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CryptoLogic Takes Industry's Top Honours for World-Class Casino Software

Top Casino Software Award based on votes from hundreds of thousands of players

TORONTO, ONTARIO -- (MARKET WIRE) -- 02/05/07 -- For the second consecutive year, CryptoLogic Inc. (TSX: CRY)(NASDAQ: CRYP)(LSE: CRP) has captured Gambling Online Magazine's Top Casino Software Award. The award, based on the votes of readers, players and website visitors, is widely recognized as the industry's top honour. CryptoLogic was recognized for its "state-of-the-art" casino gaming software, exclusive gaming concepts and outstanding player security delivered through its wholly-owned subsidiary, WagerLogic Limited.

"At CryptoLogic, we know what players want, and transform those desires into the ultimate online entertainment experience," said Lewis Rose, CryptoLogic's President and CEO. "CryptoLogic's strategy is to deliver the most innovative gaming software to an exclusive list of trusted, international customers - and the Top Casino Software Award shows our approach is paying off in spades. It's yet another competitive advantage for our customers - and our business."

Internet casino software continues to be CryptoLogic's core business, accounting for almost 60% of the company's revenue in the first three quarters of 2006. CryptoLogic continues to benefit from its significant investments in player research, competitive benchmarking and exclusive partnerships with top entertainment brands including Bejeweled and Cubis.

With more 260 games, CryptoLogic has one of the most comprehensive casino gaming suites on the Internet. In 2006 alone, the company introduced many first-to-market innovations, including the first-ever online version of Texas Hold'Em Bonus Poker, a wildly popular game that combines the popularity of poker with the excitement of a casino card game. CryptoLogic also delivered the exclusive online slot version of Cubis, the award-winning, visually stunning 3D puzzle game.

"CryptoLogic offers a superior gaming experience with more excitement, more innovation and more chances to win," said Justin Thouin, CryptoLogic's Vice President, Casino. "We are the only casino software provider to offer an interactive floor. And our authentic card and table games, multi-player options and interactive chat deliver great games and great experience for any player - anytime."

CryptoLogic also offers the industry's best jackpot offering, including its patented Millionaires Club® which boasts the highest jackpot in online history, and its Rapid Fire slot games which continues to pay out more often than any other online slot.

CryptoLogic has earned accolades for its pioneering online gaming software from industry and players alike. The company was chosen as the Top I-Gaming Software Provider at the 2006 UK Gambling Awards for both casino and poker, and Allonlineslots.com rated three of CryptoLogic's slots in the top seven of the year.

"Being recognized with the Top Casino Award makes it clear that CryptoLogic continues to deliver the games players want to play," added A.J. Slivinski, WagerLogic's Managing Director. "CryptoLogic's software innovations help drive player activity, develop more satisfied customers and increase player traffic - all of which leads to enhanced profitability."

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. Cryptologic's leadership in regulatory compliance makes it one of the very few companies with gaming software that has been certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to a blue-chip customer base around the world. For information on WagerLogic®, visit www.wagerlogic.com.

CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the Nasdaq Global 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.

Contacts:
CryptoLogic
Ken Wightman
(416) 545-1455
(416) 545-1454 (FAX)
www.cryptologic.com

Argyle Communications
Karen Passmore
(North American media)
(416) 968-7311, ext. 228
kpassmore@argylecommunications.com

Argyle Communications
Dan Tisch
(North American media)
(416) 968-7311, ext. 223
dtisch@argylecommunications.com

Corfin Communications
Ben Hunt
(UK media only)
+44 207 929 8985

Corfin Communications
Neil Thapar
(UK media only)
+44 207 929 8999

Corfin Communications
Harry Chathli
(UK media only)
+44 207 979 8980

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