSkyB, and GigaMedia. The developers at CryptoLogic rolled out 34 new casino games last year featuring such well-known brands as Street Fighter, Sub-Mariner, and King Kong.
The 2008 calendar year saw CryptoLogic post revenues of $61.5 million, which it claimed was in line with market expectations. Comparatively, revenues were $73.7 million in 2007, meaning a drop of 17% occurred. Two years ago, CryptoLogic posted a net profit of $5.5 million. Last year, the company incurred a net loss of $32.7 million, which it pinned on “write downs of impaired assets, non-recurring restructuring costs, and currency factors.” Fourth quarter revenues of $11.7 million in 2008 were half of the $20.4 million that the company posted during the final quarter of 2007.
Information available on InterPoker’s website reveals that the process for players involves downloading IPN’s new software. Funds will automatically be transferred over. However, My Poker Points (MPPs) will become merely a vestige, as InterPoker and other CryptoLogic players transition to using Frequent Player Points (FPPs).
As a result of the influx of new customers, IPN has grown leaps and bounds. It includes CelebPoker, Fortune Poker Paradise Poker, and Poker Heaven and is currently the ninth largest site worldwide in terms of cash game traffic, according to PokerScout.com. It boasts a seven day running average of 1,900 real money ring game players with a 24 hour peak that is nearly double that amount.
Brian Hadfield, President and CEO of CryptoLogic, commented in the same release, “GTECH and Boss Media are the right partners for CryptoLogic, thanks to their independence and commitment to innovation and technology. This is all part of CryptoLogic’s commitment to a superior experience for our customers and to profitability and growth for our shareholders.” CryptoLogic is traded on the NASDAQ Stock Exchange under the symbol “CRYP.” At the time of writing, its shares are unchanged on the day at $4.27. Over the past 52 weeks, the stock has fetched anywhere between $2.00 and $21.97.
Just behind the IPN is the 10th largest network worldwide, the Cake Poker Network. It recently saw the additions of Doyle’s Room and Poker Host to its already impressive lineup of PlayersOnly, Lock Poker, and Red Star Poker. Its flagship site is, of course, Cake Poker. Unlike the IPN, the Cake Poker Network accepts customers from the United States, which has helped fuel its growth.
Recent online poker sites that left the CryptoLogic Network included Betsafe, which joined the Ongame Network last month. In December, Sun Poker became a part of the iPoker Network, the largest that does not accept U.S. customers. Playboy Gaming shut down entirely in January. In November, a for-profit online poker room operated by the World Poker Tour (WPT) referred its members to InterPoker; the WPT’s site had been part of the CryptoLogic Network.