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News > Casino News Archive > Jul 2007 > Online Gambling Software Provider Moves To Ireland |
26 Jul 2007
Things are changing around the online gambling world, and we're not talking only about new games that are being released every now and then. Ontario-based Cryptologic, one of the leading online casino software providers, is moving its headquarters to Dublin, Ireland, after receiving the approval of the shareholders of the company. In addition, it has been decided that the company will be reconstituted as an indirect subsidiary of CryptoLogic Limited. The move is scheduled to take place next month, although the arrangement still needs to be approved by the Ontario Superior Court of Justice, which will give his decision after conducting an hearing on May 29th.
The decision was approved last week at the Special Meeting of Holders of Common Shares in Toronto, with more than 99% of the shareholders voting in favor. “CryptoLogic’s plan to establish a new corporate headquarters in Europe is about investing for our future and our intents to keep growing in both European and Asian online gambling markets" said Javaid Aziz, the company's President and CEO. "As you can see, our shareholders certainly agree with our plans of geographic expansion and I thank them for that" added Aziz.
Even though at first this may seem only a geographical change, it's actually a move that can affect the whole online gambling industry. Crtyptologic's main objective with this move is to get closer to its principal markets, which after the legislation of UIGEA are Europe and Asia. If the plan goes well, don't be surprised if more online casino related companies start packing and building their new homes at other places around the globe.
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