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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Tuesday, July 22, 2008
CryptoLogic Integrates Poker Site Into Betsafe eWallet
Comtex
DUBLIN, IRELAND, Jul 22, 2008 (Marketwire via COMTEX) ----CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming market, today announced the complete integration of its poker site into Betsafe's online eWallet payment system. Betsafe, one of the world's leading suppliers of online gaming and sportsbook products, joined CryptoLogic's poker network in January 2007.
The addition means that Betsafe players can now enjoy the convenience of having one single account for all of their gaming needs. Prior to the integration, Betsafe's poker site was not connected to its sportsbook product. This combination means a seamless and enhanced Internet experience for Betsafe customers and improved opportunities for cross-selling from the sportsbook to the poker product.
"Today's announcement demonstrates CryptoLogic's commitment to enhancing the player experience with flexible, customer and player-centric solutions," said Brian Hadfield, CryptoLogic's President and CEO. "Our focus is to strengthen relationships by working closely with our licensees to find out what their players want - and then delivering superior products that meet their unique needs."
It is expected that the integration into Betsafe's eWallet will lead to a significant increase in the player conversion of sportsbook customers to CryptoLogic's online poker product. As part of today's agreement, Betsafe will also increase its marketing initiatives for its online poker segment, which should lead to an even larger increase in player conversion.
Betsafe's players have access to one of the world's largest shared poker networks that excludes the US market, enabling them to find a game at the level and stake they want, in the currency they want, when they want. Players can also take advantage of some of the Internet's most popular online poker games, including Hold'Em Blackjack(TM) - an exclusive game which combines the intensity of poker with the simplicity of blackjack - and the Headhunter Challenge, an innovative multi-table poker concept in which players can earn cash for every 'head' they eliminate.
"The launch of our single wallet is much awaited and we believe that this integration will have a strong positive effect on all our products, said Henrik Persson, Betsafe's CEO.
With more than 70,000 customers from more than 100 different countries, Betsafe is one of the leading suppliers of online gaming products on the Scandinavian market. Since the official launch of Betsafe in 2006, Betsafe has established themselves as one of the most trusted and reliable gaming companies in the industry, offering its customers a wide selection of innovative products, such as poker, sportsbetting and casino games. Betsafe was also awarded top position in TIPS Magazine's bookmaker test in 2007.
"CryptoLogic continues to increase player loyalty and deliver success for our licensees with its customized solutions," added Justin Thouin, CryptoLogic's Vice President, Product Management and Business Development.
About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited 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(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
About Betsafe (www.betsafe.com)
Betsafe is today one of the leading suppliers of online gaming products on the Scandinavian market, with over 70,000 customers from over 100 different countries. Since the official launch in January 2006 Betsafe has established itself as one of the most trusted and reliable gaming companies in the market. Betsafe is licensed and regulated in Malta through a Class 1, Class 2 and a Class 3 license.
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.
SOURCE: CryptoLogic Limited
CryptoLogic Stephen Taylor Chief Financial Officer 35316641682 Argyle Communications Kyla Thoms (North American and gaming industry media) (416) 968-7311, ext 237 kthoms@argylecommunications.com Argyle Communications Karen Passmore (North American and gaming industry media) (416) 968-7311, ext 228 kpassmore@argylecommunications.com Corfin Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications William Cullum (UK media only) +44 207 977 0020 Corfin Communications Harry Chathli (UK media only) +44 207 977 0020
Copyright (C) 2008 Marketwire. All rights reserved.
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