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Ultimately
Microgaming and CryptoLogic then settled into the business of providing the gaming software to other companies to offer to their own clients. Both companies did well and developed rapidly.
Today Microgaming remains a private company (albeit somewhat chopped up and renamed as Apricot) and is currently estimated to be worth $1.2 – $2 billion. Who the actual owners are is a mystery.
CryptoLogic experienced impressive growth and took a different path to Microgaming by going public; listing on the TSX in 1998, NASDAQ in 2000 and the LSE in 2003.
All went swimmingly for CryptoLogic until around 2006, when UIGEA kicked in and cut off a chunk of their license revenue stream. Most CryptoLogic operators were US facing; these had to either shutdown or find other sources of revenue.
Microgaming had wisely diversified its portfolio and concentrated on European markets. It was less impacted by UIGEA.
As you may know, the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) is a US federal law and was enacted as part of the SAFE Port Act. The law focuses on financial transactions rather than directly banning online gambling. It targets the flow of money between gamblers and online gambling sites.
After the enactment of UIGEA, many online gambling companies, especially those based offshore, stopped accepting US customers to avoid legal repercussions.
Nevertheless, in early 2007, Playboygaming.com started offering CryptoLogic poker and casino games. CryptoLogic acquired the World Poker Tour (WPT) Enterprises during the same year too.
Both Playboy and the World Poker Tour faced hard times as their natural home markets were denied them. CryptoLogic had made some high-minimums deals which after UIGEA the operators struggled to cover. Both sites were closed after a few years as profits failed to materialize.
Playboygaming.com used CryptoLogic software
CryptoLogic struggled to keep up with the competition and was eventually sold in 2012 to the Amaya group for around $36 million.
Amaya is also famed for its later takeover of PokerStars.com and FullTiltPoker.com. Amaya changed its name to The Stars Group Inc in 2017 and was acquired by Flutter Entertainment in 2019 for $6 billion.
