Gambling News - May 2005 Edition

"CYOP Systems to License Online Poker: Company to Launch Subsidiary Licensing Arm in United Kingdom"

CYOP Systems launches Red Felt Software in London.

New legislation has been introduced in the UK that promises to strengthen and improve regulation of the gambling industry and CYOP Systems, a software company that develops and provides online skill-games, poker games, and a variety of services for the online gambling industry, has announced the formation of a UK based subsidiary, Red Felt Software Ltd.

CYOP Systems, expects that the rocketing popularity of online poker will contribute to the success of Red Felt Software, which intends offering poker software as its product. CYOP’s move to register Red Felt Software in the UK makes good business sense.

CEO of CYOP Systems, Mitch White, commented, “We had planned to launch our Poker game on May 1, 2005. However, we have decided to delay this to ensure it is 100% market ready with beta testing complete, translation complete and all integration issues resolved prior to a launch and marketing of the SINA network.”

The online gambling rate has risen at approximately 30% a year. These figures as well as CYOP’s plan to launch the first online poker site in Asia, has the company feeling very upbeat about the future of its product and about CYOP’s position in the online gambling marketplace.

Statistics on online gambling gives good reason to believe that CYOP and its London subsidiary will be successful. Online poker sites alone generated approximately $2 billion in revenues last year, which is equivalent to 40% of the gambling revenues generated last year on all of Las Vegas strip. There are an estimated 1.7 million online gamblers with about 150,000 people playing on any given day, according to Poker Pulse, a company that tracks the online poker market.

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