[bigboydan]

CryptoLogic Subsidiary Wins Top Honours at 2006 UK Gambling Awards

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2006) -

WagerLogic named iGaming Software Provider of the Year at industry's top awards event

CryptoLogic's (TSX:CRY)(NASDAQ:CRYP)(LSE:CRP) wholly-owned subsidiary, WagerLogic Limited, was recognized as the iGaming Software Provider of the Year at the 2006 UK Gambling Awards - the UK's premier industry awards event. WagerLogic was honoured for its innovative Internet casino and poker software. The awards were held at the historic Banqueting House at Whitehall Palace, London.

"This prestigious award - along with a growing number of other industry honours - makes it clear that CryptoLogic is developing games of choice that players love to play," said Lewis Rose, CryptoLogic's President and CEO. "As both industry pioneer and an industry leader, CryptoLogic works hard to stay close to the heart of the online player - in both casino and poker - and this type of industry acclaim shows we're on the right track in producing innovative, industry-leading games and software."

In more than ten years in business, CryptoLogic has consistently developed groundbreaking products and entertainment concepts through its Internet casino and poker suites. The company introduced more than 20 new casino games in 2005 alone; these included Bejeweled, the popular gem-matching game, and six new multi-jackpot games featuring world-famous Marvel Super Heroes such as The Hulk, Daredevil, X-Men, Blade and The Punisher.

With one of the most extensive poker offerings on the Internet today, WagerLogic licensees' central poker room has consistently ranked among the top five poker rooms on the Internet, and now attracts more than 9,000 simultaneous online players.

"In our industry, it's a great tribute to be named the iGaming Software Provider of the Year," said A.J. Slivinski, WagerLogic's Managing Director. "For WagerLogic, this validates our commitment to providing state-of-the-art casino and poker software that enhances the loyalty of our customers' players across the UK and all over the world."

Presented by Dennis Publishing, the UK Gambling Awards honours the best in the industry. Founded in 1974, Dennis Publishing is one of the world's leading independently owned media companies. The company publishes 19 magazines in the UK, including Maxim, InsideEdge, PokerPlayer, TOTAL Gambler, PC Pro and The Week, and four titles in the US - Maxim, Stuff, Blender and The Week.

About CryptoLogic® (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Inc. is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Ltd., a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers worldwide. For information on WagerLogic®, visit www.wagerlogic.com.

CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the NASDAQ National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP).

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.

[marc]

I've been playing offshore for 3years, have played at about 100+ books. Never once was I asked to fill out some type of survey. Who are the people deciding who has the best software. Unless players are the ones voting, these awards are worthless.

[tacomax]

Who are the people deciding who has the best software. Unless players are the ones voting, these awards are worthless.

My thinking exactly.

Crypto has got to be the worst major software platform. It has nowhere near the speed of RTG or Playtech nor the range of features (like autoplay) and games as Microgaming.

[DamianDunlap]

The speed is ok for black jack. They have a turbo botton. Also intercasino gives 90 bucks every month. No other casino does that.

With RTG you will have to pray you will get paid (beside bodog,wagerstreet,inetbet) most of the rest you will be praying you get paid

[isetcap]

My thinking exactly.

Crypto has got to be the worst major software platform. It has nowhere near the speed of RTG or Playtech nor the range of features (like autoplay) and games as Microgaming.

If we're talking strictly playability then that statement holds up 100%. But I would offer that Cryptologic licensees are flawless organizations financially speaking. For some people (not myself), speed is a nonfactor and autoplay defeats the purpose of playing the games. For a mechanic, obviously Microgaming's autoplay features are glorious.

I can certainly see the validity in the statement that Cryptologic does take an innovative approach to the "gaming experience" in that their philosophy is to make you feel like you are actually entering into a gaming house. That in conjunction with their ironclad business and technical practices certainly warrants accolades.

I think I agree with everyone that the voting population should be disclosed whenever you release a story about an award that has been handed out.

[isetcap]

With RTG you will have to pray you will get paid (beside bodog,wagerstreet,inetbet) most of the rest you will be praying you get paid

If you don't believe Damien about RTG, go ahead and give it a try on your own. You'll love the ease of setting up your account. You'll love all the massive bonuses you will receive. You'll love how fast the games are (A seasoned BJ player can easily play over 600 hands in an hour).

You'll be dismayed at the fact that you only have about a 5% chance of getting paid your winnings. This group should not even be considered a major player anymore. They are the software of choice for swindlers, which is a shame because the software is actually quite good and definitely deals a fair game.

[juuso]

For me the autoplay feature of Microgaming is one of the most important ones. With casinos i'm not a high roller. I deposit 50-150 and take a good bonus and once i reach a nice amount i like to autoplay rest of the wagering requirements with the minimum bet. Not doing any slots, but casino war is cool if bj requirements are ridiculous. Video poker i never autoplay as it's a game i like to play the most and i love to double up all the smaller-midtable wins.

[juuso]

I also like the RTG software. Maybe 50% of them are are crooked and you will have hard time once you win and try to cash out. But there are many good ones. I personally like Breakaway and Scifi casino which are the same company. Breakaway gave me a 25 dollar no deposit. I won 50 which was the max withdrawal after the playthrough. Deposited 20 back and got a 20 bonus. Started playing joker poker, in no time was up to 300. Wen't to blackjack table. bet 200, got a bj. wen't to play some slots because the bonus had 12x playthrough on slots. stayed even. With a little bit more alternating between bj, video pokers, and the simple 3 reel one line slots, i was up to 918 after completing the wagering requirements. I played 5 $200 hands of blackjack, won 4 of them and 3 were blackjacks. Talking about luck! Definately a fair software! They payed me each time in less than 24h by neteller.