Concerns have been dropped by CryptoLogic and their online casino software subsidiary, WagerLogic, as to losing their client BetFair, which brought in nearly 10% of Cryptologic's revenue (chiefly from online poker).  The two companies will go on to see the remainder of 2005 through - with their continued relationship of software provider and licensee.  BetFair still plans to release its own online gambling software platform, at which time the services of CryptoLogic will no longer be needed.  Despite the loss, CryptoLogic has seen an increase in other online poker licensees, as well as a continuous demand for online casino sites.

Although the online casino software manufacturer, CrytoLogic, did not seem too concerned with losing the business of one of the internet's largest online gaming sites - BetFair - the company commented they are very pleased to keep doing business with BetFair, and that the original contract between the two online gambling giants will remain in active status until its agreed upon termination date.  At the current time, this date will come no sooner that June of 2006, and may be extended to January of 2007 if need be.

BetFair was originally going to get out of its contract with CryptoLogic after deciding it necessary to develop their own online gambling software platform.  However, due to unknown reasons, that software has not come into fruition, and may take up to another year to fully develop.  Director of BetFair Games, Steven Ives, stated on record that BetFair has always desired to operated its own unique software platform, and that this vision is still a top priority for the company.  Recognizing the fine services given by WagerLogic (CryptoLogic's subsidiary software developer), BetFair would simply like to be entirely self sufficient.

BetFair is doing very well for itself (with a database of 300,000 registered gamblers and 18,000 active players per month) - Therefore it was quite a blow to CryptoLogic upon hearing the initial news they would be losing a major client that accounts for 10% of their total revenue.  And despite stock prices falling nearly 17 percent after first word of the news, CryptoLogic has managed to steady itself.

CEO of CryptoLogic, Lewis Rose, commented that BetFair's business is greatly appreciated, and that the company is happy to keep their contract active and to hopefully engage in more business down the road.  However, if and when BetFair does decide to incur the costs and overhead of developing and maintaining an online casino software platform, the company does not foresee any significant losses in revenue, considering they have doubled their poker revenue in 2005, and that online casino software still remains to make up the bulk of their business.