Online gaming solutions provider, Cryptologic, has announced they have agreed upon a major deal to purchase the betting exchange, poker room and online casino, Parbet.com, for an agreed price of €9 million. The purchase will entitle Cryptologic to the Scandinavian based Parbet's assets, which include the Parbet name, domain names, customers and player's current cash deposits. In addition to the €9 million paid up front, Cryptologic will also pay up to an additional €4 million over the next six months, corresponding to continued performance of Parbet assets.

Cryptologic intends to license Parbet's software platform, payment processing operations, and customer services (versed in five languages) to a private online gaming operator, yet to be named. In like fashion to Cryptologic's method of using their software subsidiary company, WagerLogic, to license online casino platforms and brands to private operators, Parbet will soon find itself in the hands of a new management team. The deal is expected to close by January 15, at which time, Wagerlogic will begin migrating Parbet account holders to their large poker network, which includes InterPoker and ExtremePoker.

Cryptologic's VP of Poker Software Development, Andy Goetsch, said Parbet players will have access to one of the most stable poker networks online, in addition to increased incentives and liquidity. Size matters when it comes to online poker, and Cryptologic is doing all they can to make that happen. Following Parbet, WagerLogic will be launching Playboy Poker and a migrated BetSafe.

Cryptologic expects the Parbet assets will help to increase annual online gambling revenue earnings by $2 million, considering Parbet's platform currently generates approximately $7 million annually. In keeping with Cryptologic's strategy to dominate the European online gambling scene and to be at the forefront of the next wave of growth in the online casino and poker sector, the acquisition of Parbet is a sound investment to increase greater returns in 2007.