After formally commencing arbitration proceedings in April over claims that Marvel Enterprises had committed material breaches of certain provisions of its agreement, CryptoLogic has announced that its wholly owned subsidiary, WagerLogic, has reached a settlement with Marvel relating to the licensing of Marvel comic book characters.

WagerLogic and Marvel have agreed to modify certain business terms of their licence agreement:

  • Expanded the platforms to include mobile, and government licensed in hotel room systems;
  • Allowed for the creation by WagerLogic of wagering games based on Marvel’s top team of Super Heroes, The Avengers, in addition to Spider-Man, Fantastic Four and the other characters already included in the licence;
  • Extended the relationship by 12 months through January 2014; and
  • Agreed to make the agreement non-exclusive at a reduced cost to WagerLogic.