ukbetting Renews with Cryptologic

Online gaming software developer, Cryptologic (Nasdaq: CRYP), announced Tuesday that British bookmaker, ukbetting Plc, has renewed its contract to continue using the Canadian firm’s software.

ukbetting’s online poker contract was extended until 2009, while its online casino contract was extended until 2008.

This comes as welcomed news for Cryptologic, as its stock had suffered in August after one of its clients, Betfair, said that it was planning on developing its own software platform and would eventually leave Cryptologic. Betfair has since agreed to a short contract extension, but the damage had already been done.

Cryptologic’s shares rose almost 4.5% Tuesday to $21.10.

Originally published January 10, 2006