Chinese gambling operator in software deal
17th January, 2008
Chinese online casino gambling operator the CY Foundation has confirmed it is to join forces with Toronto and Frankfurt-listed software developer Las Vegas From Home (LVFH).
The two companies have signed a deal over the supply of Asian multiplayer casino software platform that LVFH says has the full approval of the Ministry of Culture.
Chinese official traditionally exercise tight constraint over the licensing of online gambling establishments but in recent months have begun opening up to the industry, mindful of the huge potential for tax revenue.
"This is a tremendous opportunity for the company," said LVFH president Jake Kalpakian. "This relationship allows us to be a recognised supplier in arguably the world's most sought after market - all through a strong and solid organisation such as CY Foundation."
Although many types of gambling remain prohibited in China, as recently as last week the government announced it is planning to legalise horse racing and some forms of betting.
