Marvel Comics a Bright Spot for Scarred Cryptologic

Written by:
Jagajeet Chiba
Published on:

Having been embroiled in a public feud with former CEO and 10 percent shareholder, Javaid Azid, the publicly traded online gambling software firm, Cryptologic, can seek some solace in knowing that the Marvel Comics franchise is enjoying some degree of success.

Higher profits and expanding markets for Marvel Entertainment may lead to a trickle-down effect for CryptoLogic Limited (CRYP: 4.78 -1.44%).

CryptoLogic has exclusive gaming and casino rights to Marvel comic book characters, whose brand recognition is rapidly growing.

This week, Gambling911.com reported on the dispute involving Azid and Cryptologic management.

Former Cryptologic CEO, Javaid Aziz, who ran the publicly traded online software company business from April 2007 to February 2008, has been trying to establish a foothold in an effort to gain control.  The company this week rejected calls from Aziz to hold an "extraordinary meeting" according to the Financial Times of London

Aziz sent a letter to the board expressing his view that the company should promptly execute on a recovery plan designed to stabilize revenues, streamline size and operations, achieve cost reductions, more effectively manage cash flows, and take other steps to improve operating and financial performance.

Among the allegations made by Mr. Aziz, that "The Board of Management have effectively Squandered $4.2M of shareholder funds in an abortive foreign exchange transaction (as reported by the Company).

According to the Financial Times report, Stephen Taylor, chief financial officer, said Mr Aziz made repeated demands for money and threats to sue while he was at the helm.  Aziz has since denied such allegations.

Recent developments related to Cryptologic seem to support Aziz's claims that the company is being "mismanaged".  Cryptologic lost a handful of its clients over the past two months alone.  One, the Playboy Casino, shut its doors due to lack of profitability, but it was the abrupt departure of England's second largest bookmaking firm, William Hill, that left many stunned.  Hill is now utilizing the Playtech online casino platform. 

Jagajeet Chiba, Gambling911.com

Gambling News

Catena Anticipates Job Cuts in Europe

Catena Anticipates Job Cuts in Europe

The company announced that it is expanding the strategic review it initiated on 20 May to its entire European online sports betting and casino affiliation business.

Kroger to Allow Sports Betting

Supermarket chain has applied for a sports betting license in this U.S. state.....

Field of Dreams Game Prop Bets for 2022 - Including Will Ray Liotta Be Mentioned

Field of Dreams Game Prop Bets for 2022 - Including Will Ray Liotta Be Mentioned

The August 11, 2022 game will be played near Field of Dreams in Dyersville, Iowa, a site popularized by the 1989 baseball film Field of Dreams.

5 NFL Betting Tips to Keep Your Career Started

One of the most popular forms of sports betting nowadays is NFL betting. It's also one of the most lucrative, so many people tune in to the games to get entertained and win bets.

Super Bowl 57 Winning States, Blue and Red - Latest Odds

Super Bowl 57 Winning States, Blue and Red - Latest Odds

Of course, California with its three Super Bowl competitive teams and the reigning champion LA Rams was favored at +350 and pays $350 for every $100 bet.