Cryptologic Buys Into Korean Gaming Market

April 10 - Continuing in its mission to diversify its products and cater to a global gambling public, the top gaming company, Cryptologic, announced that it had entered into an agreement with the South Korean games developer, Mobilebus.

While the investment is presently a minor one, Cryptologic has assured itself the option of a majority position in the future.

Cryptologic's president and CEO, Brian Hadfield said after the deal was signed: "Today marks another key milestone in Cryptologic's global diversification and expansion, and another key step into the lucrative Asian market. Asia is critical to Cryptologic's "follow the sun" approach to business: It's about having development going around the clock, around the world. As an experienced game developer in a gaming friendly market, Mobilebus will help bring players a uniquely Korean entertainment experience."

The South Korean market, which enjoys one of the highest degrees of internet and cellular phone penetration in the world, will benefit from the joint creation of games by Cryptologic and Mobilebus, including the acquiring of casual game portals that will offer traditional Korean games. Also on offer will be several poker variants, which are becoming increasingly popular in Asia.

The CEO of Mobilebus, John Lee, said: "Cryptologic's track record of integrity, innovation and performance will help Mobilebus take its business to new heights and open up new avenues for growth. Together, our companies are poised to make an impact in this highly profitable market."

The casual cards game segment in Korean increases at a rate of around 24% a year, while the total online and mobile gaming market is estimated by government officials to be worth over $1-billion.