Online gambling for the Chinese market. | IXGAMES

Internet gaming software developer CryptoLogic Inc said it has signed a three-way memorandum of understanding (MoU) to adapt and licence its online casino, poker and other skill-based games for the chinese market.The MoU with Brilliance Technology Co and 568 Network Inc, which both have strong links to the software and gaming industries in China, will see the three firms jointly establish a new company there. That firm’s objective will be to ‘penetrate the high-growth, high-potential Chinese market, including China, Macau, Taiwan and Hong Kong‘. Financial details of the deal were not disclosed. Cryptologic’s investment will be a minority at first, but with an option to lift its investment to a controlling position. It has the right to appoint all board members to the new company. President and chief executive Lewis Rose said the MoU was the first major step in what is one part of CryptoLogic’s strategy to expand in Asia, which it sees as a growth market. The MoU means CryptoLogic will have access to ‘substantial game development and IT skills uniquely suited to the Asian gaming market, and provides well-placed resources in China’. Meanwhile, Brilliance will deliver games in two modes, those played for money and those played for fun. It will enter an exclusive licensing agreement for the new firm’s online gaming software and service offering, and apply for required gaming licenses.