CryptoLogic and Marvel Settlement

October 03, 2010 | News Category: Casino Software

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The dispute between CryptoLogic's subsidiary, WagerLogic Ltd., and Marvel has finally been resolved. Although the two companies attempted to deal with their disagreement out of court, that was not successful, and after the companies met in court, some amendments to their original agreement has now settled their issues.

CryptoLogic's financial situation has been declining over the past few years, and one of the good things they have had going for them has been the deal with Marvel, which has allowed them to be the sole distributor of superhero slots, using various superheroes from Marvel Comics.

In October 2005, WagerLogic and Marvel Enterprises Inc. signed an agreement making WagerLogic the "sole developer of Marvel-branded casino slot games in the Internet casino industry." However, about a year after this original contract was signed, Rival online casino software signed a similar exclusive multi-year agreement with Marvel Entertainment's Netherlands-based subsidiary, named Marvel Characters BV. However, this agreement referred to bingo and poker online casino games on the Internet, television, and also on mobile gaming platforms.

Even after the agreement with Rival was signed, WagerLogic still renewed their agreement with Marvel Enterprises Inc., but the company was not happy with the deal that had been reached between the company's Netherlands subsidiary.

The final agreement between the two parties was that they would modify the terms of their original business agreement in order to be able to continue working together.

The licensing agreement now includes the following:

- Firstly, the agreement is now to be a non-exclusive agreement, which while it means that other online gambling companies can also make deals with Marvel, WagerLogic will also continue to do so, however, they will be doing so at an unspecified reduced rate of pay.

- The current licensing agreement has been extended by an extra 12 months, which makes the new end date of the contract through January 2014.

- WagerLogic will now be allowed to extend into other platforms, such as mobile gaming, and also government licensed systems in hotel rooms.

- WagerLogic is now going to be allowed to design games for online wagering and the other platforms that have been specified, which are based on the top Superheroes that Marvel has to offer. This includes The Avengers, and also the superheroes that Marvel has already marketed, or have already been included in their earlier licensing agreement with Marvel Inc., such as The Fantastic Four and one of the all-time favorites, Spiderman.

All in all, the settlement has worked out well for CryptoLogic.

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