Document:

Exhibit
10.1

GAME SHOW NETWORK, LLC

2150 Colorado
Avenue, Santa Monica, California 90404

310/255-6890

FAX: 310/255-6989

As of April 2,
2007

Mr. Steve Lipscomb

c/o Adam Pliska, General Counsel

WPT Enterprises, Inc., Suite #350

5700 Wilshire Boulevard

Los Angeles, California
90036

Re:     WPT

Gentlemen:

The following will
confirm the terms of the agreement between Game Show Network, LLC (“GSN”) and
WPT Enterprises, Inc. (“WPT, Inc.”) in connection with production, delivery and
exhibition of the World Poker Tour television episodes (“Program”).

1.         CONDITION PRECEDENT:  GSN is informed that WPT, Inc. is party
to an agreement with Travel Channel (or a related entity) regarding World Poker
Tour programming (the “Travel Agreement”). 
WPT, Inc. does not intend to breach the Travel Agreement and it
represents that entering into this agreement does not breach the Travel
Agreement.  Such representation is a
material term to GSN entering into this agreement.

2.         PROGRAM:  The Program shall consist of a series of
two-hour programs of poker tournaments branded as the “World Poker Tour” (with
each “season” being  twenty-three
episodes) held in various locations and shall be substantially similar in
format, production value and all other production elements to the sample
episode of Season 5 of the Program provided to GSN.  For purpose of clarity, the Program shall not
cover non-WPT branded poker programming (e.g., the Professional Poker
Tour).  The production schedule of each
season is currently May – April.  GSN
shall have standard network approval over all material creative elements.  GSN hereby licenses, subject to the terms
hereof, Season 6 (i.e., the season conducted from approximately May 2007
through April 2008) of the Program.  GSN
shall have exclusive, consecutive-dependent options (the “Subsequent Season
Options”) to order Season 7 and Season 8. 
Each of the Subsequent Season Options shall be exercisable no later than
sixty (60) days following GSN’s initial airing of the first episode of the
previous season but no later than March 15 of the applicable year, (the “Option
Date”) provided that WPT, Inc. delivers final cuts of the first four episodes
no later than December 1 of the calendar year in which they are taped and
subsequent episodes are delivered two weeks before their airdates, assuming

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such airdates occur
pursuant to a schedule in which GSN will air the episodes on a once a week
basis beginning January 15 of the year following commencement of the WPT “season”. 
If delivery is later or GSN is contractually prohibited (because of WPT, Inc.
contractual obligations with some third party) from airing episodes as early as
January 15 ( a “Delay”) and as a result GSN does not air original episodes each
week from January 15 through March 15, then the Option Date shall be extended
by the number of weeks GSN’s air schedule was delayed.  Each Subsequent Season Option hereunder, if
exercised in GSN’s sole discretion, may only be exercised by written notice to
WPT, Inc. from GSN’s Business Affairs Department.

3.         LICENSE FEE:  The license fee (“License Fee”) for the
license granted herein shall be Three Hundred Thousand Dollars ($300,000) per
two hour episode in Season 6, with 5% increases for subsequent seasons, payable
upon final delivery of the Program in conformance with the specifications
provided by GSN.  The following bonus
structure shall apply to the License Fee:

	
  If the average rating of the

  premiere run of all 23

  episodes is greater than:

  	
   

  	
  Then the
  bonus license fee on a per episode

  basis is:

  
	
   

  	
   

  	
   

  
	
  .8

  	
   

  	
  20K

  
	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  25K

  
	
   

  	
   

  	
   

  
	
  1.5

  	
   

  	
  35K

  

 

4          GSN LICENSE PERIOD AND
RUNS:  The license period
for each season begins with GSN’s first airing of an episode from that season
(provided Season 6 will not commence earlier than January 1, 2008 but WPT, Inc.
will endeavor to get its rights for GSN’s broadcasts to begin as early as that
date) but no later than April 4, 2008. 
For Seasons 7 and 8, if exercised, the “no later than” date shall be
March 1 of the calendar year following the year in which production of the
applicable season commences.  GSN may
begin promotion of Season 6 episodes July 1, 2007.  GSN shall have an exclusive license for any
English-speaking versions of the Program 
for Season 6 (and if its options are exercised, Seasons 7 and 8)  in the United States and its territories and
possessions (“Exclusive Territory”) and a non-exclusive license for any
English-speaking versions of the Program 
in Canada and its territories and possessions and the island
countries/territories of the Caribbean (together with the Exclusive Territory,
referenced to herein as the “Territory”) in the Specified Media.  The Program shall be the only
English-speaking “World Poker Tour” or “WPT” branded poker tournament
programming authorized by or through WPT, Inc. or its affiliated companies to
be distributed in the Specified Media in the Exclusive Territory.  Notwithstanding the foregoing, during the
Term, WPT, Inc. shall be precluded from organizing or exhibiting on any media “WPT”
or “World Poker Tour” branded tournaments other than those surrounding the
tournaments depicted in the Programs  GSN
will have the right to air an unlimited number of runs of each episode for a
period of four years from its initial airing or four years and nine months from
the final delivery date of the episode (whichever is earlier) (the “License
Period”).  During the license period in
the Territory, GSN shall have the right to promote and advertise the Program in
any and all media, including the use of clips from the Program and the WPT and
World Poker Tour names and trademarks and to offer an interactive version of
the Program, provided that such interactive version shall

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be available only
synchronously with its broadcast.  The
Program shall be delivered to GSN free and clear of any liens, encumbrances or
other obligations which would require fees, royalties or payments of any type
(other than as expressly set forth herein) in order for GSN to exercise the
rights licensed to it herein, except with respect to music public performance
royalties, subject to WPT, Inc.’s representation and warranty that any and all
music contained in the Program are either (a) controlled by a performing rights
society (e.g., ASCAP, BMI, SESAC), (b) in the public domain, or (c) controlled
by WPT, Inc. to the extent necessary to permit GSN’s use hereunder.  In the event that GSN has exercised its
options for Seasons 7 and 8, it shall be entitled to the following
consecutive-dependent first right of negotiation and first right of refusal:  Until ninety (90) days after Season 8’s first
day of filming (but no earlier than August 1, 2009) (the “First Negotiation
Date”), GSN shall have the exclusive right to negotiate a deal for Season 9 and
subsequent seasons.  If the parties do
not reach an agreement regarding distributing Season 9 on or before the First
Negotiation Date, then prior to signing a deal for Season 9 and/or any
subsequent season with another telecaster, WPT, Inc. must give GSN fifteen (15)
business days to make an offer matching all material terms of that deal
(separately for Season 9 if requested by GSN) which GSN is capable of matching
based on the specific characteristics of the GSN television service alone at
that time (e.g., if GSN is distributed in 75 million cable homes at that time,
it cannot be a material term that the Program or channel telecasting the
Program be available on 80 million homes, or that two channels telecast the
Program, etc), and if GSN does so, then WPT, Inc. shall accept GSN’s
offer.    At such time as WPT, Inc. and
GSN either reach agreement for Season 9, or WPT, Inc. is permitted to enter
into an agreement for Season 9 with a third party, nothing in this Agreement
shall be interpreted to prevent WPT, Inc. from entering an agreement with a
third party regarding seasons subsequent to Season 9.

5.         EXCLUSIVITY/ADDITIONAL
LICENSED MEDIA:  Except as
otherwise provided herein, GSN rights under this agreement shall apply solely
to the following authorized channels of distribution:  for television distribution on the GSN
television service specifically excluding exhibition on internet or other
media.  In addition to airing the Program
on the GSN television service, GSN shall have the right in the Specified Media
within the Territory to license it for VOD use to its distributors (the GSN
television service and VOD, collectively the “Specified Media”), with any
revenue received from such VOD licenses being split 50/50 with WPT, Inc. after
deduction off the top for any hard costs incurred by GSN.  During the license period of any licensed
episode GSN shall also have the right to use clips from the Program of up to
ten continuous minutes and no more than 15 minutes from any one episode on its
website.  At any given time, no more than
sixty minutes of clips from Program episodes shall be exhibited on the GSN
website and WPT, Inc. will not authorize any third party websites to exhibit
those clips from the Program during the time that they are available on the GSN
website.  During the license period of
the most recent season licensed under this Agreement, GSN shall also be
permitted to make available on its website certain “unseen footage” from the
most recent GSN licensed season of World Poker Tour.  Such footage shall be limited to five (5)
minute clips and shall not exceed forty (40) minutes in the aggregate.  WPT, Inc. will not authorize any third party
websites to exhibit those clips during the period they are available on the GSN
website.

GSN’s license of each Program under this agreement shall be exclusive
solely for English Speaking versions of the Programs in the Exclusive Territory
in the Specified Media during the License Period as against uses of the Program
and as against season one through five of the World Poker Tour (except as
seasons one through five may be telecast on the Travel Channel pursuant to the Travel
Agreement and except for uses of Seasons one through five beginning subsequent
to the

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date which is eight months after GSN’s last exercised Season’s License
Period expires by any other person or entity (including WPT, Inc.) in all forms
of “television” (including but not limited to free, premium cable, basic or
digital cable vod, svod, ppv, etc.). 
Notwithstanding the foregoing, WPT, Inc. will have the right to license
clips of any World Poker Tour episode for broadcast in any media for
promotional purposes so long as clips do not exceed five (5) minutes each and
ten (10) minutes in the aggregate, which limits shall be increased to ten and
fifteen minutes respectively for use in non-poker tournament television
programming exceeding 30 minutes or feature-length motion pictures.

6.         DELIVERY:  WPT, Inc. shall deliver the episodes as
reasonably specified by GSN pursuant to GSN’s standard delivery instructions
and standard and practices requirements. 
With respect to player sponsors, GSN approves the requirements
previously utilized by WPT regarding player sponsorship as embodied in Exhibit “A”
hereto.

7.         INSURANCE:  WPT, Inc.  shall
obtain and maintain all customary insurance coverage and shall name GSN as an
additional insured on the errors and omissions and general liability policies
and on all relevant policies applicable to the Program.

8.         HOLDBACK:  To the extent it is not otherwise limited by
the other provisions of this agreement, WPT, Inc. will not exploit
English-speaking episodes of the Program in the Territory until three months
after their premiere on GSN, except prior thereto WPT, Inc. may post clips from
episodes on its website or other media not included in the Specified Media
(e.g. cell phones), not to exceed ten continuous minutes or 15 minutes from any
one episode.  Where practicable, at WPT,
Inc.’s sole discretion, any such clips shall include a tune in message for GSN’s
airings of the Program.

9.         SPONSORSHIP:  Any advertising with an in-show integration
component  is subject to mutual approval
of WPT, Inc. and GSN, it being acknowledged that branding of the host casinos
within the shows shall not be deemed sponsorship, provided it is substantially
similar to the quality and placement specifics of such branding as occurred in
Seasons 1 through 5 of the World Poker Tour.

10.       MARKETING:  GSN agrees to expend at least Three
Million Dollars in marketing costs for 
each Season of the Program, with at least half of such amount
constituting “hard” costs.  Episodes of
the Program as delivered by WPT may include up to four mentions of the WPT
website, with no more than two being audio and no more than two being
graphic/visual (provided that if the WPT website offers “games” other than
poker, the mentions may not promote such non-poker games), and will, at GSN’s
request, also include an equivalent number of mentions for the GSN
website.  WPT, Inc. will permit GSN
reasonable access to shoot “behind the scenes” footage at WPT tournaments.  The exhibition of any such footage will be
governed by the website and promotion limitations in Section 5 above.  GSN shall have the right to use this footage
in any and all media for promotional purposes during the Term of this Agreement
provided it is not derogatory toward WPT, Inc. or its affiliates and provided
it is not commercially licensed to third parties (i.e., it may be licensed by
GSN on a gratis basis to promote the Program). 
Notwithstanding the foregoing, WPT, Inc. shall have the right to
restrict GSN “behind the scenes” videotaping and/or exhibition if it believes,
at its sole discretion, that the material reveals proprietary information or
material that could harm WPT, Inc., its affiliates or partners.

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11.       STANDARD DEAL MEMO RIDER:  This Agreement is subject to the provisions
of GSN’s Standard Deal Memo Rider, which is attached hereto and incorporated
herein by this reference.  If there is a
conflict or inconsistency between the provisions of the Rider and this
Agreement, the provisions of this Agreement shall prevail.

Kindly confirm your
acceptance of the foregoing by signing in the spaces provided below.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  GAME SHOW NETWORK, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Michael E. Kohn

  	
   

  
	
   

  	
   

  	
  Michael E. Kohn

  
	
   

  	
   

  	
  Sr. Vice President, Business Affairs

  
	
   

  	
  and General Counsel

  

 

 

	
  ACCEPTED AND AGREED TO:

  	
   

  
	
   

  	
   

  
	
  WPT,
  ENTERPRISES, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
     /s/
  Adam J. Pliska

  	
   

  
	
   

  	
       Adam
  J. Pliska

  	
   

  
	
  Its:

  	
  General Counsel

  	
   

  

 

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DEAL MEMO RIDER

Rider
to the Agreement between Game Show Network, LLC (“GSN”) and WPT Productions,
Inc. (“Producer”), on the other hand dated as of April 2, 2007.

1.         PUBLICITY:  GSN shall have sole control of publicity for
any licensed Program during its Licensed Period provided WPT, Inc. shall have a
non-exclusive right to publicize the World Poker Tournaments or, with GSN
approval, the Programs, generally provided that such publicity is
non-derogatory.  Any repeated violation
of the terms of this paragraph by Producer may be deemed by GSN to be a default
of this Agreement.  Notwithstanding the
foregoing, the Parties acknowledge and agree that WPT, Inc. may provide details
related to the terms of this agreement as reasonably required as a public
company.

2.         INTENTIONALLY DELETED.

3.         INTENTIONALLY DELETED.

4.         INTENTIONALLY DELETED

5.         WARRANTIES:  Producer represents and warrants that:

(a)   Producer is
free to enter into and fully perform under this Agreement;

(b)  If, per the
terms of the Agreement to which this Rider is attached, Producer is to write or
otherwise create material (“Material”) to be utilized thereunder, and/or if per
said Agreement rights in and to such material previously written and/or
otherwise created by Producer are to be optioned, transferred or otherwise
conveyed, then with regard to such Material, that it is Producer’s sole (except
as otherwise set forth) creation or is in the public domain, and that nothing
contained therein violates the rights of any third party.

(c)   Other than
as provided by GSN, Producer owns and/or otherwise controls for purposes herein
all rights in and to the material, including non-Producer originated (third
party) material referred to herein and in said Agreement except to the extent
it is in the public domain or was provided by GSN;

(d)  Producer has
the sole right and authority to enter into this Agreement and to sell and
assign all of the rights, titles, interests and benefits sold and assigned
hereunder;

(e)   Producer
has not heretofore granted, assigned, mortgaged, pledged or hypothecated any
right, title or interest which either or both has in and to the Material;
Producer further warrants and represents that either or both will not do so
during the effective term of the Agreement;

(f)   There are
no adverse claims nor is there pending any litigation or threat of litigation
in or against the Material which would interfere with the rights granted
hereunder, by or through Producer, by any person, firm or corporation.  Notwithstanding the foregoing the parties
acknowledge the existence of anti-trust litigation brought by seven players
against WPT, Inc..;

 6
 

(g)  Producer has
not heretofore produced or authorized the production of any motion picture
based in whole or in part on the Material, except as follows, one Feature
film:  The Deal (with Burt Reynolds)
about to be released;

(h)  There is no
other contract or assignment affecting Producer’s rights in and to the Material
which would interfere with the Rights granted hereunder.

6.         USE OF NAME AND LIKENESS:  GSN shall have the irrevocable right, during
the Term, to use Producer’s approved name, in connection with the production,
advertising and exploitation of the Program; provided that, in no event, shall
GSN authorize any such use as an endorsement of any product or service (other
than the Program) without Producer’s written consent.

7.         INDEMNITY:  Producer agrees to indemnify and otherwise
hold GSN free and harmless from and against any and all claims, demands and
expenses (including reasonable outside attorney’s fees) arising out of or
resulting from any material breach by Producer 
or any claim that Producer breached any of the terms, covenants and
conditions contained in this Agreement and GSN similarly indemnifies Producer
for any breach of this Agreement by GSN or for any claim related to
distribution or exploitation of the Series for which Producer does not
indemnify GSN.

8.         COMPUTATION OF TIME PERIOD; MANNER
OF DELIVERY; APPLICABLE LAW:  The
time in which any act provided by this Agreement is to be done shall be
computed by excluding the first day and including the last, unless the last day
is a Saturday, Sunday or legal holiday, and then it is also excluded.  All payments and notices shall be deemed
delivered upon the earlier of (a) posting as first-class mail in the United
States mail, postage prepaid, and addressed to the respective party upon whom
it is to be delivered, or (b) actual receipt, whether hand-delivered or
received by fax, by the party to whom it is to be delivered.  This Agreement shall be construed and
enforced in accordance with the internal law of the State of California,
applicable to contracts negotiated, executed and fully performed within said
State.

9.         AGREEMENT TO EXECUTE AND DELIVER ALL
DOCUMENTS REQUIRED:  Producer agrees
to execute and deliver to GSN any and all documents consistent herewith which
GSN shall deem desirable or necessary to effectuate the purposes of this
Agreement.  In case of the applicable
party’s refusal or failure after an opportunity for good faith negotiation to
so execute or deliver, or cause to be so executed and delivered, any assignment
or other instrument herein provided for, then in such event, such party hereby
nominates, constitutes and appoints GSN and GSN shall therefore be deemed to be
said party’s true and lawful attorney-in-fact, irrevocably, to execute and
deliver all of such documents, instruments and assignments in such party’s name
and on their behalf.

10.       NO OBLIGATION TO PRODUCE:  It is understood and agreed that GSN shall
have no obligation to produce, complete, release, distribute, advertise or
exploit the Program produced hereunder except as specifically set forth herein,
and Producer releases GSN from any liability for any loss or damage either or
both may suffer by reason of GSN’s failure to produce, complete, release,
distribute, advertise or exploit (except the exploitation specifically required
herein) the Program produced hereunder. 
Nothing contained in this Agreement shall constitute

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a
partnership or joint venture by the parties hereto or constitute either party
an agent of the other.

11.       INTENTIONALLY DELETED.

12.       INTENTIONALLY DELETED.

13.       DEFAULT/DISABILITY:  In the event Producer materially  defaults under the Agreement, GSN shall have the right to
suspend and/or terminate the Agreement and shall have the right, but not the
obligation, to extend the Agreement by the length of any such suspension.  GSN shall afford Producer written notice in
the event of a material default.  GSN  shall afford Producer written notice in the event of a
material default and opportunity, within thirty (30) days, to cure the first
material default.

14.       FORCE MAJEURE:  In the event of the occurrence of an event of
force majeure (as that term is understood in the television industry), GSN
shall have the right to suspend the Agreement and shall have the right, but not
the obligation, to extend the Agreement by the length of any such
suspension.  If an event of force majeure
continues for eight (8) consecutive weeks, GSN and Producer shall each have the
right to terminate the Agreement.  If
suspended, GSN shall pay Producer all compensation accrued/saved prior to
suspension.  Producer may only be
suspended/extended to the extent similarly situated programming on GSN is
suspended/extended.  Following a force
majeure suspension, Producer shall be reinstated if any other similarly
situated programming is reinstated.

15.       INTENTIONALLY DELETED.

16.       FCC:  Producer hereby agrees that Producer has not
and will not accept or agree to accept, or pay or agree to pay, any money,
service or other valuable consideration, other than the compensation payable
hereunder, for the inclusion of any matter, including but not by way of
limitation the name of any person, product, service, trademark or brand name as
a part of any Series in connection with which Producer’ services are rendered
hereunder, except as pre-approved in writing by GSN.  GSN understands that WPT, Inc. has membership
agreements with the casinos that hold WPT events.

17.       INTENTIONALLY OMITTED

18.  CONFIDENTIALITY:  Except as required in connection with the
performances of  Producer’s services to
GSN, Producer shall not, during or after the term of this Agreement, use or
disclose to any party any confidential business information or trade secrets of
GSN’s which are or should reasonably be known to Producer to be confidential
and were obtained or learned by Producer during the term of this Agreement,
except as is necessary to provide to Producer’s lawyers, accountants or bankers
for them to provide representation to Producer or as required by law.  This paragraph shall not cover Producer’s
compensation to the extent disclosed for purposes of giving “quotes” to
prospective employers of Producer or material terms of this Agreement or as
reasonably required for public filings or investor inquiries.

19.       RESOLUTION OF CLAIMS:  Any controversy or claim arising out of or
relating to this Agreement, its enforcement, arbitrability or interpretation
shall be submitted to final and

 8
 

binding arbitration, to
be held in Los Angeles County, California, before a single arbitrator, in
accordance with California Code of Civil Procedure §§ 1280 et  seq.  The arbitrator shall be selected by mutual
agreement of the parties or, if the parties cannot agree, then by striking from
a list of arbitrators supplied by the American Arbitration Association or
JAMS/Endispute.  The arbitration shall be
a confidential proceeding, closed to the general public.  The arbitrator shall issue a written opinion
stating the essential findings and conclusions upon which the arbitrator’s
award is based.  The parties will share
equally in payment of the arbitrator’s fees and arbitration expenses and any
other costs unique to the arbitration hearing (recognizing that each side bears
its own deposition, witness, expert and attorneys’ fees and other expenses to
the same extent as if the matter were being heard in court).  Nothing in this paragraph shall affect either
party’s ability to seek from a court injunctive or equitable relief at any time
to the extent same is not precluded by another provision of this Agreement.

20.       FORMAL CONTRACT:  The above terms and such other incidental and
ancillary provisions as are customary in more formal agreements of this type
with GSN (e.g., equitable relief, FCC Section 508, no right to rescission or
injunction by Producer, severability, etc.) which are incorporated herein by
reference, and shall be subject to good faith negotiation, will constitute a
binding agreement between the parties. 
In due course a more formal agreement may be prepared but the failure of
the parties to prepare and/or execute such formal agreement shall not affect their
rights as set forth in this Agreement, which shall in any event be binding upon
them.

21.      INTENTIONALLY DELETED

 9Exhibit
10.2

Portions
herein identified by ** have been omitted pursuant to

a request for confidential treatment and have been filed

separately with the Commission pursuant to Rule 24b-2 of the

Exchange Act of 9134, as amended.

SOFTWARE
SUPPLY AND SUPPORT AGREEMENT

THIS SOFTWARE SUPPLY AND SUPPORT AGREEMENT (the “Agreement”) is
made as of the 23rd  day of April 2007, by and among:

(1)                                  CRYPTOLOGIC INC., an Ontario, Canada corporation whose office
is at 3rd Floor, 55 St. Clair Avenue West, Toronto (“CryptoLogic”);

(2)                                  WAGERLOGIC LIMITED, a Cyprus corporation and wholly-owned
subsidiary of CryptoLogic, whose office is at Nimeli Court 41 - 49 Agiou
Nicolaou Street, Block A 3rd Floor Engomi, 2408 Nicosia, Cyprus (“WagerLogic”);

(3)                                  WPT ENTERPRISES, MALTA a corporation to be incorporated under the
laws of Malta (“the Licensee”);

(4)                                  WPT ENTERPRISES INC., a corporation whose office is at 5700 Wilshire
Boulevard, Suite 350, Los Angeles, CA 90036  (the “Parent”);

RECITALS

(A)                              WHEREAS, the Licensee wishes to operate a virtual poker
room and Casino over the internet (the “WPT Poker Room”)
utilizing the Software (as defined below);

(B)                                WHEREAS, WagerLogic owns software that would permit the
Licensee to offer a virtual poker room and/or casino over the internet;

(C)                                WHEREAS, WagerLogic, through its wholly-owned subsidiary,
ECash Direct (as such term is hereinafter defined) wishes to provide, operate
and maintain on behalf of WagerLogic and the Licensee an electronic cash
settlement system to be used by End-Users (as defined below) in connection with
the deposit and withdrawal of funds to and from the Licensee Gaming Sites (as
such term is hereinafter defined) in accordance with the terms of this
Agreement;

(D)                               WHEREAS, CryptoLogic is a party to this Agreement to
guarantee the obligations of the WagerLogic Group;

(E)                                 AND WHEREAS, the Parent is a party to this Agreement to
guarantee the obligations of the Licensee;

NOW THEREFORE, in
consideration of the mutual promises and agreements set forth in this
Agreement, the parties hereto agree as set forth below.

1.                                      DEFINITIONS

1.1        Definitions.  In this Agreement (including the recitals hereto),
the following terms have the meanings set forth below:

Adjustments means any amounts paid by WagerLogic
in relation to Review Fees and Gaming License Fees.

Affiliate means, in relation to a
party, a subsidiary or ultimate holding company of that party or any other
subsidiary of that holding company.

Aggregate  End-User
Casino  Losses
means for any period, the aggregate amount wagered and lost by End-Users during
the period through the use of the Licensee Casinos.

Aggregate End-User Casino Winnings means, for any
period, the aggregate amount won by End-Users during the period through the use
of the Licensee Casinos, excluding Jackpot Winnings.

Bad Debt means bona fide sums owed
and not paid by an End-User, including any Chargebacks applicable to such
End-User and player fraud.

Business Day means a day (other than a
Saturday or a Sunday) on which banks are generally open in London for normal
business.

Casino Net Losses means, in
respect of any period, the difference between Aggregate End Users Casino Losses
and Aggregate End User Casino Winning for such period.

Certified Random Number Generator  means software or
hardware that uses a system clock, or like functioning component, and a
generally accepted mathematical algorithm to generate a random sequence of
numbers within a given range, wherein each generated number describes a number
or symbol used in a game outcome.

Chargebacks means the amount of any deposits
made by End-Users through ECash Direct in respect of which the deposited funds
are not collected by ECash Direct from the End-User, including without
limitation, as a result of the reversal of any credit and/or debit card or
third party deposit instrument transactions made through the ECash System
pursuant to the instructions of the End-User or the card issuing or clearing
banks or other payment providers, and the amount of any third party costs of
processing Chargebacks.  For greater
certainty, Chargebacks shall not include any penalty, processing fee or other
amount charged directly by ECash Direct to the Licensee which was not incurred
by ECash Direct from a third party.

Confidential Information has the
meaning given in Section 9.

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Controlling Interest means:

(a)                                  the ownership
or control (directly or indirectly) of more than fifty per cent (50%) of the
voting share capital of the relevant entity; or

(b)                                 the ability to
direct the casting of more than fifty per cent (50%) of the votes exercisable
at general meetings of the relevant entity on all, or substantially all,
matters; or

(c)                                  the right to
veto any board or shareholders’ resolution or to appoint or remove directors of
the relevant entity holding a majority of the voting rights at meetings of the
board on all, or substantially all, matters.

Custom Client Software Application means the
current version of the Software that has been customized to create the Licensee
Poker Rooms and the Licensee Casinos.

Customization means any customization,
development, variation, adaptation or enhancement of the Software on behalf of the
Licensee.

Data means the Financial Data
and the Gaming Data.

Defect  means any material failure
in or in relation to the Software or WagerLogic System.

Discretionary Credits means discretionary
credits granted to End-Users to encourage good customer relations.

ECash Direct means ECash Direct (UK)
Limited, a company registered under the laws of England, which company is a wholly-owned
subsidiary of WagerLogic.

ECash System means the electronic cash
settlement system provided by WagerLogic, through its wholly-owned subsidiary, ECash
Direct, for use by the End-Users.

Effective Date means the execution date of
this Agreement.

End-User means a visitor who wagers through
the Licensee Gaming Sites.

Error Corrections means any and
all corrections or fixes made to the Software or any part of it which are
necessary or desirable to correct or remove any material bug, material
malfunction or other Defect therein.

Financial Charges means the
third party costs and expenses actually incurred by ECash Direct or WagerLogic in
providing the ECash System for End-Users’ transactions (which, for greater
certainty, shall not include any costs and expenses charged directly by ECash
Direct), including, but not limited to:

 3
 

(a)                                  actual credit
and debit card processing fees levied by card issuing or clearing banks and
processing fees and related transaction costs levied by alternative payment
providers, including but not limited to, NETeller, and related financial
transaction costs;

(b)                                 third party
End-User authentication fees; and

(c)                                  The costs of
the transfer or withdrawal of funds with respect to End-Users, the Licensee and
WagerLogic.

Financial Data means the credit and debit
card numbers, bank account numbers, credit limits, ECash balances and deposit
and withdrawal amounts and history of the End-Users.

Gaming Data means the names, addresses,
telephone numbers, e-mail addresses and gaming history of End-Users.

Gaming License means a license or
permission lawfully issued by or under the authority (directly or indirectly
including by way of sub-license) of a competent authority within any Jurisdictions,
permitting the operation of the Licensee Gaming Sites.

Gaming License Fees means all fees
and charges payable in respect of any Gaming License issued by any Jurisdictions
in relation to the Licensee Gaming Sites.

Generic Software Application means that
part of the Software that has not been customized in the creation of the Licensee
Gaming Sites.

Go-Live Date means the date on which the
WPT Poker Room is operational for commercial use by an arm’s length End-User.

Good Industry Practices means accepted
current computer industry procedures and protocols and, where applicable, tools
and technologies as may be available from time to time during the term of this
Agreement.

Help means End-User help provided
by WagerLogic or its Affiliates via telephone, email or online chat where
applicable or available to the End-Users.

Intellectual Property Rights means all
rights in inventions, patents, copyrights, design rights, database rights,
trademarks and trade names, service marks, trade secrets, know-how and other
intellectual property rights (whether registered or unregistered) and all
applications for any of them, anywhere in the world as may be amended from time
to time.

Internet Based Gaming Business means a
business operated through an internet website, any part of which offers or contains
casino games or poker.  Notwithstanding
the foregoing, , it is expressly agreed that Internet Based Gaming Business
shall not include: (i) websites offering sportsbook, (ii) websites offering
skill

 4
 

games, (iii) casino or poker platforms accessed primarily
through interactive TV, wireless cell-phones, PDA’s or mobile gaming devices
(e.g., a cell phone poker platform with ancillary internet accessibility would
not be considered an Internet Based Gaming Business).

Jackpot Adjustments means the
proportionate contribution (as described in the Progressive Jackpot Agreement
set out in Schedule 1) by End-Users to any WagerLogic progressive jackpot
(being a jackpot linked with the Licensee Casinos and other online virtual
casino operated by WagerLogic Licenses) representing contributions to the
progressive jackpot and the reset value.

Jackpot Winnings means the sum paid to
End-Users for winning any progressive jackpot run and managed by WagerLogic,
such winnings funded through Jackpot Adjustments.

Jurisdictions means any Jurisdictions that
the parties agree will be the location of the gaming servers from time to time
and which, on the Go-Live Date, shall be Malta and Curacao.

Licensee Casinos means collectively the WPT
Casino and the Casino in Poker;

Licensee Gaming Sites means the
Licensee Poker Rooms and the Licensee Casinos

Licensee Poker Rooms means collectively
the WPT Poker Room, all Poker Skin Rooms and all Additional Language Rooms;

Month means a calendar month
during the Term of this Agreement and for the first and last months of the
Term, the relevant shorter period.

Net Poker Revenue shall have the
meaning attributed to that term in Paragraph 5.2 hereof.

Poker Marketing Fund
Contribution means the
marketing contribution equal to 4% of the Poker Revenue to be expended in
connection with WagerLogic Centralized Poker Room marketing initiatives such as
Poker
Proposition Player Monies, progressive bad beat jackpots, royal flush
promotions, non-specific licensee tournament events and other programs that may
be implemented from time to time.

Poker
Proposition Player Monies means money paid to End-Users to create and maintain tables for play
with respect to the Licensee Poker Rooms.

Poker Revenue means the commissions earned by the Licensee Poker Rooms by virtue of
participation by its End Users in Poker games in the WagerLogic Centralized
Poker Room, including without limitation, Poker Tournament House Fees.

 5
 

Poker Room Management Fee means a monthly fee in the amount of USD $7,500 which is payable to
WagerLogic and is reflective of the actual costs associated with the provision
of services by WagerLogic or its Affiliates to the Licensee Poker Rooms,
including, among other things, tournament management, collusion detection,
customer support, and overall Poker room management.

Poker Tournament means a Poker
competition between End-Users and end-users of other WagerLogic licensees that
requires the payment of the Poker Tournament Entry Fee by the End-User prior to
participation in the competition.  The
End User may be awarded prizes determined by the game rules specified by
WagerLogic and the WagerLogic licensees (including the Licensee) prior to the
commencement of the competition.

Poker Tournament Entry Fee
means the entry fee charged to an End User, net of any refunds, for the
End User to play in a Poker Tournament.

Poker Tournament House Fee means the portion
of the Poker Tournament Entry Fee earned by the house in connection with a
Poker Tournament net of any refunds.

Promotional Deposits  means amounts credited to an
End-User account, at the direction of Licensee, as part of a program to
incentivize further play by the End-User with the Licensee Poker Room,
including Poker Proposition Player Monies and Discretionary Credits.

Referral Royalties means any
payments made to third parties for referrals of End-Users to the Licensee Poker
Room including, without limitation, ordinary course affiliate royalties and
refer a friend schemes.

Review Fees means the sums paid by
WagerLogic to arm’s length third party auditors to audit the Certified Random
Number Generator and to review and monitor payouts from the Licensee Gaming
Sites.

Royalties Fees means royalties, license
fees or other amounts payable to third parties dealing at arm’s length with
WagerLogic in connection with any license or other right such third party had
granted to WagerLogic in connection with the development by WagerLogic of any Royalty
Games offered in any Licensee Casino.

Royalty Games means WagerLogic Games
developed by WagerLogic using intellectual property rights of third parties
dealing at arm’s length with WagerLogic pursuant to license, royalty or other
similar agreements with the said third parties.

Services means the services provided
by WagerLogic and the WagerLogic Parties as set forth in Section 3.3.

Software means the current object
code of the ECash System and internet poker room computer software, including
all modifications, enhancements and additions thereto, from time to time,
including the Generic Software Application and the Custom Client Software
Application and Version Upgrades and Customizations thereon, together with all
related operating manuals and other documentation.

 6
 

Successors and Assigns means any
future successor to a party of this Agreement whether by assignment, amalgamation,
combination or merger, provided that any assignment of this Agreement shall
require the consent of the parties hereto, as per the provisions of Section 14.1
of this Agreement.

Taxes means any taxes or fees levied
upon the gross revenues generated by the Licensee Gaming Sites and required by
law in any Jurisdictions to be paid to the government or appropriate collection
or licensing agencies in such Jurisdictions.

Term means an initial period
commencing on the Effective Date, and ending on June 30, 2010.

Trade Marks means the names and trade
names, corporate logos and get up, and any other symbols, marks or other of
Intellectual Property Rights of the WPT Group used in connection with the
operation of the WPT Poker Room, including without limitation, those listed on
Schedule 2 hereto;

Version Upgrades means further version
upgrades of the existing Software and WagerLogic Generic Software Application that
are available to the Licensee which will be provided by WagerLogic from time to
time, including all changes to the WagerLogic poker and casino platforms and
further including the rollout for poker and casino of the WagerLogic’s “Agile”
platform, as currently being developed.

WagerLogic Centralized Poker Room means the
shared centralized Poker room facility for play by play end-users of WagerLogic
Licensee, including End Users.

WagerLogic Games means the
wagering games provided by WagerLogic and which comprise the games included in
the Licensee Casinos.

WagerLogic Group means WagerLogic and
CryptoLogic;

WagerLogic Licensees means third
parties licensed by WagerLogic to use the Software to operate virtual poker
rooms from time to time, including the Licensee.

WagerLogic System means the
systems directly or indirectly utilized in the operation and delivery of the Licensee
Gaming Sites, whether licensed through third party providers or owned by
WagerLogic or its Affiliates, including the related Software.

WPT Group means collectively, the
Licensee and the Parent.

1.2        Other Interpretations.  In this Agreement, any reference, express or
implied, to an enactment includes references to:

(a)                                  that enactment as amended, extended
or applied by or under any other enactment before or after this Agreement;

 7
 

(b)                                 any enactment which that enactment
re-enacts (with or without modification); and

(c)                                  Any subordinate legislation made
(before or after this Agreement) under any enactment, including one within (a)
or (b).

1.3        Words importing the singular
shall include the plural and vice versa; words denoting persons shall include
bodies corporate and unincorporated associations of persons and vice versa.

1.4        Sections 1.1 to 1.3 apply unless
the contrary intention appears.

1.5        The headings in this Agreement do
not affect its interpretation.

1.6        The Schedules to this Agreement
form part of it.

1.7        In the event of any conflict or
inconsistency between the provisions contained in the main body of this
Agreement and the provisions contained in its Schedules, the provisions of the
main body of this Agreement shall prevail.

1.8        Unless otherwise expressly
stated, all references to amounts in this Agreement are in U.S. Dollars.

2.                                               TERM

2.1        Term.  This Agreement will commence on the Effective
Date and will continue throughout the Term (i.e., June 30, 2010).

2.2        Minimum Revenue.  Notwithstanding anything herein contained, it
is expressly agreed that, in the event that at any time following the nine  (9)  month
period immediately subsequent to the Go-Live Date (the “Ramp-up Period”),
monthly Net Revenues should fall below USD $500,000 in any three (3)
consecutive Months during the Term, WagerLogic may, subject to the provisions
of Paragraph 2.3 hereof, terminate this Agreement on ninety (90) days written
notice to the Licensee.

2.3        Payment of Minimum Revenues.  In the event that the provisions of Paragraph
2.2 above become operative, the Licensee may prevent the termination of this
Agreement by curing any Minimum Revenue shortfall (the “Minimum Revenue
Shortfall”) through payment of the appropiate amounts to WagerLogic, within
thirty (30) days afer receipt of notice of termination pursuant to Section 2.2,
provided that the amounts earned by WagerLogic under Article 5 hereof in
respect of the subject Months shall be considered when deterining the amount
payable by the Licensee hereunder.

2.4        Liquidity of the WagerLogic
Poker Room.  Notwithstanding anything
herein contained, it is expressly agreed that, in the event that at any time

 8
 

during the Term, average daily gross poker revenue generated through
the WagerLogic Cenralized Poker Room over any period of ninety (90) consecutive
days (without regard to the Poker Revenue derived by the Licensee Poker Rooms)
falls below USD $125,000, the Licensee may terminate this Agreement on ninety
(90) days written notice to the Licensee. 
WPT shall be on a most favored nations basis with regards to this
provision.  If any other WagerLogic
licensee has a more favorable position, WagerLogic shall let WPT know within
ten (10) business days of signing such a deal.

3.                                               WAGERLOGIC’S OBLIGATIONS

3.1        Software License.  Subject to the terms and conditions of this
Agreement, WagerLogic hereby grants to the Licensee an exclusive licence to use
the Custom Client Software Application and a non-exclusive licence to use the
Generic Software Application.  WagerLogic
further agrees it will perform the Services set forth herein, throughout the Term
of this Agreement and in consideration of the sums paid to it as set forth
herein.

3.2        Poker Development.  WagerLogic shall be responsible for all
design, production, operation, maintenance and updating of the Licensee Poker
Rooms in accordance with the following terms:

3.2.1        The WPT Poker Room.  WagerLogic shall develop the Custom Client
Software Application to incorporate the WPT Poker Room. Unless otherwise
provided herein, the WPT Poker Room shall be initially an English language WPT
Poker Room, and shall include functionality as to allow End Users to play on USD,
EUROS and Pounds Sterling tables. 
Notwithstanding the foregoing, the only currency in which End Users may
make deposits or withdrawls from the WPT Poker Room shall be USD, unless the
parties mutually agree to offer deposits in other currencies.**

 9
 

**

3.2.2        Poker Room
Development Fee. In consideration for WagerLogic’s development of the WPT
Poker Room (not including the Special Funcionality), the Licensee shall pay
WagerLogic a development fee in the amount of USD $50,000 (the “WPT Poker Room
Development Fee”), on delivery of the go-live version of the WPT Poker Room.
For the Special Functionality, WPT will be billed the reasonable cost of
programming and creating those features.

 10
 

3.2.3        Go-Live Date.  It is
expressly agreed that WagerLogic shall deliver the Go-Live version of the WPT
Poker Room on or before June 14, 2007.  The
parties agree that upon the Go-Live Date arriving or being achieved, each of
the parties shall execute an acknowledgement confirming the date of the Go-Live
Date.  WagerLogic aknowledges and agrees
that the Go-Live date is a material element of this Agreement and is committed
to taking all actions necessary to employ geo-filtering technology by the
Go-Live date and throughout the Term of this Agreement as set forth in Section
3.6 of this Agreement.  Notwithstanding the
foregoing, in the event that the Go-Live date cannot be achieved solely due to
a third-party provider’s (e.g., Digital Envoy) failure to meet its obligations,
the Go-Live Date will be delayed only to the extent that the delay continues to
be caused solely by the third-party provider. 
Furthermore, the parties agree that in the event that the designated
third-party provider requires a change in protocol (other than that anticipated
at the execution of this Agreement) before the Go-Live Date which makes it
impossible to meet the original Go-Live Date, WagerLogic shall not be deemed in
breach of this Section 3.2.3 provided that it takes all actions necessary to
institute the geo-filtering (based on the new protocol) as soon as possible.

3.2.4        Cooperation and Assistance.  The WPT
Group will provide any and all such reasonable assistance as WagerLogic may
request from time to time to aid the development of the Licensee Poker Room,
and shall be responsible for providing any and all graphics to be used in
connection with the Licensee Poker Room.

3.3        Poker Skin Development.  WagerLogic hereby agrees that it shall
develop and deliver to the Licensee one (1) additional virtual poker room in
calender 2007, and up to four (4) additional virtual poker rooms in calender
2008 (collectively the “WPT Poker Skins”), upon and subjet to the following
terms and conditions:

(a)                                  the WPT Poker Skins shall be delivered with
the same functionality as the WPT Poker Room, save and except for the Special
Functionality;

(b)                                 the WPT Poker Skins shall be branded in such
manner, and using such trade marks, trade names and other intellectual property
as the Licensee may require (the “Poker Skin IP”);

(c)                                  WagerLogic shall deliver each requested WPT
Poker Skin within sixty (60) days of being requested therefor; provided that
the delivery dates for each individual WPT Poker Skin must be a minimum of
thirty (60) days apart from one another; and

(d)                                 On delivery of each WPT Poker Skin, the
Licensee shall pay to WagerLogic a set-up fee equal to USD ($15,000).

 11
 

If WPT does not ask for all
of the WPT Poker Skins by the end of calendar 2008, it may give notice to
WagerLogic that it wishes the remaining WPT Poker Skins to be created later in
the Term; provided that no WPT Poker Skin shall be launched at any time after
June 15, 2009..

3.4      Casino Development.  WagerLogic shall be responsible for the
design, production, operation maintenance and updating of the various internet
casino properties as outlined below:

3.4.1        The Mini-Casino
Development.  WagerLogic hereby
agrees that, on or prior to September 30, 2007, WagerLogic shall develop a
suite of five (5) casino style games (as listed in Schedule 3 hereto), in
downloadable format, which shall be accessible by End Users through the WPT
Poker Room (the “Casino in Poker”).  The
Casino in Poker shall be English language only, and shall accept wagers in USD
only, unless the parties mutually agree to accept other currencies.  The parties expressly agree that they shall
act reasonably and in good faith in negotiating (having regard to the nature of
the required functionality, the limitations and obligations and the deadline
upon which same must be delivered), as soon after the execution of this
Agreement as is reasonably possible, the other detailed funtionality and specifications
in respect of the Casino in Poker The Licensee may, at its sole option, request
that the Casino in Poker be branded with the Trademarks or be delivered in an
unbranded format.  It is expresly agreed
that, at the Licensee’s option, the WPT Poker Skins shall either (i) not
include functionality allowing the End Users thereof to access the Casino in
Poker; or (ii) allowing the End Users thereof to access the WPT Poker Skins the
Casino in Poker; provided that it is expressly agreed that WagerLogic shall not
be required to re-brand the Casino in Poker with the trademarks, tradenames
associated with the WPT Poker Skins, and the Casino in Poker accessable via
each WPT Poker Skin shall be identical to the Casino in Poker accessible via
WPT Poker Room.  Notwithstanding anything
contained in the Jackpot Agreement attached as Schedule 1 hereto, the only
jackpot games included in the Casino in Poker shall be those listed in Schedule
3 hereto, and in the event of any inconsistency between the provisions of the
body of this Agreement and Schedule 3 hereto, the provisions of the body of
this Agreement shall govern.

3.4.2        Full Casino
Developemnt.  The Licensee shall have
the option (the “Full Casino Option”), exercisable in writing at any time prior
to July 1, 2008 and provided that the Licensee is not in material default
hereunder at the time of exercise, to require that WagerLogic deliver to the
Licensee, a full scale downloadable internet casino with a standard suite of
WagerLogic Games (the “WPT Casino”) having regard to the suite of games offered
to other WagerLogic Licensees of similar size and quality and who license
WagerLogic’s internet casino Software. 
In the event that the Licensee exercises its option in respect of the
WPT Casino, WagerLogic shall

 12
 

develop the
WPT Casino upon and subject to the following terms and conditions:

(a)                                  on or prior to the exercise date of the Full
Casino Option, the Licensee shall provide WagerLogic with the detailed functionality
and specifications which it proposes in respect to the WPT Casino, and thereafter
the parties shall negotiate in good faith, and acting reasonably (having regard
to the nature of the required functionality and the deadline upon which same
must be delivered), with a view to setting mutually agreeable detailed
specifications for the WPT Casino as soon after the exercise of the Full Casino
Option as is reasonably possible.  Provided
that WagerLogic has in fact negotiated in good faith and acted reasonably,
WagerLogic’s obligation to deliver the WPT Casino is contingent upon the
parties reaching agreement on the detailed specifications thereof as outlined
above.

(b)                                 The WPT Casino shall be delivered within
three (3) months of the settlement of detailed functionality and specifications.  Upon delivery of the WPT Casino, the WPT
Casino shall replace the Casino in Poker in the WPT Poker Room as the casino
property accessible by End Users of the WPT Poker Room.

3.5                                          Development
of New Languages.  At any time during
the Term, the Licensee may request that WagerLogic deliver the WPT Poker Room in
any language (in addition to the English language delivered on the Go Live
Date) in which WagerLogic has delivered a virtual poker room to another
WagerLogic Licensee (an “Additional Language Poker Room”).  Each Additional Language Room shall include
all functionality included with the WPT Poker Room (save and except for the
Special Functionality).  In the event
Licensee wishes any Additional Language Room to include the Special
Functionality, WagerLogic shall present to Licensee an estimate of costs
related to achieving the same.  In the
event Licensee instructs WagerLogic to proceed with the creation of such
Additional Language Poker Room, the Licensee shall pay all reasonable and
actual costs and expenses of WagerLogic incurred in achieving same.  In addition, it is expressly agreed that the only
Casino in Poker accessible by an End User of an Additional Language Poker Room
shall be an English languge version only.

3.6        Services.  WagerLogic will provide the Licensee with the
following Services in accordance with the terms of this Agreement.  WagerLogic shall :

(a)                                  provide and manage the WagerLogic System;

(b)                                 provide all implementation services required
to implement the Software to the degree necessary in order that the Licensee Gaming
Sites become operational;

 13
 

(c)                                  procure all necessary related
telecommunications equipment, software licences and services on behalf of the
Licensee;

(d)                                 provide all necessary technical support for
the WagerLogic System including both general computer software and hardware
support as required, Error Corrections and Version Upgrades;

(e)                                  maintain separate End-User accounts for each End-User;

(f)                                    process all End-User transactions in connection
with the Licensee Gaming Sites;

(g)                                 provide a system of accounting and reporting
to the Licensee, including but not limited to affiliate and marketing data;

(h)                                 deliver the Generic Software Application and
the Custom Client Software Application;

(i)                                     provide the Help consistent with the Good
Industry Practices for the online gaming industry.  In performing the Help function, WagerLogic
shall be entitled to settle in its discretion all End User disputes claiming an
amount not to exceed Two Thousand Dollars ($2,000), individually, or five
Percent (5%) of the Net Revenues for any calendar year, in the aggregate.  The settlement of all other claims and
disputes shall be subject to the approval of Licensee;

(j)                                     provide an amount of data storage and processing
capacity adequate to accommodate the data storage and processing needs of the Licensee
Gaming Sites, the WagerLogic System and the ECash System;

(k)                                  At Licensee’s request, assist in the
marketing and migration of players from Licensee’s Parent Company site
(operated through WagerWorks) to the extent reasonable, provided that such
assistance shall be only to the degree that such migration would not delay the
go-live date of the WPT Poker Room. For greater certainty, it is expressly
agreed that WagerLogic shall not be required, in fulfilling its obligations
under this subparagraph 3.6(k), to perform a database conversion or other
technical solution related to the migration of players from the WagerWorks site
to the WagerLogic Centralized Poker Room;

(l)                                     Deliver monthly accounting settlement
statements and payments due to Licensee no later than twenty-one (21) days after
the end of each Month, in the same manner as is provided to all other similar
WagerLogic Licensees;

 14
 

(m)                               Provide Licensee access to XML, data dump, or
API for reporting purposes, (i.e., Business Objects via data warehouse), in the
same manner as is provided to all other similar WagerLogic Licensees;

(n)                                 To employ a system of geo-filtering upon
registration of End-Users at not additional costs to Licensee.

(o)                                 To allow Licensee to employ and to
incorporate into the Licensee Gaming Sites a post-registration system of
geo-filtering by the Go-Live Date and throughout the Term of the Agreement,
such system specifications to be determined in the sole discretion of the
Licensee, provided that Licensee shall bare the actual costs of employing the
third-party post-registration geo-filtering system unless or until such post-registration
geo-filtering system is made available to other WagerLogic Licensees as part of
the WagerLogic System.

(Collectively, the “Services”).

3.7        Standards of Performance.  WagerLogic shall perform its obligations
(including all Services) under this Agreement at all times necessary to ensure
a satisfactory gaming experience is delivered to End-Users of the Licensee
Gaming Sites.  WagerLogic shall provide
the following minimum Standards of Performance:

(a)                                  Subject to Section 3.4(f), take all
reasonable measures to ensure performance of the Licensee Gaming Sites with the
same due care it exercises in respect of other WagerLogic sites, including at a
minimum, the availability of the Licensee Gaming Sites of at least ninety-eight
and one half percent (98.5%) per month as averaged over any one month period (“Expected
Minimum Service Levels”);

(b)                                 Respond to and use its reasonable efforts to
cure Defects within fourteen (14) days of receiving notice of such Defect provided
if the Defect is the failure of the WagerLogic System to the degree which
renders the Licensee Gaming Sites severely impaired , the cure period shall be
three (3) days.

(c)                                  Use its best efforts to maintain the security
of the WagerLogic System, ECash System, the Licensee Gaming Sites and the Data
at all times including implementing all available technology consistent with
Good Industry Practices to prevent unauthorized access, use or fraud in
relation to the foregoing;

(d)                                 Diligently and promptly co-operate fully with
the Licensee or competent law enforcement agencies, as the case may be, in
investigating and responding to any notified or observed

 15
 

incident of unauthorized or suspected unauthorized access, use or fraud
in relation to the WagerLogic System, the ECash System, or the Licensee Gaming
Sites;

(e)                                  Use its best efforts to ensure that End-User
accounts are at all times kept completely accurate and up to date by reference
to their activity within the Licensee Gaming Sites and that the interfaces and
communications between the Licensee Gaming Sites and ECash System ensure timely
and accurate transmission of Data; and

(f)                                    Take all reasonable measures to reinstate
Expected Minimum Service Levels if the services provided under this Agreement
are temporarily disrupted because of internet failure, power failure, hardware
failure, supplier failures, or acts of God (“Temporary Disruptions”).

3.8        Modifications.  WagerLogic may modify aspects of the
WagerLogic System without the prior written approval of the Licensee, provided
that any such modification (1) will not impact the Standards of Performance set
forth in this Section 3, and (2) will not have a material negative impact or
cause unreasonable disruption to the WagerLogic System or the provision of the
Services.  Whereever possible, having
regard to the circumstances surrounding the modification, WagerLogic shall give
not less than 48 hours written notice prior to the effective date of any
modification to the WagerLogic System, unless the modification is required on
an emergency basis, in which case it may be implemented without notice.

3.9        Alternative Jursidictions.  If WagerLogic reasonably determines in
good faith that, due to any change in the regulatory or fiscal environment in
which WagerLogic operates, it becomes necessary for WagerLogic to locate or
license the gaming servers related to the WagerLogic System in a jursidiction
listed on Schedule 4 in replacement of, or in addition to, the Jursidictions
(the “Alternative Jursidictions”), the WPT Group shall cooperate with
WagerLogic to obtain, at the Licensees’ sole cost, all necessary licenses and
consents required in the Alternative Jursidictions in order to carry on the
business of the Licensee Gaming Sites and to comply with the provisions of this
Agreement. Any Alternative Jursidictions not listed on Schedule 4 shall require
the Licensee’s written consent, acting reasonably.  It is expressly acknowledged that certain
non-gaming related Data associated with the Licensee Gaming Sites will be
hosted on servers located in Ireland, as more particularly described in
Schedule 5 hereto (the “Non-Gaming Data”). 
WagerLogic may, in its sole discretion, move the hosting of the said
Non-Gaming Data to any Jursidictions as it may determine, in the event that
WagerLogic in good faith believes such move is in the best interests of all
WagerLogic Licensees, including the Licensee.

3.10      SAS 70 Report.  On an annual basis, WagerLogic shall, at the
Licensee’s sole cost and expense (provided that, in the event that the report
is

 16
 

provided to other WagerLogic Licensees, the cost shall be shared
equally by all licensees) have an internationally known public accounting firm
perform an Independent Third Party Attestation Report (i.e., an AICPA SAS 70
Type II, SysTrust, Agreed Upon Procedures, Custom Attestation Report on
Management Assertions etc.) to confirm that its:

(a)                                  software
system has appropriate physical and logical controls in place to prevent the
origination or placing of bets from any physical or virtual location within the
United States of America; and

(b)                                 Internal
control system has appropriate processes and controls in place to provide
reasonable assurance that the aforementioned physical and logical controls
operate properly on a continuous basis.

3.11      Auditing.  WagerLogic will keep and maintain full,
complete and accurate books of account and records covering all transactions relating
to this Agreement in sufficient detail to enable the payments payable hereunder
to be determined and verified. 
WagerLogic shall permit such records to be examined from time to time
(up to a period of not less than three (3) years after the expiration or
termination of this Agreement) by authorized representatives of Licensee,
including such independent auditors as Licensee may designate, during usual
business hours, to verify to the extent necessary the operation and maintenance
of the Licensee Gaming Sites and the payments required hereunder, and Licensee
and its representatives shall use reasonable efforts to minimize any
disruptions to WagerLogics’ business. 
Prompt adjustment shall be made by WagerLogic to compensate for any
errors or omissions disclosed by such examination.  If the adjustment is more than five percent
(5%) of Licensee Net Revenue in the Licensee’s favor, then the out-of-pocket
costs of such examination shall be borne by WagerLogic, and failing which, the
said costs shall be borne by the Licensee. 
Such records shall be maintained by WagerLogic for a period of not less
than three (3) years following the expiration or termination of this Agreement.

4.                                               REPRESENTATIONS, WARRANTIES AND COVENANTS

4.1        WagerLogic.  WagerLogic represents, warrants and covenants:

(a)                                  It will supply and be fully responsible for
the day-to-day management of the WagerLogic System, without limiting any other
party’s responsibility for performing any obligations it has pursuant to any
Gaming Licence it holds;

(b)                                 It will ensure that the WagerLogic System
will at all times (both before and after the issue of a Gaming Licence) satisfy
the regulatory requirements in the Jurisdictions with respect to such platforms
and facilities (including without limitation

 17
 

technical and mathematical requirements with respect to the operation
of the platform and facilities and banking and money laundering legislation);

(c)                                  It will provide assistance to the Licensee to
ensure that the Licensee is lawfully licensed to offer the Licensee Gaming
Sites from any Jurisdictions;

(d)                                 It will provide the Licensee with Help 365
days a year in accordance with Good Industry Practices;

(e)                                  On the written request of the Licensee, it
will provide to the Licensee no more than once annually, all management and
financial information necessary to enable the Licensee to verify all revenues
and costs as described herein;

(f)                                    It will promptly cure any Defects in the
WagerLogic System that cause the WagerLogic System to fail the Standards of
Performance in Section 3.4;

(g)                                 Neither its performance of this Agreement nor
the use of the WagerLogic System by the Licensee in accordance with this
Agreement will infringe the rights of any other person;

(h)                                 It is duly incorporated and existing under
the laws of the Jurisdictions of its incorporation and duly authorized to enter
into and perform this Agreement;

(i)                                     It has full legal right, power and authority
to enter into this Agreement and perform its obligations under this Agreement;

(j)                                     It will at all times comply with all relevant
laws in the Jurisdictions of its incorporation and in any Jurisdictions
applying to its performance of this Agreement;

(k)                                  Neither the execution of this Agreement, nor
the performance of its obligations hereunder, shall cause WagerLogic to breach
any of its obligations under agreements with third parties;

(l)                                     It will use all reasonable skill and care in
performing its obligations in this Agreement;

(m)                               It will ensure that the Licensee Gaming Sites
use a Certified Random Number Generator which provides a normally distributed
series of unpredictable random numbers;

(n)                                 The Data shall be used only for the purposes
of carrying out its obligations under this Agreement and for no other purpose
and it shall not be provided to any unauthorized third party except

 18
 

in accordance with this Agreement. 
This sub-section (n) shall survive the expiration or termination of this
Agreement;

(o)                                 It will at all times maintain all necessary
third party software licences to enable the Licensee to access the reports
contemplated by Section 5.5;

(p)                                 It will not use the Trademarks and the Poker
Skin IP or Special Functionality in any way other than as licensed or
prescribed hereunder (including sublicensing to third parties or beyond the
Term of this Agreement).

(q)                                 At the Licensee’s own cost, it will cause the
board of directors of the WagerLogic and CryptoLogic to submit to a probity
review to be performed by a mutually agreed upon probity service (the “Probity
Service”) on behalf of Licensee by submitting completed probity forms as the
Probity Service may require, together with such other information as may be
reasonably requested in the probity review process. Thereafter at the
reasonable request of Licensee, WagerLogic shall cause such further key
personnel of the Licensee to submit to probity review at Licensee’s cost.

(r)                                    That it will make available to the Licensee a
non-downloadable version of the Licensee Poker Rooms as and when same becomes
available to WagerLogic Licensees.

4.2  The WPT Group.  The WPT Group hereby jointly and severally represent,
warrant and covenant:

(a)                                  The Licensee will, at its own cost, be
responsible for the content of any areas forming part of the Custom Client
Software Application which require the Licensee material;

(b)                                 They shall permit WagerLogic to use the Trade
Marks and the Poker Skin IP on a world-wide, royalty free basis and the related
Intellectual Property Rights of or held by the WPT Group in connection with
fulfilling its obligations under this Agreement;

(c)                                  The Licensee will, at its own cost, hold at all
times from and after the Go-Live Date of any Licensee Gaming Site, a valid
Gaming Licence in respect of the Licensee Gaming Sites, in each Jurisdiction, a
certified copy of which shall be provided to WagerLogic on request, and be
responsible for performing such acts pursuant to any such Gaming Licence and
shall forthwith notify WagerLogic of any threatened termination of same;

 19
 

(d)                                 The Licensee will pay all government fees, Taxes
and gaming duties incurred in relation to the provision of the Licensee Gaming
Sites by WagerLogic;

(e)                                  They will comply with all relevant laws in their
performance of this Agreement;

(f)                                    The Licensee is duly incorporated and
existing under the laws of the Jurisdictions of its incorporation and duly authorized
to enter into and perform this Agreement;

(g)                                 They have full legal right, power and
authority to enter into this Agreement and perform their obligations under this
Agreement;

(h)                                 They will at all times comply with all
relevant laws in the Jurisdictions of their incorporation and in any Jurisdictions;

(i)                                     Neither the execution of this Agreement nor
the performance of their obligations hereunder, shall cause the WPT Group to
breach any of its obligations under agreements with third parties;

(j)                                     They shall use all reasonable skill and care
in performing their obligations under this Agreement;

(k)                                  As of the Go-Live Date of this Agreement, the
Licensee is the holder of, and will during the Term continue to hold, a valid
Gaming Licence issued in the Jurisdictions to operate the WPT Poker Room, and
it will comply at all times with the terms and condition contained therein.  Prior to launching any other Licensee Gaming
Site, the Licensee will be, and will during the Term continue to hold, a valid
Gaming License issued in the jurisdictions from which they are operated to
operate the said Licensee Gaming Site;

(l)                                     The use by WagerLogic of the Trade Marks and
the Poker Skin IP in accordance with this Agreement will not infringe the
Intellectual Property Rights of any third party;

(m)                               The Licensee will use reasonable efforts to
observe and comply in all material respects with all rules and regulations
applicable to the Licensee  (including internet
codes of practice or conduct), now existing or which may hereafter be enacted,
regarding the transmission, content or advertising of the Licensee Gaming Sites;

(n)                                 Except as expressly provided in this
Agreement, the Licensee will not sell, sub-license, transfer, assign or
otherwise dispose of or publish, disclose, display or otherwise make available
to

 20
 

any
third party, any portion of the WagerLogic System or the Services;

(o)                                 They will not sub-contract their obligations
under this Agreement without the consent of WagerLogic;

(p)                                 By itself and/or through its sub-contractors
or Affiliates, the Licensee has, and throughout the term of this Agreement, to
the best of its knowledge will have all the necessary technology, licences,
authority, capital, and qualified personnel to perform its obligations
hereunder in the Jurisdictions;

(q)                                 At WagerLogic’s own cost, it will cause the board
of directors of the Licensee and the Parent to submit to a probity review to be
performed by KPMG or other mutually agreed upon probity service (the “Probity
Service”) on behalf of WagerLogic by submitting completed probity forms as the Probity
Service may require, together with such other information as may be reasonably
requested in the probity review process. Thereafter at the reasonable request
of WagerLogic, the Licensee shall cause such further key personnel of the
Licensee to submit to probity review at WagerLogic’s cost; and

(a)                                  The WPT Group will submit any information as
may be reasonably requested by a recognized government authority in connection
with any probity review process related to the Jurisdictions or any Alternative
Jurisdiction.

5.                                               PAYMENTS

5.1        ECash System.  From and after the Go-Live Date the parties
acknowledge that ECash Direct is operating the ECash System and will be in
possession of the Net Revenues which shall be clearly identifiable at all times
and held for the benefit of the Licensee and WagerLogic. The ECash System shall
ensure that all End-Users agree to the End-User terms and conditions of use of
the Licensee Gaming Sites as ECash Direct and the Licensee may from time to
time mutually agree.

5.2        Net Revenue.

5.2.1        Defined.  For the purposes of this
Agreement, during the Term “Net Revenue” shall be calculated by taking the aggregate
amount of Poker Revenue and Casino Net Losses realized during any particular
period, and deducting the Poker Marketing Recovery Fund Contribution (solely
from Poker Revenue), Royalty Fees, the Financial Charges, Bad Debt (including
Chargebacks) and Taxes incurred or generated during the said period.

5.2.2        WagerLogic Net Revenues.  In
respect of the Net Revenue generated during each Month of the Term, WagerLogic
shall be entitled to receive

 21
 

the following portion of the
Net Revenue (collectively referred to as “WagerLogic Net Revenues”):

i.                                          Twenty-two (22%) percent of the first $150,000
of Net Revenue generated during the Month;

ii.                                       Twenty-one (21%) percent of the Net Revenue
between $150,000 and $500,000, generated during the Month;

iii.                                    Twenty (20%) percent of the Net Revenue in
excess of $500,000 generated during the Month.

5.2.3        Licensee Net Revenues.  For
purposes of this Agreement, all Net Revenue that is not WagerLogic Net Revenue
shall be referred to as “Licensee Net Revenues.”  After payment of all amounts due to
WagerLogic pursuant to Section 5.2.2, the remaining Licensee Net Revenue shall
be distributed as follows:

(a)                                  ECash Direct shall deduct from the Licensee Net
Revenue the amount of all Promotional Deposits, 
, Poker Room Management Fees, Referral Royalties, Jackpot Adjustments
and Adjustments issued or incurred in the subject Month;

(b)                                 ECash Direct shall pay to WagerLogic the
Jackpot Adjustments and the Adjustments, and upon such deduction WagerLogic
shall be responsible for discharging any liabilities to third parties
associated therewith;

(c)                                  ECash Direct shall pay to WagerLogic the
Poker Room Management Fees, which shall be retained by WagerLogic as fees
earned hereunder;

(d)                                 ECash Direct shall retain all amounts in
respect to Promotional Deposits and upon such deduction shall be responsible
for discharging all obligations to End Users in connection therewith;

(e)                                  ECash Direct shall pay all Referral Royalties
directly to the third parties who have earned same.

5.2.4        Financial Charges and Poker Marketing Fund
Contribution.  Upon being deducted from Net Revenue as
described in Paragraph 5.2.1 above, the amount of all Financial Charges and
Poker Marketing Fund Contribution shall be paid by ECash Direct to WagerLogic.
WagerLogic shall be responsible for discharing any liabilities to third parties
associated with the Financial Charges and shall expend the Poker Marketing Fund
Contribution in accordance with its specified purpose.

 22
 

5.3        Minimum Guarantees.  Nothwithstanding anything herein contained,
the Licensee hereby provides to WagerLogic the following revenue guarantees
(all amounts paid to WagerLogic under this Paragraph 5.3 are hereinafter
referred to as the “Minimum Guarantee Amounts”):

(a)                                  Upon WagerLogic developing a Poker Skin Room,
the Licensee hereby guarantees that from and after the go-live date of the said
Poker Skin Room, the said poker room shall generate Poker Revenue in the
minimum amount of USD $50,000 per Month, (the “Poker Room Minimum”).  In the event that during any Month of the
Term, a Poker Skin Room fails to generate an amount of Poker Revenue equal to
the Poker Room Minimum, it is expressly agreed that, when calculating
WagerLogic’s entitlement under Paragraph 5.2.2 hereof, each Poker Skin Room
which has failed to generate revenue equal to the Poker Room Minimum, shall be
deemed to have generated Poker Revenue equal to the Poker Room Minimum.  Notwithstanding the forgoing, the Poker Room
Minimum shall terminate in the event that Licensee provides WagerLogic a notice
of cancellation of a particular Poker Skin and WagerLogic shall no longer be
required to provide operations for PokerSkin for the rest of the Term;

(b)                                 Upon WagerLogic developing an Additional
Language Poker Room, the Licensee hereby guarantees that from the go-live date
of the said Additional Language Poker Room, WagerLogic shall earn minimum
annual licensee revenue under Paragraph 5.2.2 and attributable to the said
Additional Language Poker Room equal to USD $200,000 (the “Minimum Language Fee”).  In the event that during any Month of the
Term, WagerLogic fails to earn a minimum Monthly licensee fee under Paragraph
5.2.2 and attributable to the Additional Language Poker Room equal to USD
$21,000, WagerLogic shall be entitled to receive the shortfall out of the
Licensee Net Revenues for the Month; provided that any monthly payments made
under this subparagraph (b) shall be subject to annual adjustment, and any over-payment
of amounts in respect of the Minimum Language Fee shall be reimbursed to the
Licensee as soon after the annual review as is reasonably possible.  The Licensee’s obligations under this
Paragraph 5.3(b) shall be subject to the following:

i.                              The Licensee shall have no minimum guarantee
obligations in respect of an Additional Language Poker Room in respect of any
period subsequent to the one year anniversary date of the go-live date of the
subject Additional Language Poker Room;

ii.                           From and after the time that WagerLogic
completes its software platform upgrade known as “Agile” to such

 23
 

degree as to allow for the
delivery of additional languages to WagerLogic Licensees as part of WagerLogic’s
basic internet poker room software package, any languages requested by the
Licensee which are launched at least Three (3) months prior to, or at any time after
the subject Agile upgrade, shall not, from and after the launch of the subject
Agile upgrade, be subject to a minimum guarantee or any extra charges hereunder,
it being acknowledged and agreed that WagerLogic shall provide Licensee with at
least Three (3) Months advanced notice before the launch of the Agile upgrade;

(c)                                  Upon delivery of the Casino in Poker, the
licensee hereby guarantees that from and after the go-live of the Casino in
Poker, WagerLogic shall earn minimum annual license revenue under Paragraph
5.2.2 and derived from the Casino in Poker equal to USD $500,000 (the “Annual
Casino in Poker Minimum”).  In the event
that during any calendar quarter of the Term, WagerLogic fails to earn minimum
license revenue under Paragraph 5.2.2 and derived from the Casino in Poker
equal to USD $125,000.00, WagerLogic shall be entitled to receive the shortfall
out of the future Licensee Net Revenues; provided that any overpayment of
amounts in respect of the Annual Casino in Poker Minimum shall be reimbursed to
the Licensee as soon after the annual review as is reasonably possible.

(d)                                 Upon delivery of the WPT Casino, the Licensee
shall have no further liability under subparagraph (c) above in respect of any
period from and after the go-live date of the WPT Casino.  From and after the go-live date of the WPT
Casino, the Licensee hereby guarantees that WagerLogic shall earn annual
license revenue under Paragraph 5.2.2 and derived from the WPT Casino equal to
USD $2,500,000 (the “Annual WPT Casino Minimum”).  In the event that during any calendar quarter
during the Term, WagerLogic fails to earn minimum license revenue under
Paragraph 5.2.2 and derived from the WPT Casino equal to USD $625,000
WagerLogic shall be entitled to receive the shortfall out of future Licensee
Net Revenues; provided that this subparagraph (d) shall be subject to annual
adjustment, and any over-payment of amounts in respect of the Annual WPT Casino
Minimum shall be reimbursed to the Licensee as soon after the annual review as
is reasonably possible.

5.4                                          Distribution.  From and after the Go-Live Date, WagerLogic
shall cause ECash Direct to calculate Net Revenue realized for each Month
during the Term on a monthly basis and, subject to the provisions of Section 5.6
below, 

 24
 

shall
distribute to each of WagerLogic and the Licensee the portion of Net Revenue
each party is entitled to under  Section 5.

All distributions pursuant to Section 5 for a given calendar Month shall
be due (and the associated electronic transfer of funds shall be received and
effective for credit) on or before the fifteenth (15th) day after the end of
such Month.  The electronic transfer of
funds shall be made to the account designated by the Licensee and in accordance
with the wire transfer instructions set forth in the attached Schedule 6.

5.5        Negative Net Revenue Amount.  If during the Term, the calculation of Net Revenue
realized for a particular Month results in a negative amount (the “Negative Net
Revenue Amount”), the parties agree that the Licensee shall pay to ECash Direct
an amount equal to the Negative Net Revenue Amount, within (15) days of being
advised of the Negative Net Revenue Amount.   Furthermore, in the event that the Net
Revenues generated in any particular Month are insufficient to pay the Minimum
Guarantee Amounts earned by WagerLogic during such Month, the Licensee shall
forthwith pay the shortfall to WagerLogic.

5.6        Weekly Statistical Reports.  WagerLogic will provide to the Licensee, on
the Friday of each week from and after the Go-Live Date a statement summarizing
the calculation of Net Revenue for the said week in the form set forth in the
attached Schedule 7, such weekly statistical reports to include traffic, source
of business, wagering statistics and other information as reasonably required
by the Licensee.  In addition, the
Licensee shall have access to all “back-end” reporting tools which are
generally made available to WagerLogic Licensees, which back-end tools offer
information which is updated every twenty-four (24) hours.

5.7        Reconciliation.  As soon as reasonably practicable following
the end of each contract year of this Agreement but in no event within thirty
(30) days of the end of the applicable year, WagerLogic may carry out a
reconciliation of the amounts paid to each party for that particular year to
verify compliance with this Section 5. 
If the reconciliation reveals any discrepancy, each party that received payment
in excess of its entitled share of Revenue shall immediately pay the excess
amount to WagerLogic, and WagerLogic shall redistribute and pay the excess
amount to such party or parties that received less than their entitled share of
revenues during the said contract year.

5.8        Wrongful Payments.  Notwithstanding any reconciliations under Section
5.6, each party to this Agreement may recover from any other party any amount it
overpaid or wrongfully paid to the receiving party, regardless of how such
payment may have arisen including, but not limited to, mistake of law or fact.  If any amounts have been overpaid or
wrongfully paid by any party hereto to another, the aggrieved party may require
immediate repayment of all or any such amounts.

 25

5.9        Taxes. All amounts payable
under this Agreement shall be exclusive of any taxes, including without
limitation, value added tax (if any), prescribed by law.  Any Taxes shall be deducted from the Net Revenue
and paid to the relevant authorities.

5.10      Calculation of Poker Revenue.  It is expressly acknoweldged that Poker
Revenues are generated through the WagerLogic Centralized Poker Room, and as
such, the aggregate commissions earned within the WagerLogic Centralized Poker
Room (the “Aggregate Poker Revenues”) must be divided between all WagerLogic
Licensees who direct end users to the WagerLogic Centralized Poker Room.  The manner in which the Aggregate Poker
Revenues are calcuated and divided is as described in Schedule 8 hereto.  The parties hereto acknowledge the provisions
of the Schedule 8 attached hereto, and agree to be bound thereby. The
particulars of Schedule 8 hereto are subject to change by WagerLogic in its
sole discretion, provided that WagerLogic shall provide the other parties
hereto with two (2) months’ prior written notice of any such change.  It is expressly acknowledged and agreed that
the manner in which Aggregate Poker Revenues are divided between the WagerLogic
Licensees shall be identical for all WagerLogic Licensees.

5.11      Legality of Operation.  It is expressly acknowledged that the
Licensee is solely responsible for the marketing and advertising of the
Licensee Gaming Sites. It is further acknowledged that any acts or ommissions
of one party which are in contravention of the laws of any competent Jursidictions
shall damage the goodwill and repetition of the other.  In the event that one of the parties, in its
sole discretion but acting reasonably, determines that any act or ommission of
the other may be in contravention of the laws of any competent Jursidictions, the
alleging party may require that the other cure its conduct in this regard, and
the other shall do so within thirty (30) days of the written notice, failing
which the the alleging party  may
terminate this Agreement without futher notice.

5.12      Balancing Licensee Accounts.   It is expressly acknowledged that, due to
the fact that the End Users of the Licensee are playing Poker in the WagerLogic
Centralized Poker Room, it is possible that said End Users may lose amounts
during Poker games to end users of other WagerLogic Licensees (the “End User Losses”).  It is expressly acknowledged that in fulfilling
its obligations hereunder to maintain the ECash System, WagerLogic may be
required to transfer amounts from the accounts of End Users to other WagerLogic
Licensees, or to their end users, in order to reconcile the End User Losses.

6.                                               EXCLUSIVITY

6.1        Other than expressly set forth
herein (including, without limitation, Section 6.2 below), WagerLogic shall by
the only supplier of casino or poker room software in respect of all Internet
Based Gaming Businesses offered to the public during the Term by Licensee or by
any entity in which one or more of the WPT Group holds a direct or indirect Controling
Interest.

 26
 

6.2        Save and except as otherwise
expressly set forth herein, Licensee expressly agrees that it shall not (nor
shall any entity in which it has a Controlling Interest) use or allow the use
of its Trade Marks or other Intellectual Property Rights in such a way to
undermine the exclusivity outlined in Section 6.1 above.

6.3        The Licensee expressly agrees
that no Poker Skin IP may, at any time during the Term, be used by any third
party in connection with the development, branding, marketing, adverstising or
operations of any Internet Based Gaming Business, except with the prior written
consent of WagerLogic, and the Licensee expressly acknowledges and agrees to
obtain the covenant of any third party licensor of any Poker Skin IP to adhere
to the above-referenced restrictions.

6.4        Notwithstanding anything herein
contained, it is expressly agreed that the exclusivity covenants provided by
the Licensee under this Article 6 are subject to the following exceptions:

(a)                                  the exclusivity covenants apply to Internet
Based Gaming Businesses which offer real money wagering and play, and do not
apply in respect of any “play for fun” business or sites;

(b)                                 in the event WagerLogic unilaterally
restricts the use of its Software in any Jurisdictions, the exclusivity
covenants shall not apply in respect of Internet Based Gaming Businesses solely
in that/those Jurisdictions.

(c)                                  For greater certainty, the exclusivity
covenants shall not apply to any type of free play Internet Based Gaming
Business within the United States.

(d)                                 In the event that the Licensee wishes to
accept End Users from any Restricted Territory, it shall so advise WagerLogic,
and in the event that WagerLogic refuses to allow its software to be used by
the Licensee in this manner, the exclusivity covenants contained in this
Article 6 shall not apply with respect to End Users resident in the subject
Restricted Territory.

7.                                               INTELLECTUAL PROPERTY

7.1        WagerLogic
IP.

7.1.1        Ownership.  Except as expressly provided in
this Agreement, each of the parties acknowledges that all Intellectual Property
Rights in  the Generic Software Application and
the Custom Client Software Application (except to the extent that it contains
any of TradeMarks) are exclusively vested, and shall remain vested, in
WagerLogic and that no ownership interest in Software is transferred to any
other party hereto by this Agreement.  In
obtaining access to the WagerLogic System, the Licensee is not receiving any
interest in, or title to,

 27
 

any
part thereof, including but not limited to, hardware, software, operating
WagerLogic Systems, profiling techniques or any other proprietary methods
embodied in the WagerLogic System. The Licensee is prohibited from
sub-licensing, reselling or distributing the Software to any third party
without the prior written consent of WagerLogic.

7.2        Licensee
Trade Marks.  WagerLogic acknowledges
that the Trade Marks and the Poker Skin IP are exclusively vested, and shall
remain vested in the WPT Group or its licensors and that no ownership interest
in the Trade Marks or Poker Skin IP is transferred to the WagerLogic Group by
this Agreement.  The WPT Group hereby
grants the WagerLogic Group non-exclusive licenses for the Term of this
Agreement to use the Trademarks and the Poker Skin IP solely for the purpose of
performing their obligations under this Agreement.

**

8.                                               DATA

8.1        Non-Exclusive
Limited License.  Subject to the
terms, conditions and limitations set forth in this Agreement, Licensee grants
to WagerLogic, a non-exclusive, non-transferable, non-assignable limited
license for the Term of this Agreement to use and process any Gaming Data and
End-User names, addresses and e-mail addresses solely for the purposes of
performing its obligations under this Agreement.

 28
 

8.2        Ownership of
Data.  Each of the parties to this
Agreement acknowledges and agrees that in relation to any Data which it might
hold:

8.2.1        Gaming Data and End-User Names.  The
Licensee owns all right, title and interest in and to the Gaming Data and all
Intellectual Property Rights relating thereto are exclusively vested in the Licensee
shall remain vested therein, and no ownership of such Data is transferred to
any other party to this Agreement.

8.2.2        Financial Data.  All
Financial Data and all Intellectual Property Rights relating thereto are, and
remain, the property of WagerLogic.

8.3        WagerLogic will
provide the other parties hereto (upon reasonable request) with access by
electronic means to the Gaming Data by way of reporting tools within ten (10)
days of receiving written notice of such request.

8.4        Termination
or Expiration.  Upon termination or
expiration of this Agreement for any reason, the rights and licenses granted by
the Licensee herein shall terminate automatically, and WagerLogic shall
immediately cease using the Gaming Data for any purpose whatsoever.  Notwithstanding the foregoing, Licensee shall
be entitled to continued access to Gaming Data for a period of one (1) month
after the termination or expiration of this Agreement.   If Licensee is unable, for whatever reason,
to get all of the Gaming Data within that one month period, Licensee may pay
WagerLogic’s reasonable costs to access the Gaming Data.

8.5        Data
Protection and Privacy.  It is
expressly acknowledged and agreed that certain personal and private information
of End-Users may be collected by the parties hereto in the process of operating
the Licensee Gaming Sites (the “Personal Data”).  Each party acknowledges and agrees that the
use of Personal Data may be subject to the data protection and privacy laws of
certain Jursidictions.  To ensure
compliance with such laws, each party shall only use such Personal Data: (i)
for the purposes of performing its obligations under this Agreement or any
agreement entered into with the End-User and/or (ii) for the purposes of
performing any functions to which the consent of the End-Users has been
obtained, and/or (iii) to the extent otherwise permitted by applicable
law.  When processing such Personal Data,
each party will implement appropriate technical and organizational measures to
prevent against accidental or unlawful destruction, loss, alteration,
disclosure or access using a level of security appropriate to the risks
represented by the processing and the nature of the data to be protected.

8.6        Each party will
co-operate with the others in all reasonable respects so as to enable the other
parties to comply with any legal obligation relating to privacy or data
protection.

 29
 

8.7        End User
Restrictions.  It is expressly agreed
that the Licensee shall not accept wagers from any individual who is not at
least eighteen (18) years of age (or such other minimum age as required to
legally place bets or wagers in the Jursidictions in which the End User
resides).  The Licensee agrees that it
shall not accept wagers from any individual residing in the Jursidictionss
listed on the Schedule 9 hereto (the “Restricted Jurisdictions”).  The Licensee shall have the right, in its
sole discretion, to restrict access to the Licensee Gaming Sites in any
jusidiction it chooses, solely at its absolute discretion by the provision of
written notice to WagerLogic which may be amended at any time by Licensee.  It is expressly acknowledged and agreed that
WagerLogic does not presently allow its WagerLogic Licensees to accept end
users residing in the United States of America. 
In the event that WagerLogic wishes to allow any WagerLogic Licensee at
any time hereafter to accept end users from the United States of America (the “US
End Users”), and such US End Users shall participate in play through the
WagerLogic Centralized Poker Room, WagerLogic shall provide to the Licensee
ninety (90) days prior written notice that US End Users shall be allowed to
participate in the WagerLogic Centralized Poker Room, and upon receipt of the
said notice, the Licensee may at any time within sixty (60) days of receiving
the said notice, terminate this Agreement by written notice to WagerLogic with
effect any time prior to the date upon which the US End Users will be allowed
to participate in play through the WagerLogic Centralized Poker Room.

9.                                               CONFIDENTIALITY

9.1        Confidential
Information.  Each party (the “Receiving
Party”) shall protect the confidentiality of any information disclosed or
furnished by any other party hereto (the “Furnishing Party”) or otherwise made
available to the Receiving Party in connection with the negotiation, execution
or performance of this Agreement (whether in written media or otherwise) (“Confidential
Information”), using the same degree of  care that it uses to protect its own
confidential or proprietary information of a like nature but in no event less
than a reasonable degree of care. 
Confidential Information shall remain the property of the Furnishing
Party, and the Receiving Party shall not be deemed by virtue of any access to
the Confidential Information of any Furnishing Party to have acquired any right
or interest in or to any such Confidential Information.  For purposes of this Agreement, “Confidential
Information” shall also include the existence of this Agreement and any
provision of this Agreement.

9.2        Exceptions.  “Confidential Information” shall not include
any information:  (i) that is already
known to the Receiving Party, without restrictions on use or disclosure, at the
time of its disclosure by the Furnishing Party; (ii) that is or becomes generally
available to the public other than as a result of disclosure thereof by the
Receiving Party; (iii) that is lawfully received by the Receiving Party,
without restrictions on use or disclosure, from a third party that is not
itself under any obligation of confidentiality or nondisclosure to the
Furnishing Party or any other Person with respect to such information; (iv)
that is independently developed by or

 30
 

for the Receiving Party without reference or
access to the Furnishing Party’s Confidential Information; or (v) that is
approved in writing by the Furnishing Party for use or disclosure.  Any Party relying on any of the foregoing
exceptions (i) to (v) shall bear the burden of proof with respect to such
reliance.

9.3        Permitted Use
and Disclosure.  The Receiving Party
shall use Confidential Information solely for the purposes of this Agreement
and shall not otherwise disclose or disseminate any Confidential Information to
any third party at any time, except as required by law or any competent
regulatory body, or the rules of any relevant stock exchange.  In the event that a party (“Disclosing Party”)
is compelled to disclose any Confidential Information relating to any other
party as the result of any bona fide written order from any government agency,
regulatory body, court of law of competent Jursidictions or stock exchange, the
Disclosing Party shall endeavour to give no less than five (5) days’ notice to
the other parties of the disclosure to the extent it is able to do so.

9.4        Unauthorized
Use or Disclosure.  The Receiving
Party shall notify the Furnishing Party promptly of any unauthorized use or
disclosure of the Furnishing Party’s Confidential Information and shall
cooperate with and assist the Furnishing Party in every reasonable way to stop
or minimize such unauthorized use or disclosure.

9.5        Injunctive
Relief.  If any party commits a
breach, or threatens to commit a breach of any of the provisions of this
Section 11, then the party against whom the breach has been committed or
threatened shall have the right to bring an action for injunctive relief or any
other action at law or equity to specifically enforce the terms of this Section
9 it being acknowledged and agreed that any such breach, or threatened breach,
could cause irreparable injury and that money damages would not provide an adequate
remedy to the injured party.

9.6        Return or
Destruction.  Upon termination or
expiration of this Agreement, each party in possession of another party’s
Confidential Information, at the Furnishing Party’s option, shall return or
destroy all Confidential Information of the Furnishing Party that the Receiving
Party does not possess under a valid license and provide an officer’s
certificate to the Furnishing Party as to such return or destruction, as
applicable.

9.7        Disclosure by
ECash Direct.  WagerLogic, through
its subsidiary ECash Direct, reserves the right to disclose, but only to the
extent necessary to perform this Agreement or as otherwise permitted by this
Agreement, any Financial Data regarding transactions settled through the ECash
System to:

(a)                                  any acquiring, issuing bank or payment
providers which settles credit card, debit card, cheque transactions or other
financial transactions on behalf of any party hereto and/or End-Users of the
WagerLogic System;

 31
 

(b)                                 any of the bank card associations which may
be offered as part of the Services at any given time (including, but not
limited to, VISA, MasterCard, Discover and American Express) or credit
reporting or authentification companies; and

(c)                                  Any third party processor which provides
computer processing services to the acquiring or issuing bank in respect of the
ECash System.

9.8        Disclosure by
WagerLogic.  WagerLogic may use the
Data for the purpose of disclosing aggregate information to industry trade
groups, provided that such information shall be in a statistical format only,
and not discernible as information specifically relating to any party hereto,
any End-Users of the Licensee Poker Room or the WagerLogic System, or any
individual sales transaction in respect of the WagerLogic System.

9.9        Announcement.  No announcement, press release or other
disclosure (an “Announcement”)  shall
be made concerning the contents or subject matter of this Agreement by any
party hereto without the reasonable written consent of the Licensee and
WagerLogic, and provided two (2) days written notice is given to the other
parties of this Agreement, except as required or mandated by law or any
regulatory authority provided that Licensee shall be entitled to speak
generally to the investment community about the general terms and conditions of
this Agreement and its related business activities.

9.10      This Section 9 shall
remain in full force and effect notwithstanding any termination of this
Agreement.

9.11      It is expressly
acknowledged and agreed that WagerLogic may require Licensee to be licensed in
an Alternative Jursidictions (as set forth in Paragraph 3.9) either as a
back-up Jursidictions or in the place and stead of one or more of the Jursidictions.  In the event that either WagerLogic or the
Licensee requires that a license be obtained in an Alternative Jursidictions,
the following process shall be followed:

(a)                                  WagerLogic shall provide written notice to
the other parties hereto of the requirement for a license in the Alternative Jurisdictions,
which notice shall include a discussion of the rationale for requiring the
Alternative Jurisdictions; and

(b)                                 upon receiving the notice required by Section
9.11(a) above, the Licensee shall seek to obtain the gaming license in the
Alternative Jurisdictions as soon as is reasonably and practically possible,
and all other parties hereto shall provide any and all such reasonable
assistance as may be required therefrom in this regard.  Notwithstanding anything in this Section
9.11, in the event that Licensee or the WPT Group reasonable determines, in its
sole discretion, that obtaining any

 32
 

such license in an Alternative Jurisdictions would either jeopardize
the gaming licenses (or that of Lakes Entertainment, Inc.), have a detrimental effect
on Licensee or any of the WPT Group as a public Company (e.g., if auditors will
not approve such Alternative Jurisdictions), then Licensee may terminate this
Agreement upon written notice to WagerLogic.

10.                                        TERMINATION

10.1      All Parties.  The WagerLogic Group on the one hand, and the
WPT Group on the other hand, shall have the right, without prejudice to their
other rights or remedies, to terminate this Agreement immediately by written
notice to the other group if any party in the other group:

(a)                                  is in material breach of any of its
obligations under this Agreement and either that breach is either (1) incapable
of being cured or (2) remains uncured for sixty(60) 60 days after receiving
written notice of the breach; or

(b)                                 becomes insolvent or is otherwise unable to
pay its debts in the ordinary course of business; or

(c)                                  is dissolved (other than by way of a
re-organization) or otherwise ceases to engage in its normal business
operations and is unable thereby to fulfill its obligations under this
Agreement.

10.2      The WagerLogic
Group.  In addition to any other
remedies provided in this Agreement, any of the WagerLogic Group shall have the
right to terminate this Agreement upon written notice to the other parties, or
as earlier mandated by law, in the event of any of the following:

(a)                                  Violation of Laws:  immediately in the event that any other party
hereto is guilty of, after any unsuccessful appeal process, violating in the
course of its performance hereunder, any local, state or federal laws, rules
and regulations pertaining to gambling on the internet provided that such
breach has not been caused by any of the WagerLogic Group;

(b)                                 Criminal Conviction:  immediately in the event that any principal,
officer or director of any other party or any of their Affiliates is convicted
in a criminal proceeding and any of the WagerLogic Group reasonably determines,
in its sole discretion, that such conviction has harmed the general goodwill or
reputation of CryptoLogic or WagerLogic, or the general goodwill of the
industry as a whole;

(c)                                  Unauthorized Access:  immediately in the event of repeated attempts
by any employees or contractors of any party

 33
 

controlled
by a member of the WPT Group to gain unauthorized access to the WagerLogic
System after any of the WagerLogic Group has notified the other party in
writing of the attempts and such attempts persist;

(d)                                 Loss of Gaming License: immediately in the
event that the Licensee loses its rights to operate the Licensee Gaming Sites pursuant
to any Gaming License; or

(e)                                  Changes In Laws:  immediately in the event that changes to
legislation, regulation or other requirements of any government or governmental
authority or agency make it illegal or impractical to operate the Licensee Poker
Room as intended by the parties.

(f)                                    Probity: immediately in the event that any
officer, director, material shareholder or senior executive of the Licensee,
the Parent or any Affiliate thereof, fails (in the opinion of WagerLogic, as
determined in good faith and acting reasonably) any probity review conducted
thereon as contemplated in this Agreement.

10.3      The Licensee.  In addition to any other remedies provided in
this Agreement, the Licensee shall have the right to terminate this Agreement
upon notice to the other parties, or as earlier mandated by law, in the event
of any of the following:

(a)                                  Violation of Laws:  immediately in the event that any of the other
parties hereto is guilty of, after any unsuccessful appeal process of violating
in the course of its performance hereunder, any local, state or federal laws,
rules and regulations pertaining to gambling on the internet provided that such
breach has not been caused by the Licensee;

(b)                                 Criminal Conviction:  immediately in the event that any principal,
officer or director of any of the other parties hereto or any of their
Affiliates is convicted in a criminal proceeding and the Licensee reasonably
determines, in its sole discretion, that such conviction has harmed the general
goodwill or reputation of the Licensee, or the general goodwill of the industry
as a whole;

(c)                                  Gaming License:  on ninety (90) days prior written notice (and
subject to the WagerLogic Parties’ right to cure the subject conduct during the
above-referenced ninety (90) day period), in the event that any of the
WagerLogic Parties, or any principal, officer or director of any of the WagerLogic
Parties does any act which jeopardizes any Gaming License or any other license
or permission lawfully issued by or under authority of a

 34
 

competent
authority in any Jurisdictions permitting the operation of a land-based or
internet gaming business, held by the Licensee or any of its Affiliates
(specifically including Lakes Entertainment, Inc.) or jeopardizes the
relationship between the WPT Group and its auditors; or immediately in the
event that the Licensee loses its right to operate the Licensee Gaming Sites pursuant
to its Gaming License;

(d)                                 In the event of a change in the holder of the
Controlling Interest of the Parent, the Licensee may, at any time within three
(3) months of the said change occurring, terminate this Agreement on thirty
(30) days written notice to WagerLogic; provided that in order to exercise the
said termination right, the Licensee shall pay to WagerLogic an amount equal to
the amount derived by applying the following formula:

(2)
x Highest Monthly Revenue Amount x Number of Months Remaining.

For the purposes hereof, the
following terms shall have the following meanings:

“Highest Monthly Revenue
Amount” means the highest monthly amount earned by WagerLogic (i.e., WagerLogic
Net Revenues) as a licensee fee under Article 5 hereof (inclusive of Minimum
Guarantee Amounts) in the four (4) Months immediately prior to the Month in
which the Licensee delivered its termination notice under this Paragraph 10.3(d).

“Number of Months Remaining”
means number of full Months remaining in the then current term of this
Agreement had this Agreement not been terminated pursuant to this Paragraph 10.3(d),
calculated from the effective date of termination of this Agreement.

(e)                                Probity: immediately in the event that any
officer, director, material shareholder or senior executive of WagerLogic,
Cryptologic or any Affiliate thereof, fails (in the opinion of Licensee, as
determined in good faith and acting reasonably) any probity review conducted
thereon as contemplated in this Agreement.

10.4      Termination will
not affect those rights of action, which have accrued prior to that termination
and any obligations which expressly or by implication are intended to come into
or continue in force on or after that termination.

10.5      On termination or
expiration of this Agreement for any reason:

 35
 

10.5.1      The WagerLogic Group shall:

(a)                                  provide the Licensee within ten (10) Business
Days of the date of termination an electronic copy of all Gaming Data free of
charge;

(b)                                 cease using any of the Trade Marks and any
and all Gaming Data; and

(c)                                  Close all End User gaming accounts, and
return all amounts on deposit to End Users.

10.5.2      The Licensee shall cease all use of the
Generic Software Application and the Custom Client Software Application and
shall return to WagerLogic or destroy all copies of the Generic Software
Application and the Custom Client Software Application (regardless of what
medium those copies are stored).

10.5.3      The
rights and licenses granted by License in the Trade Marks, Gaming Data, and End-User
Names herein shall terminate automatically, and WagerLogic shall immediately
cease using them for any purpose whatsoever.

10.5.4      It
is expressly agreed that WagerLogic shall not distribute the Net Revenue
distributable hereunder earned during the 30-day period immediately prior to
the date of termination of this Agreement (the “Holdback Amount”), and shall
hold such Holdback Amount as security for the payment by the Licensee of any
Chargebacks or other losses, costs, liabilities or expenses which may be
suffered or incurred by WagerLogic subsequent to the date of termination of
this Agreement, provided such losses, cost, liabilities or expenses are related
to the operation of the Licensee Gaming Sites and were the liability of the
Licensee to satsify (each a “Post-Termination Liability”). WagerLogic shall,
after deducting the amount of any Post Termination Liabilities, pay to the
Licensee on the six- month anniversary of the date of termination of this
Agreement, the Holdback Amount.  In the
event that the Post-Termination Liabilities are in excess of the Holdback
Amount, the Licensee shall forthwith pay to WagerLogic any Post-Termination
Liabilities not covered by the Holdback Amount.

11.                                        LIABILITY

11.1      No party limits
its liability for death or personal injury arising from its own negligence or
fraudulent acts or that of its employees, agents or sub contractors.

11.2      Notwithstanding
anything herein contained and save and except in respect of the monetary
obligations of the parties set forth herein, the liability of the WagerLogic
Group to the WPT Group, or vice verse, shall not exceed USD $1,000,000 in the
aggregate.

 36
 

11.3      Except as
provided in this Agreement, no party shall be liable to the other for any:

(a)                                  indirect or consequential loss or damages; or

(b)                                 Loss of business or profits, whether arising
from negligence, breach of contract or otherwise.

11.4      Notwithstanding
anything herein contained, including without limitation, the provisions of
Paragraph 3.4(a) heerof, WagerLogic shall have no liability during any period
of downtime of the WagerLogic System and/or the Licensee’s equipment or during
delays in the providing of the Services or for any loss of Data caused by or
resulting from:

(a)                                  failure in the internet, computers or
computer-related equipment not maintained by WagerLogic;

(b)                                 computers, computer-related equipment or
software used by WagerLogic in the performance of its obligations hereunder
being taken down or made inoperable pursuant to a request by the Licensee;

(c)                                  any defects or changes in software owned or
licensed by the Licensee from third parties and not approved by WagerLogic; or

(d)                                 Any act categorized and defined as “force
majeure” pursuant to Section 14.4 of this Agreement.

12.                                        THE CRYPTOLOGIC GUARANTEE

12.1      CryptoLogic
guarantees to the WPT Group due and punctual payment and performance of all the
obligations of WagerLogic arising under this Agreement and shall be bound by
the Parental Guarantee as set forth attached hereto as Schedule 10  ,
and incorporated by reference herein.

13.                                        PARENT GUARANTEE

13.1      The guarantees to
the WagerLogic Group due and punctual payment and performance of all the
obligations of the Licensee arising under this Agreement and shall be bound by
the Parental Guarantee as set forth attached hereto as Schedule 11, and
incorporated by reference herein.

14.                                        MISCELLANEOUS TERMS

14.1      No Assignment
or Subcontracting. Except as otherwise provide herein, none of the parties
may assign, novate, sub-license, transfer, sub-contract or

 37
 

otherwise dispose of any of its rights,
assets or obligations created under this Agreement without the prior consent of
the others acting reasonably and without delay; save and except that WagerLogic
may assign its rights and obligations hereunder to a third party within the
CryptoLogic group of companies, as part of an internal reorganziation.  This Agreement shall enure to the benefit of,
and be binding upon, the Successors and Assigns of each party hereto. It is
expressly acknowledged that WagerLogic’s subsidiary Ecash Direct may be wound
up into WagerLogic at some time during the Term.

14.2      Governing Law
and Arbitration.  This Agreement shall be governed by
and construed in accordance with the laws of England and Wales without giving
effect to any choice or conflict of law provision or rule that would cause the
application of any laws of any Jursidictions other than that of England and
Wales.  Any dispute, claim or controversy
arising out of or related to this Agreement shall be resolved solely and
exclusively by binding arbitration in accordance with the Commercial
Arbitration Rules of the American Arbitration Association. All arbitration
proceedings, including all notices sent, filings made and testimony and
documentary evidence, shall be in the English language and take place in London,
England.

14.3      Relationship.  Nothing contained in this Agreement shall be
deemed to create a partnership, joint venture or agency between the parties or
be deemed to authorize any party (except as expressly permitted by this
Agreement) to incur liabilities or obligations binding on another party.

14.4      Force Majeure.

14.4.1      A party shall not be liable for any failure
to perform its obligations under this Agreement if that failure is beyond the
reasonable control of that party including as a direct result of acts of God,
nature, a federal, state or local governmental agency, war, civil disturbance,
the inability or refusal of a common carrier to provide communications
capabilities or of an arm’s length third party provider to continue to provide
service (an “Event of Force Majeure”) provided that:

(a)                                  the affected party could not have avoided the
effect of the Event of Force Majeure by taking precautions which, having regard
to all matters known to it before the occurrence of the Event of Force Majeure
and all relevant factors, it ought reasonably to have taken but did not take;
and

(b)                                 the affected party has used reasonable
endeavours to mitigate the effect of the Event of Force Majeure and to carry
out its obligations under this Agreement in any other way that is reasonably
practicable.

 38
 

14.4.2      The affected party shall promptly notify the
other parties of the nature and extent of the circumstances giving rise to the
Event of Force Majeure.

14.4.3      If the Event of Force Majeure in
question prevails for a continuous period in excess of three Months after the
date on which it began, any non-affected party may give notice to the affected
party terminating this Agreement.  The
notice to terminate must specify the terminate date, which must be not less
than 30 clear days after the date on which the notice to terminate is
given.  Once a notice has been validly
given, this Agreement will terminate on the termination date set out in the
notice.

14.5      Notices.

14.5.1      Any
notice or other document to be served under this Agreement to another party
shall be in writing and delivered or sent by prepaid first class recorded air
mail or facsimile to such party at its address set forth below or such other
address as the party may specify by written notice to the parties of this Agreement:

If to any member of the WagerLogic Group, to:

Attn:
General Manager

WagerLogic
Limited

Nimeli
Court 41 - 49 Agiou Nicolaou Street

Block
A 3rd Floor Engomi, 2408 Nicosia, Cyprus

Telephone:            +357 22311737

Facsimile:               +357 22313916

With a copy to:

Attn:
General Counsel

CryptoLogic
Inc.55 St. Clair Avenue, West

3rd
Floor Toronto, OntarioCanadaM4V 2Y7

Telephone:
+1 416 545 1455

Facsimile:  +1 416 545 1454

If to any member of the WPT
Group, to:

Attn:
Mr. Peter Hughes, COO

WPT
Enterprises, Inc., Suite #350

Los
Angeles, CA 90036

Telephone:
(323)330-9844

Facsimile: (323)330-9902

With a copy to:

Attention:
Adam Pliska, General Counsel

WPT
Enterprises, Inc., Suite #350

Los Angeles, CA 90036

 39
 

Telephone:
(323)330-9844

Facsimile: (323)330-9902

14.5.2      Any
notice, document or other communication shall be deemed to have been delivered (a)
if delivered, at the time of delivery; or (b) if posted, at 10.00 a.m., English
time on the tenth Business Day after it was put into the post; or (c) if sent
by facsimile at the expiration of two hours after the time of dispatch if dispatched
before 12.00 p.m., England time (at the place the facsimile was transmitted to)
on any Business Day, and in any other case at 10.00 a.m., England time on the
next Business Day after the date of dispatch.

15.                               WAIVER

A waiver (whether express or
implied) by one of the parties of any of the provisions of this Agreement or of
any breach of or default by the other party in performing any of those
provisions shall not constitute a continuing waiver and that waiver shall not
prevent the waiving party from subsequently enforcing any of the provisions of
this Agreement not waived or from acting on any subsequent breach of or default
by the other party under any of the provisions of this Agreement.

16.                               AMENDMENTS

Any amendment, waiver or
variation of this Agreement shall not be binding on the parties unless set out
in writing, expressed to amend this Agreement and signed by or on behalf of
each of the parties.

17.                               SEVERABILITY

The invalidity, illegality
or unenforceability of any of the provisions of this Agreement shall not affect
the validity, legality and enforceability of the remaining provisions of this
Agreement.

18.                               ENTIRE
AGREEMENT

This Agreement and the
documents referred to in it contain the entire agreement between the parties
relating to the subject matter of this Agreement and supersede all previous
agreements between the parties relating to that subject matter.  Each of the parties acknowledges that in
agreeing to enter into this Agreement it has not relied on any representation,
warranty or other assurance except those set out in this Agreement.

19.                               FURTHER
ASSURANCE

Each party shall (i) perform
any further acts and execute and deliver any further documents which may be
reasonably necessary to carry out the provisions of this Agreement and (ii) at
all times act in good faith so as to preserve for the other parties the
benefits intended under this Agreement.

 40
 

20.                               INDEMNIFICATION

Subject to Section 11, the
parties agree as follows:

20.1      The WPT Group.
The WPT Group agrees to defend, indemnify, protect, save and hold harmless the
WagerLogic Group, as well as their directors, officers, employees and agents,
against any and all liabilities, claims, demands, suits, actions, causes of
action, proceedings, judgments, awards and costs, including reasonable attorney’s
fees and expenses, arising out of or related to any claim, whether grounded in
contract, tort, strict liability or otherwise, arising out of (i) the WPT Group’s
performance of this Agreement or breach or violation of any duty, obligation,
warranty or representation made hereunder, and (ii) a breach of the
Intellectual Property Rights of any third party associated with the
development, licensing and use of the Special Functionality; provided that indemnified
parties shall not have any right to be indemnified hereunder for their own
recklessness, gross negligence or wilful misconduct.

20.2      The WagerLogic
Group.  The WagerLogic Group agrees
to defend, indemnify, protect, save and hold harmless the WPT Group, as well as
their directors, officers, employees and agents, against any and all
liabilities, claims, demands, suits, actions, causes of action, proceedings,
judgments, awards and costs, including reasonable attorney’s fees and expenses,
arising out of or related to any claim, whether grounded in contract, tort,
strict liability or otherwise, based in whole or in part, arising out of any of
the WagerLogic Group’s performance of this Agreement or breach or violation of
any duty or obligation or warranty and representation made hereunder; provided
in each case that the indemnified parties shall not have any right to be
indemnified hereunder for their own recklessness, gross negligence or wilful
misconduct.  Notwithstanding anything
herein contained, it is expressly agreed that WagerLogic shall have no
liability whatsoever to the WPT Group in the event that the development,
licensing or use of the Special Functionality infringes the Intellectual
Property Rights of any third party.

20.3      Procedure.  Subject to Section 11, whenever any
party (“the Indemnifier”) is required to indemnify another party (“the
Indemnified”) under this Agreement, the Indemnified shall:

(a)                                  notify the Indemnifier in writing forthwith
upon becoming aware of any matter or claim to which the indemnity relates;

(b)                                 not make any admission or settlement in
respect of such matter or claim without the prior consent of the Indemnifier
(such consent not to be unreasonably withheld or delayed); and

(c)                                  allow the Indemnifier to appoint legal advisers
of its choice and to conduct and/or settle negotiations and/or proceedings
relating to such matter or claim and the Indemnified shall comply with the
Indemnifier’s reasonable request in the conduct

 41
 

of
any negotiations and/or proceedings provided the Indemnified’s costs are met by
the Indemnifier.

21.                               COUNTERPARTS

This Agreement may be signed
in two or more counterparts (which may be facsimile copies), each of which
shall be deemed an original, but all of which together shall constitute the
same instrument.

22.                               COSTS

Except as provided for
elsewhere in this Agreement, each of the parties to this Agreement shall pay
its own costs (including all liabilities, losses, damages, costs (including
legal costs) and expenses (including taxation), in each case of any nature
whatsoever) incurred in connection with the negotiation, preparation and performance
of this Agreement.

23.                               PRE-INCORPORATION
CONTRACT

It is expressly acknowledged that the Licensee is a
yet to be incorporated company under the laws of Malta. The Parent hereby
agrees that it shall forthwith take any and all such steps as may be necessary
in order to incorporate the Licensee pursuant to the laws of Malta, and shall
advise WagerLogic in writing forthwith upon the Licensee becoming incorporated.
Upon the Licensee becoming incorporated, the Licensee shall in writing confirm
the assumption of all of the liabilities and obligations of the Licensee
hereunder. Until such time as the Licensee becomes incorporated, the Parent
shall be bound and responsible for all of the obligations of the Licensee
hereunder. Furthermore, it is expressly agreed that should it be so required in
order to obtain a Gaming License in Curacao, the Licensee shall incorporate a
wholly-owned Curacao subsidiary (the “Curacao Co”). In such event, should any
internet gaming activities related to any Licensee Gaming Site take place on
gaming servers located in Curacao at any time during the Term, it is expressly
agreed that the Curacao Co. shall act as the operator in respect of the gaming
activity, and the Licensee shall be jointly and severally liable with the
Curacao Co. hereunder in respect of any such gaming activity. It is expressly
acknowledged that the Curacao Co. is yet to be incorporated as a company under
the laws of Curacao. The Parent hereby agrees that it shall forthwith take any
and all such steps as may be necessary in order to incorporate the Curacao
Company pursuant to the laws of Curacao, and shall advise WagerLogic in writing
forthwith upon the Curacao Co. becoming incorporated. Upon the Curacao Co.
becoming incorporated, the Curacao Co. shall in writing confirm the assumption
of all of the liabilities and obligations of the Curacao Co. hereunder. Until
such time as the Curacao Co. becomes incorporated, the Parent shall be bound
and responsible for all of the obligations of the Curacao Co. hereunder.

24.                               RIGHTS OF
FIRST REFUSAL

During the Term of this
Agreement, Licensee shall propose any self-initiated online-sponsorship deals
it intends to offer to any third party which are solely made in connection with
real-money Internet Based Gaming Businesses (“Proposed Online Sponsorship Deal”)
to WagerLogic before entering into such Proposed Online

 42
 

Sponsorship Deal with a third party (i.e., a party outside
the WagerLogic network).  WagerLogic
shall have Ten (10) days from the date of the proposal to accept the terms of
such Proposed Online Sponsorship Deal after which time Licensee shall be free
to offer such opportunity to any other party (the “Third-Party Potential
Partner”), provided that if the material terms of the offer to the Third-Party
Potential Partner are more favourable to the Third-Party Potential Partner than
the terms set forth in the original Proposed Online Sponsorship Deal,
WagerLogic shall have Five (5) days to accept the deal on terms that match the
offer to the Third-Party Potential Partner. 
Notwithstanding anything to the contrary, this Section 24 shall solely
apply to deals related to sponsorship deals in conjunction with real-money
wagering solely in jurisdictions where WagerLogic accepts wagers at the time
the Proposed Online Sponsorship Deal is offered.

(Signature Page on Next Page)

 43
 

IN WITNESS WHEREOF the parties have executed this Agreement as of the date above first
written.

 

	
  WAGERLOGIC LIMITED

  
	
   

  
	
  By: 

  	
  /s/ AJ Slivinsky

  	
   

  
	
   

  	
  Name:

  	
  AJ Slivinsky

  	
   

  
	
   

  	
  Title:

  	
  Managing
  Director

  	
   

  
					

 

	
  CRYPTOLOGIC INC.

  
	
   

  
	
  By: 

  	
  /s/ Stephen Taylor

  	
   

  
	
   

  	
  Name:

  	
  Stephen Taylor

  	
   

  
	
   

  	
  Title:

  	
  Cheif Financial
  Officer

  	
   

  
					

 

	
  WPT ENTERPRISES, MALTA

  
	
   

  
	
  By: 

  	
  /s/ Adam J. Pliska

  	
   

  
	
   

  	
  Name:  Adam J. Pliska

  	
   

  
	
   

  	
  Title: Director

  	
   

  

 

	
  WPT ENTERPRISES INC.

  
	
   

  
	
  By: 

  	
  /s/ Adam J. Pliska

  	
   

  
	
   

  	
  Name:  Adam J. Pliska

  	
   

  
	
   

  	
  Title:  General Counsel and
  Secretary to the Board of Directors.

  	
   

  

 

 44
 

SCHEDULE 1

Schedule 1
- Progressive Jackpot Participation

The following agreement between Licensee and
WagerLogic describes the terms and conditions with respect to the set up and
participation in shared jackpot games.

Definitions:

Reset Fund

A
percentage of each jackpot wager is placed into this fund to cover the initial
value of the jackpot. Reset fund contribution percentage is calculated based on
the number of bets that a user needs to statistically get a jackpot and the
initial value of the jackpot.

Pool Fund

A
percentage of each wager is placed into this fund to generate the jackpot prize
pool. The amount of a particular jackpot depends on the accumulated value in
the pool fund plus the initial value of the jackpot. Games that pay
intermediate jackpot prizes, such as Spice Island Poker, have such prizes paid
from the pool fund. If after such a payout then the initial value of the
jackpot will be obtained from the reset fund.

List of Games

Table 1: Game Listing with Minimum and Maximum Wagers

	
  Game Name

  	
   

  	
  Minimum

  Wager

  	
   

  	
  Maximum

  Wager

  	
   

  	
  Game Type

  
	
  Caribbean Stud
  Poker (SP & MP)

  	
   

  	
  £1

  	
   

  	
  £1500

  	
   

  	
  Card Game

  
	
  25c Super
  Jackpot VP/MHVP/BVP

  	
   

  	
  £0.25

  	
   

  	
  £12.50

  	
   

  	
  Video Poker

  
	
  £1 Super Jackpot
  VP/MHVP/BVP

  	
   

  	
  £1

  	
   

  	
  $50

  	
   

  	
  Video Poker

  
	
  Keno

  	
   

  	
  25p

  	
   

  	
  £1

  	
   

  	
  Video Keno

  
	
  Blackjack

  	
   

  	
  £1

  	
   

  	
  £5000

  	
   

  	
  Card Game

  
	
  Dolphin King

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Northern Lights

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Salsa

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Sirens

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Mr. Rich

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Mad Professor

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Dr. Love

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Coral Cash

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Rapid Fire Slots

  
	
  Witches &
  Warlocks

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Frightmare Slot Machine

  
	
  Zone of the
  Zombie

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Frightmare Slot Machine

  
	
  Vampire Bats

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Frightmare Slot Machine

  
	
  Ghost Rider

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Elektra

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Iron Man

  	
   

  	
  £0.01 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Blade

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  The Punisher

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  The Hulk

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Daredevil

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Silver Surfer

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Thor

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  X-Men

  	
   

  	
  £0.05 per line

  	
   

  	
  £5 per line

  	
   

  	
  Marvel Slot Machine

  
	
  Shoot-O-Rama

  	
   

  	
  £0.25 per line

  	
   

  	
  £0.25 per line

  	
   

  	
  Slot Machine

  
	
  Rags To Riches

  	
   

  	
  £0.01 per line

  	
   

  	
  £20 per line

  	
   

  	
  Slot Machine

  
	
  Millionaires
  Club

  	
   

  	
  £0.10 per line

  	
   

  	
  £20 per line

  	
   

  	
  Slot Machine

  
	
  25c Triple
  Olives

  	
   

  	
  £0.25

  	
   

  	
  £0.75

  	
   

  	
  Slot Machine

  
	
  £1 Triple Olives

  	
   

  	
  £1

  	
   

  	
  £3

  	
   

  	
  Slot Machine

  

 

 45
 

 

Table 2: Game ID’s and Sub-Game ID’s

	
  Game Name

  	
   

  	
  Game ID

  	
   

  	
  Sub Game ID

  	
   

  	
  Game Type

  
	
  Caribbean Stud
  Poker (SP & MP)

  	
   

  	
  4

  	
   

  	
  n/a

  	
   

  	
  Card Game

  
	
  25c Super
  Jackpot VP/MHVP/BVP

  	
   

  	
  5

  	
   

  	
  5

  	
   

  	
  Video Poker

  
	
  £1 Super Jackpot
  VP/MHVP/BVP

  	
   

  	
  5

  	
   

  	
  12

  	
   

  	
  Video Poker

  
	
  Keno

  	
   

  	
  34

  	
   

  	
  n/a

  	
   

  	
  Video Keno

  
	
  Blackjack

  	
   

  	
  66

  	
   

  	
  n/a

  	
   

  	
  Card Game

  
	
  Dolphin King

  	
   

  	
  97

  	
   

  	
  64

  	
   

  	
  Rapid Fire Slots

  
	
  Northern Lights

  	
   

  	
  97

  	
   

  	
  61

  	
   

  	
  Rapid Fire Slots

  
	
  Salsa

  	
   

  	
  97

  	
   

  	
  66

  	
   

  	
  Rapid Fire Slots

  
	
  Sirens

  	
   

  	
  97

  	
   

  	
  62

  	
   

  	
  Rapid Fire Slots

  
	
  Mr. Rich

  	
   

  	
  97

  	
   

  	
  01

  	
   

  	
  Rapid Fire Slots

  
	
  Mad Professor

  	
   

  	
  97

  	
   

  	
  03

  	
   

  	
  Rapid Fire Slots

  
	
  Dr. Love

  	
   

  	
  97

  	
   

  	
  65

  	
   

  	
  Rapid Fire Slots

  
	
  Coral Cash

  	
   

  	
  97

  	
   

  	
  63

  	
   

  	
  Rapid Fire Slots

  
	
  Witches &
  Warlocks

  	
   

  	
  42

  	
   

  	
  1

  	
   

  	
  Frightmare Slot Machine

  
	
  Zone of the
  Zombie

  	
   

  	
  42

  	
   

  	
  2

  	
   

  	
  Frightmare Slot Machine

  
	
  Vampire Bats

  	
   

  	
  42

  	
   

  	
  3

  	
   

  	
  Frightmare Slot Machine

  
	
  Ghost Rider

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Elektra

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Iron Man

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Blade

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  The Punisher

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  The Hulk

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Daredevil

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Silver Surfer

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Thor

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  X-Men

  	
   

  	
  89

  	
   

  	
   

  	
   

  	
  Marvel Slot Machine

  
	
  Shoot-O-Rama

  	
   

  	
  25

  	
   

  	
  n/a

  	
   

  	
  Slot Machine

  
	
  Rags To Riches

  	
   

  	
  33

  	
   

  	
  n/a

  	
   

  	
  Slot Machine

  
	
  Millionaires
  Club

  	
   

  	
  60/82

  	
   

  	
  n/a

  	
   

  	
  Slot Machine

  
	
  25c Triple
  Olives

  	
   

  	
  3

  	
   

  	
  17

  	
   

  	
  Slot Machine

  
	
  £1 Triple Olives

  	
   

  	
  3

  	
   

  	
  18

  	
   

  	
  Slot Machine

  

 

Setup Information

The
jackpot is set up as a shared jackpot with WagerLogic as the underwriter. The
Licensee shares this jackpot with the other participating WagerLogic Licensees.
The Licensee makes contributions to the reset fund and pool fund. If a player
of any WagerLogic Licensee hits a jackpot, the pool fund will fully cover the
winnings and the reset fund will cover the initial value.

Contributions
to the reset fund and the pool fund are held by WagerLogic to satisfy the
future settlement requirements of progressive jackpots. Under no circumstances
will contributed funds be refunded to the Licensee.

Initiating
Participation in a Shared Jackpot

WagerLogic will allow the Licensee to participate in shared progressive
jackpot program under the following conditions:

a) Provided that the Licensee is good standing under the terms of the
License

 46
 

Agreement; and

b) The Licensee meets the casino software
version requirements for the jackpot.

How the
Jackpot is funded (Table 3)

	
   

  	
   

  	
  Initial

  Jackpot Value

  	
   

  	
  Source of funds

  to the Jackpot

  	
   

  	
  Reset fund

  contribution

  	
   

  	
  Pool Fund

  contribution

  	
   

  	
  Total deducted from

  Casino Earnings

  (C+D)

  
	
   

  	
   

  	
  A

  	
   

  	
  B

  	
   

  	
  C

  	
   

  	
  D

  	
   

  	
  E

  
	
  Caribbean Stud Poker (SP & MP)

  	
   

  	
  100000/50000

  	
   

  	
  % of original bet

  	
   

  	
  20/10%

  	
   

  	
  70%

  	
   

  	
  80% - 90%

  
	
  25c Super Jackpot VP/MHVP/BVP

  	
   

  	
  1000

  	
   

  	
  % of original bet

  	
   

  	
  2.5%

  	
   

  	
  1%

  	
   

  	
  3.5%

  
	
  £1 Super Jackpot VP/MHVP/BVP

  	
   

  	
  4000

  	
   

  	
  % of original bet

  	
   

  	
  2.5%

  	
   

  	
  1%

  	
   

  	
  3.5%

  
	
  Keno

  	
   

  	
  100000

  	
   

  	
  % of original bet

  	
   

  	
  2%

  	
   

  	
  5%

  	
   

  	
  7.0%

  
	
  Blackjack

  	
   

  	
  50000

  	
   

  	
  % of original bet

  	
   

  	
  18%

  	
   

  	
  70%

  	
   

  	
  88%

  
	
  Dolphin King

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Northern Lights

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Salsa

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Sirens

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Mr. Rich

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Mad Professor

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Dr. Love

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Coral Cash

  	
   

  	
  500

  	
   

  	
  % of original bet

  	
   

  	
  3.3%

  	
   

  	
  1.7%

  	
   

  	
  5%

  
	
  Witches & Warlocks

  	
   

  	
  250/2500

  	
   

  	
  % of original bet

  	
   

  	
  1.5%

  	
   

  	
  1-1.5%

  	
   

  	
  2.5% - 3.0%

  
	
  Zone of the Zombie

  	
   

  	
  250/2500

  	
   

  	
  % of original bet

  	
   

  	
  1.5%

  	
   

  	
  1-1.5%

  	
   

  	
  2.5% - 3.0%

  
	
  Vampire Bats

  	
   

  	
  250/2500

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1-1.5%

  	
   

  	
  2.0% - 2.5%

  
	
  Ghost Rider

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Elektra

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Iron Man

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Blade

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  The Punisher

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  The Hulk

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Daredevil

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Silver Surfer

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Thor

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  X-Men

  	
   

  	
  50/500/5000

  	
   

  	
  % of original bet

  	
   

  	
  1%

  	
   

  	
  1%

  	
   

  	
  2%

  
	
  Shoot-O-Rama

  	
   

  	
  20000

  	
   

  	
  % of original bet

  	
   

  	
  8.5%

  	
   

  	
  5%

  	
   

  	
  13.5%

  
	
  Rags To Riches

  	
   

  	
  100000

  	
   

  	
  % of original bet

  	
   

  	
  6%

  	
   

  	
  4%

  	
   

  	
  10%

  
	
  Millionaires Club

  	
   

  	
  175000

  	
   

  	
  % of original bet

  	
   

  	
  1.5%

  	
   

  	
  5%

  	
   

  	
  6.5%

  
	
  25c Triple Olives

  	
   

  	
  1250

  	
   

  	
  % of original bet

  	
   

  	
  2%

  	
   

  	
  5%

  	
   

  	
  7%

  
	
  £1 Triple Olives

  	
   

  	
  5000

  	
   

  	
  % of original bet

  	
   

  	
  2%

  	
   

  	
  5%

  	
   

  	
  7%

  

 

The
Licensee will be notified in case of any changes to the funding of a jackpot
(structure, percentage or otherwise) from that shown in Table 3 above.

Payment of funds

The
Licensee will pay to WagerLogic an amount for the pool fund and an amount for
the reset fund for every jackpot that they participate in. The amounts payable
will be deducted in accordance with the License Agreement.

The amounts payable by the
Licensee will be calculated by WagerLogic according to the levels indicated in Table 3.

Reporting Information

The
Licensee will receive two reports on a daily basis: a Contribution Fund Report
and a Jackpot Payout Report.

The
Contribution Fund Report identifies the amount of money contributed to the “jackpot”
by the Licensee.

 47
 

Specifications
for the Contribution Fund Report

 

	
  Fieldname

  	
   

  	
  Description

  
	
  Jackpot Key

  	
   

  	
  Jackpot
  key is a seven digit identifier that reads as follows:

  1st two
  digits: identifies the currency

  3rd to 4th digits: identifies the game type
 5th to 7th digits: jackpot sub-number

   

  Game
  Type and sub-number Legend
 Game type 4 specifies Caribbean Stud
  Poker  (SP & MP)

  Game type 5 and sub-number
  5 specifies 25c Super Jackpot VP/MHVP/BVP

  Game type 5 and sub-number
  12 specifies £1 Super
  Jackpot VP/MHVP/BVP

  Game type 34 specifies Keno

  Game type 66 specifies
  Blackjack

  Game type 97 and sub-number
  64 specifies Dolphin King

  Game type 97 and sub-number
  61 specifies Northern Lights

  Game type 97 and sub-number
  66 specifies Salsa

  Game type 97 and sub-number
  62 specifies Sirens

  Game type 97 and sub-number
  1 specifies Mr. Rich

  Game type 97 and sub-number
  3 specifies Mad Professor

  Game type 97 and sub-number
  65 specifies Dr. Love

  Game type 97 and sub-number
  63 specifies Coral Cash

  Game type 42 and sub-number
  1 specifies Witches & Warlocks

  Game type 42 and sub-number
  2 specifies Zone of the Zombie

  Game type 42 and sub-number
  3 specifies Vampire Bats

  Game type 40 and sub-number
  1 specifies Ghost Rider

  Game type 40 and sub-number
  3 specifies Elektra

  Game type 40 and sub-number
  2 specifies Iron Man

  Game type 89 and sub-number
  3 specifies Blade

  Game type 89 and sub-number
  5 specifies The Punisher

  Game type 89 and sub-number
  1 specifies The Hulk

  Game type 89 and sub-number
  4 specifies Daredevil

  Game type 89 and sub-number
  7 specifies Silver Surfer

  Game type 89 and sub-number
  6 specifies Thor

  Game type 89 and sub-number
  2 specifies X-Men

  Game type 25 specifies
  Shoot-O-Rama

  Game type 33 specifies Rags
  To Riches

  Game type 60/82 specifies
  Millionaires Club

  Game type 3 and sub-number
  17 specifies 25c Triple Olives

  Game type 3 and sub-number
  18 specifies £1 Triple
  Olives

  
	
   

  	
   

  	
   

  
	
  Reset
  Fund Contribution

  	
   

  	
  This number represents the
  amount of money that was contributed to this fund during the specified
  24-hour period.

  
	
   

  	
   

  	
   

  
	
  Pool
  Fund

  Contribution

  	
   

  	
  This number represents the
  amount of money that was contributed to this fund during the specified
  24-hour period.

  A negative number may occur
  if the value of prizes paid out to users that

  day exceeds the value of funds contributed by the users to the pool. This may
  occur when a player hits the jackpot or when funds are paid out as a result
  of intermediate prizes.

  
	
   

  	
   

  	
   

  
	
  Difference

  	
   

  	
  Dollar value of finds that
  should he deducted from casino’s total daily earnings to satisfy Reset Fund
  and Pool Fund requirements. Sum of two numbers (Reset Fund Contribution plus
  Pool Fund Contribution). A negative number may occur if the value of prizes
  paid out to users that day exceeds the value of funds contributed by the
  users to the Pool Fund plus the value contributed to the Reset Fund. From an
  accounting perspective, a negative number represents funds paid to the
  Licensee. In the long run, the accumulated value of ‘Difference’ approaches
  zero.

  
	
   

  	
   

  	
   

  
	
  Pool

  	
   

  	
  Dollar value of the jackpot
  at midnight of the previous day.

  

 

The
Jackpot Payout report identifies jackpot winners.

 48
 

Specifications for the
Jackpot Payout Report:

	
  Fieldname

  	
   

  	
  Description

  
	
  Date/Time

  	
   

  	
  Date and time that the player hit the
  jackpot.

  
	
   

  	
   

  	
   

  
	
  User ID

  	
   

  	
  User ID of the player that hit the jackpot.

  
	
   

  	
   

  	
   

  
	
  User Name

  	
   

  	
  User Name of the player that hit the
  jackpot.

  
	
   

  	
   

  	
   

  
	
  Amount won

  	
   

  	
  Amount of money in the jackpot that was won
  by the player.

  
	
   

  	
   

  	
   

  
	
  Game ID

  	
   

  	
  The identification code of the game where
  the jackpot was won.

  This is a seven-digit identification number.

  1st two digits: identifies the merchant

  3rd to 4th digits: identifies the game
  type

  5th to 7th digits: jackpot sub-number

  Game Type and sub-number Legend
 Game type 4 specifies Caribbean Stud
  Poker  (SP & MP)

  Game type 5 and sub-number 5 specifies 25c
  Super Jackpot VP/MHVP/BVP

  Game type 5 and sub-number 12 specifies £1 Super Jackpot VP/MHVP/BVP

  Game type 34 specifies Keno

  Game type 66 specifies Blackjack

  Game type 97 and sub-number 64 specifies
  Dolphin King

  Game type 97 and sub-number 61 specifies
  Northern Lights

  Game type 97 and sub-number 66 specifies
  Salsa

  Game type 97 and sub-number 62 specifies
  Sirens

  Game type 97 and sub-number 1 specifies Mr. Rich

  Game type 97 and sub-number 3 specifies Mad
  Professor

  Game type 97 and sub-number 65 specifies Dr.
  Love

  Game type 97 and sub-number 63 specifies
  Coral Cash

  Game type 42 and sub-number 1 specifies
  Witches & Warlocks

  Game type 42 and sub-number 2 specifies Zone
  of the Zombie

  Game type 42 and sub-number 3 specifies
  Vampire Bats

  Game type 40 and sub-number 1 specifies
  Ghost Rider

  Game type 40 and sub-number 3 specifies
  Elektra

  Game type 40 and sub-number 2 specifies Iron
  Man

  Game type 89 and sub-number 3 specifies
  Blade

  Game type 89 and sub-number 5 specifies The
  Punisher

  Game type 89 and sub-number 1 specifies The
  Hulk

  Game type 89 and sub-number 4 specifies
  Daredevil

  Game type 89 and sub-number 7 specifies
  Silver Surfer

  Game type 89 and sub-number 6 specifies Thor

  Game type 89 and sub-number 2 specifies
  X-Men

  Game type 25 specifies Shoot-O-Rama

  Game type 33 specifies Rags To Riches

  Game type 60/82 specifies Millionaires Club

  Game type 3 and sub-number 17 specifies 25c
  Triple Olives

  Game type 3 and sub-number 18 specifies £1 Triple Olives

  Shared Jackpot Key (digits 3 to
  7)

  004000 for Caribbean Stud Poker  (SP & MP)

  005005 for 25c Super Jackpot VP/MHVP/BVP

  005012 for £1 Super Jackpot VP/MHVP/BVP

  034000 for Keno

  002000 for Blackjack

  077000 for Dolphin King

  077000 for Northern Lights

  077000 for Salsa

  077000 for Sirens

  077000 for Mr. Rich

  077000 for Mad Professor

  077000 for Dr. Love

  077000 for Coral Cash

  042000 for Witches & Warlocks

  042000 for Zone of the Zombie

  042000 for Vampire Bats

  089000 for Ghost Rider

  089000 for Elektra

  089000 for Iron Man

  089000 for Blade

  089000 for The Punisher

  089000 for The Hulk

  089000 for Daredevil

  089000 for Silver Surfer

  089000 for Thor

  089000 for X-Men

  250004 for Shoot-O-Rama

  033000 for Rags To Riches

  060000 for Millionaires Club

  003017 for 25c Triple Olives

  003018 for £1 Triple Olives

  

 

 49
 

The
reports will normally be available on a daily basis between 8:20 and 8:30 EST.

Right to Publish Jackpot Winner Information

WagerLogic reserves the right to publish the following information pertaining
to any jackpot win:

·                  The name of any jackpot winner;

·                  The name of the participating casino where
the jackpot win occurred;

·                  The date and time of the jackpot win; and

·                  The amount of the jackpot
win.

This information will be provided to all participating Casinos.

All participating Casinos
have the right to publish this information.

 50

SCHEDULE 2

The World Poker Tour®, WPT® and
World Poker Tour Logo & Design® and other trademarks at Licensee may designate
from time to time.

 51
 

SCHEDULE
3

 

Multi-Hand
Blackjack 

Single
Player European Enhanced Roulette 

Millionaire’s
Club Nine Line Slot

Bejewelled

The Hulk

 52
 

SCHEDULE
4

 

ALDERNEY

UNITED
KINGDOM

GIBRALTER

ISLE
OF MAN

 53
 

SCHEDULE 5

WagerLogic Limited Memorandum

PRO1095-Distributed
Poker Architecture

Summary

WagerLogic Limited (“WagerLogic”) has made a significant change to its
poker gaming environment.  The
architecture has been updated to place back office functions into the central
data centre in Ireland (ESAT).

Benefits

There are many benefits by having the poker backoffice functions
centrally located in the main data centre. The primary benefit is stability to
the poker room.  By centralizing the
poker backoffice functions in Ireland (ESAT) we get easier, safer and faster
ability to switch poker gaming between sites in the event of a network or
system outage in Curacao, Malta (or other location); poker backoffice functions
are centralized with other backoffice functions making the system more reliable
and responsive; ESAT (Ireland) provides a world class data centre resulting in
improved stability; reduced traffic through Curacao and Malta results in less
dependence on the Curacao or Maltese network and infrastructure to maintain a
functional poker system.

Legal Opinions

We have solicited the following in respect of this architecture change:
1) Legal opinion to confirm compliance with respect to Irish gambling laws 2)
Taxation comfort letter regarding Irish betting duty.

The legal opinion confirms the changes do not contravene the Irish
gambling legislation.

The taxation letter confirms the changes will not incur Irish betting
duty.

Please note that the above has been provided to you for information
purposes only, has not been prepared with the particular circumstances of any
licensee in mind, and cannot be relied upon by you as legal or tax advice.  WagerLogic does not make any representations
or warranties as to the accuracy or completeness of the above, and would
encourage each licensee to seek its own independent advice on those matters
should it so require.

 54
 

SCHEDULE 6

The
Licensee wire transfer information is as follow:

As
designated by the WPT Enterprises, Inc.’s Chief Financial Officer, which may be
amended from time to time and currently:

**

 55
 

SCHEDULE
8

 

POKER REVENUE AND ROOM RULES

Poker Revenue is generated under two general types of End User play,
being i) Ring Games (poker games pursuant to which End Users wager cash amounts
on a hand by hand basis) and ii) Poker Tournaments.

(A)          POKER REVENUE CALCULATION (RING
GAMES)

Poker Revenue earned through Ring Games is calculated based on a fixed
rate table.  There is a set amount of
Poker Revenue that is earned based on the pot value of a particular hand as set
forth in the chart below.  

In the event that during play of any particular hand, there are end
users playing (i.e. dealt cards in the particular poker hand) from multiple
WagerLogic licensees, the Poker Revenue earned on such hand will be split
between all said licensees, on the basis set out in paragraph (C) below.

If the pot value does not reach a specified minimum amount, no Poker
Revenue will be earned.  In the case of
the Texas Hold’em, Omaha and Omaha H/L games, no Poker Revenue will be earned
until the flop cards are dealt on the table even if the pot reaches the
specified minimum amount.

A small percentage of each pot is deducted by WagerLogic for each hand
of poker played in the WagerLogic Centralized Poker Room, which amount
represents the Poker Revenue earned on the said hand.  Such amount is currently equal to 5% of the
pot to a maximum of 3 dollars/pounds/euros (depending on the denomination of
the particular table) (“Units”) rounded down to the nearest .25 Units.  No Poker Revenue is earned if the hand ends
before the “flop” (no flop – no drop).

The
5% rate applies to all tables regardless of size, betting amount or currency.

Poker Revenue earned per hand is based on the following rate table:

	
  Pot Size (in Units)

  	
   

  	
  Rake (Poker Revenue)

  	
   

  
	
  No Flop

  	
   

  	
  0.00

  	
   

  
	
  < 5

  	
   

  	
  0.00

  	
   

  
	
  5

  	
   

  	
  0.25

  	
   

  
	
  10

  	
   

  	
  .050

  	
   

  
	
  15

  	
   

  	
  0.75

  	
   

  
	
  20

  	
   

  	
  1.00

  	
   

  
	
  25

  	
   

  	
  1.25

  	
   

  
	
  30

  	
   

  	
  1.50

  	
   

  
	
  35

  	
   

  	
  1.75

  	
   

  
	
  40

  	
   

  	
  2.00

  	
   

  
	
  45

  	
   

  	
  2.25

  	
   

  
	
  50

  	
   

  	
  2.50

  	
   

  
	
  55

  	
   

  	
  2.75

  	
   

  
	
  60

  	
   

  	
  3.00

  	
   

  
	
  > 60

  	
   

  	
  3.00

  	
   

  

 

 56
 

Notwithstanding the foregoing and subject to
the provisions of paragraph (B) below, the Poker Revenue earned per hand on Hold’em
Poker tables with stakes equal to or greater than 25/50 is currently equal to
5% of the pot, up to a maximum of 5 Units.

 

(B)           SHORT HANDED POKER (RING GAMES
ONLY)

Notwithstanding the provisions of paragraph (A) above, in the event
that the number of end users simultaneously participating in any particular
hand of a Ring Game (i.e. are dealt cards in the hand) is below a certain
amount (as more particularly described below) the maximum Poker Revenue which
can be earned on the hand shall be reduced to the following:

	
  Number of Players

  	
   

  	
  Maximum Earnable Poker Revenue (in Units)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   2

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3 – 4

  	
   

  	
  2

  	
   

  

 

(C)           RAKE SPLITTING (RING GAMES)

The Poker Revenue earned in respect of any particular hand played in
the WagerLogic Centralized Poker Room shall be divided between all WagerLogic
licensees whose end users were dealt cards in the hand, on a pro rata basis,
having regard to the proportion which the number of the licensees’ end users in
the hand bears to the total number of end users in the hand.  By way of example and for greater certainty,
in the event that, in respect of a particular hand, the Licensee End Users make
up one-half of the total number of players dealt cards in the hand, then the
Licensee shall be entitled to fifty (50%) percent of the Aggregate Poker
Revenues earned in the hand.

(D)          TOURNAMENT FEE SPLITTING (POKER
TOURNAMENTS)

The Poker Tournament Entry Fee for each Poker Tournament is equal to a
pre-determined amount established by WagerLogic, a portion of which is
designated as a Poker Tournament House Fees and the balance of which is
included in the prize pool for the tournament. 
The Poker Tournament House Fees represent the Poker Revenues earned by
all licensees in respect of the tournament. 
Each licensee’s portion of the aggregate Poker Tournament House Fees
paid in respect of any particular Poker Tournament is equal to the amount of
the Poker Tournament House Fees paid by the licensees’ end users participating
in the Poker Tournament.

(E)           RULES,
REGULATIONS, POLICIES AND PROCEDURES REGARDING THE WAGERLOGIC CENTRALIZED POKER
ROOM

It is expressly acknowledged that the Licensee is operating the Licensee
Poker Room through the WagerLogic Centralized Poker Room.  WagerLogic reserves the right to establish
reasonable rules, regulations, policies and procedures regarding the operation

 57
 

of the WagerLogic Centralized Poker Room, which are designed to operate
in the best interests of all licensees participating in the WagerLogic
Centralized Poker Room as a whole (the “Rules and Regs”).  Provided that the Rules and Regs are
reasonable and are established in good faith by WagerLogic with the best
interests of a majority of the WagerLogic licensees in mind, it is expressly
agreed that the parties hereto shall adhere to, and comply with, any and all
such Rules and Regs.  Subject to the
foregoing, WagerLogic may make additions, deletions or other modifications to
the Rules and Regs, from time to time, and at any time, subject to providing
the other parties hereto with a minimum of thirty (30) days advance written
notice of any such change.

 

It is expressly agreed that, in the event that WagerLogic, acting in
good faith, and in the best interests of all licensees participating in the
WagerLogic Centralized Poker Room as a whole, determines that it is necessary
to amend the manner in which Poker Revenues are earned, calculated or divided,
WagerLogic may make such amendments without the consent of any party hereto,
upon sixty (60) days written notice to the other parties hereto.  In order to be effective, any such amendment
cannot be motivated by the best interests of less than a majority of the
WagerLogic licensees, it being expressly agreed that, to the extent reasonably
possible, any such amendment must impact all licensees in the same or a
substantially similar manner.

In the event that a majority of the WagerLogic licensees determine that
they wish to make an amendment to: i) any Rules and Regs, ii) the manner in
which Poker Revenue is calculated, earned or divided, or iii) any other aspect
of the operation of the WagerLogic Centralized Poker Room (each a “Poker Room
Amendment”), and WagerLogic, acting in good faith, is in agreement with the
Poker Room Amendment, than the Poker Room Amendment may be instituted without
the consent of any party hereto, and each party hereto agrees to be bound by
the Poker Room Amendment, including without limitation, any and all penalties
prescribed in such amendment relating to a failure to comply with the
amendment.

For the purposes hereof “majority of the WagerLogic licensees” shall
not be determined by number of licensees, but rather on the amount of Poker
Revenue generated by each licensee.  By
way of example, and for greater certainty, in the event that two (2) WagerLogic
licensees represent more than fifty (50) percent of the Poker Revenue generated
by the WagerLogic Centralized Poker Room, said licensees would constitute a “majority
of the WagerLogic licensees” for the purposes hereof.

 58
 

SCHEDULE
9

 

LIST OF RESTRICTED JURISDICTIONS

THIS LIST MAY BE AMENDED FROM TIME TO TIME AT THE SOLE DISCRETION OF
THE LICENSEE

**

 59
 

SCHEDULE
10

CRYPTOLOGIC INC. PARENT GUARANTEE

	
  THIS GUARANTEE AND INDEMNITY  is
  made BY DEED on

  	
   

  	
  2007

  

 

BY

CRYPTOLOGIC,
INC, an Ontario,
Canada Corporation (the “Guarantor”)

IN FAVOUR OF

WPT
ENTERPRISES, MALTA, a
company incorporated and registered in Malta
AND WPT ENTERPRISES, INC. a company incorporated and registered
in the United States, State of Delaware (the “Creditor”)

NOW
THIS DEED WITNESSETH and the Guarantor hereby agrees as
follows:

1.             INTERPRETATION

1.1           In this Guarantee:

	
  “Agreement”

  	
   

  	
  means the agreement of even date made between the
  Creditor and the Principal Debtor whereby the Creditor has agreed to make
  certain obligation as set forth in one Software Supply and Support Agreement
  dated            ;

  
	
   

  	
   

  	
   

  
	
  “Principal
  Debtor”

  	
   

  	
  means WPT ENTERPRISES, MALTA a company incorporated
  and registered in Malta.

  

 

1.3           In this Guarantee:

1.3.1        references to this
Guarantee are to include the indemnity in Clause 2.3;

1.3.2        references to Clauses are
to be construed as references to the clauses of this Guarantee;

1.3.3        references to this
Guarantee and any provisions of this Guarantee or to any other document or
agreement are to be construed as references to this Guarantee, those provisions
or that document or agreement in force for the time being and as amended,
varied, supplemented, substituted or novated from time to time;

1.3.4        words importing the
singular are to include the plural and vice versa;

1.3.5        references to a person are
to be construed to include references to a corporation, firm, company,
partnership, joint venture, unincorporated body of persons, individual or any
state or any agency of a state, whether or not a separate legal entity;

1.3.6        references to any person
are to be construed to include that person’s personal representatives, assigns
or transferees, successors in title or, whether direct or indirect;

1.3.7        references to any
liability are to include any liability whether actual, contingent, present or
future;

 60
 

1.3.8        references to this
Guarantee are references to the guarantee and indemnity given by the Guarantor
under this Guarantee; and

1.3.9        clause headings are for
ease of reference only and are not to affect the interpretation of this
Guarantee.

2.             GUARANTEE AND INDEMNITY

2.1           In consideration of the
Creditor entering into the Agreement the Guarantor irrevocably and
unconditionally undertakes the obligations and liabilities set out in Clauses
2.2 and 2.3.

2.2           The Guarantor
irrevocably and unconditionally guarantees:

2.2.1        to pay to the Creditor on
demand, and in the currency in which the same falls due for payment, all monies
and liabilities which are now or at any time hereafter shall become due, owing
or incurred by the Principal Debtor to or in favour of the Creditor under or in
connection with the Agreement; and

2.2.2        the due and punctual
observance, performance and discharge by the Principal Debtor of all of its
obligations and liabilities under the Agreement.

2.3           The Guarantor, as
principal obligor and as a separate and independent obligation and liability
from its obligations and liabilities under Clause 2.2, irrevocably and
unconditionally agrees to indemnify the Creditor in full on demand against all
damages, losses, costs and expenses suffered or incurred by the Creditor
arising from or in connection with any of:

2.3.1        the Creditor making available
any monies under the Agreement;

2.3.2        the entry by the Creditor
into the Agreement;

2.3.3        any of the provisions of
the Agreement being or becoming void, voidable, invalid or unenforceable;
and/or

2.3.4        the failure of the
Principal Debtor fully and promptly to perform and discharge any of its
obligations and liabilities under the Agreement.

2.4           The Guarantor shall
indemnify and keep indemnified the Creditor on demand by the Creditor against
all losses, actions, claims, costs, charges, expenses and liabilities suffered
or incurred by the Creditor in relation to this Guarantee (including the costs,
charges and expenses incurred in the enforcement of any of the provisions of
this Guarantee or occasioned by any breach by the Guarantor of any of its
obligations to the Creditor under this Guarantee).

3.             CREDITOR PROTECTIONS

3.1           The Guarantor
acknowledges and agrees that this Guarantee is and at all times shall be a
continuing security and shall extend to cover the ultimate balance due at any
time from the Principal Debtor to the Creditor under or in respect of the
Agreement and any of the transactions contemplated thereby.

3.2           The Guarantor
acknowledges and agrees that none of its liabilities under this Guarantee shall
be reduced, discharged or otherwise adversely affected by:

3.2.1        any variation, extension,
discharge, compromise, dealing with, exchange or renewal of any right or remedy
which the Creditor may now or hereafter have from or against the Principal
Debtor and/or any other person in respect of any of the obligations and

 61
 

liabilities of the
Principal Debtor and/or any other person under and in respect of the Agreement;

 

3.2.2        any act or omission by the
Creditor or any other person in taking up, perfecting or enforcing any security
or guarantee from or against the Principal Debtor and/or any other person;

3.2.3        any termination,
amendment, variation, novation or supplement of or to the Agreement;

3.2.4        any grant of time,
indulgence, waiver or concession to the Principal Debtor and/or any other
person;

3.2.5        any of the insolvency,
liquidation, administration, winding-up, incapacity, limitation,
disability, the discharge by operation of law, and any change in the
constitution, name and style of the Principal Debtor and/or any other person;

3.2.6        any invalidity,
illegality, unenforceability, irregularity or frustration of any actual or
purported obligation of the Principal Debtor and/or any other person;

3.2.7        any claim or enforcement
of payment from the Principal Debtor and/or any other person; or

3.2.8        any act or omission which
would not have discharged or affected the liability of the Guarantor had it
been a principal debtor instead of guarantor or indemnitor or by anything done
or omitted by any person which but for this provision might operate to
exonerate or discharge or otherwise reduce or extinguish the Guarantor’s
liabilities under this Guarantee.

3.3

3.3.1        The obligations and
liabilities expressed to be undertaken by the Guarantor under this Guarantee
are those of primary obligor and not merely as a surety.

3.3.2        The Creditor shall not be
obliged before taking steps to enforce any of its rights and remedies under
this Guarantee:

3.3.2.1         to take action or obtain
judgment in any court against the Principal Debtor and/or any other person;

3.3.2.2         to make or file any claim
in a bankruptcy, liquidation, administration or insolvency of the Principal
Debtor and/or any other person; or

3.3.2.3         to make demand, enforce
or seek to enforce any claim, right or remedy against the Principal Debtor
and/or any other person.

3.4

3.4.1        The Guarantor warrants to
the Creditor that it has not taken or received, and agrees not to take,
exercise or receive the benefit of any security or other right or benefit
(whether by set-off, counterclaim, subrogation, indemnity, proof in liquidation
or otherwise and whether from contribution or otherwise, all together ‘Rights’)
from or against the Principal Debtor and/or any other person in respect of any
liability of or payment by the Guarantor under this Guarantee or otherwise in
connection with this Guarantee.

3.4.2        If any of such Rights is
taken, exercised or received by the Guarantor, it declares that its Rights and
all monies at any time received or held in respect of such Rights shall be held
by it on trust for the Creditor for application in or towards the discharge of
the liabilities of the Guarantor to the Creditor under this Guarantee.

 62
 

3.4.3        The Guarantor agrees that
all other Rights and all monies from time to time held on trust by it for the
Creditor under or pursuant to clause 3.4.2 shall be transferred, assigned or,
as the case may be, paid to the Creditor, promptly following demand by the
Creditor.

3.5           This Guarantee is in
addition to and shall not affect or be affected by or merge with any other
judgment, security, right or remedy obtained or held by the Creditor from time
to time for the discharge and performance of any of the liabilities and
obligations of the Principal Debtor to the Creditor.

3.6           The Guarantor
represents and warrants to the Creditor that:

3.6.1        there are no legal
proceedings pending or threatened before any court or tribunal which will
adversely affect in any material respect the Guarantor’s financial situation;

3.6.2        the Guarantor is not
unable to meet its debts as they fall due within the meaning of section 123 of
the Insolvency Act 1986 (as amended) at the time of this Agreement; and

3.6.3        it has authority under its
constitution to execute and perform its obligations under this Guarantee.

4.

5.             SUSPENSE ACCOUNT

5.1           The Creditor may place
to the credit of a suspense account any monies received under or in connection
with this Guarantee in order to preserve the rights of the Creditor to prove
for the full amount of all of its claims against the Principal Debtor and/or
any other person.

5.2           The Creditor may, at any
time, apply any of the monies referred to in Clause 5.1 in or towards
satisfaction of any of the monies, obligations and liabilities the subject of
this Guarantee as the Creditor, in its absolute discretion, may from time to
time conclusively determine.

6.             APPROPRIATION

The Guarantor
shall not direct the application by the Creditor of any sums received by the
Creditor from the Guarantor under, or pursuant to, any of the terms of this
Guarantee.

7.             DISCHARGE TO BE CONDITIONAL

7.1           Any release, discharge
or settlement between the Guarantor and the Creditor in relation to this
Guarantee shall be conditional upon no right, security, disposition or payment
to the Creditor by the Guarantor or the Principal Debtor and/or any other
person being void, set aside or ordered to be refunded pursuant to any
enactment or law relating to breach of duty by any person, bankruptcy,
liquidation, administration, protection from creditors generally or insolvency
or for any other reason.

7.2           If any such right,
security, disposition or payment is void or at any time so set aside or ordered
to be refunded, the Creditor shall be entitled subsequently to enforce this
Guarantee and any security held for the liability of the Guarantor hereunder
against the Guarantor as if such release, discharge or settlement had not
occurred and any such security, disposition or payment had not been made.

8.             PAYMENTS AND TAXES

All sums payable
by the Guarantor under this Guarantee shall be paid to the Creditor in full
without any set-off, condition or counterclaim.

 63
 

9.             DEMANDS AND NOTIFICATION BINDING

 

Any demand,
notification or certificate given by the Creditor specifying amounts due and
payable under or in connection with any of the provisions of this Guarantee
shall, in the absence of manifest error, be conclusive and binding on the
Guarantor.

11.           COMMUNICATIONS

Any demand or
notice under this Guarantee shall be in writing signed by the Creditor and
(without prejudice to any other effective means of serving it) may be served on
the Guarantor personally or by post and either by delivering it to the address
specified above or to another address notified to the Creditor or by
despatching it addressed to the Guarantor at the address specified above or to
another address notified to the Creditor. Any such demand or notice delivered
personally shall be deemed to have been received immediately upon delivery. Any
such demand or notice sent by post shall be deemed to have been received at the
opening of business in the intended place of receipt on the day following the
day on which it was posted, even if returned undelivered.

12.           TRANSFERS

12.1         This Guarantee is freely
assignable or transferable by the Creditor.

12.2         The Guarantor may not
assign any of its rights and may not transfer any of its obligations under this
Guarantee or enter into any transaction which would result in any of those
rights or obligations passing to another person.

12.3         The Creditor may disclose
to any person related to the Creditor and/or to any person to whom it is
proposing to transfer or assign or has transferred or assigned any of its
rights under this Guarantee, any information about the Guarantor.

13.           MISCELLANEOUS

13.1         No delay or omission on
the part of the Creditor in exercising any right or remedy under this Guarantee
shall impair that right or remedy or operate as or be taken to be a waiver of
it; nor shall any single partial or defective exercise of any such right or
remedy preclude any other or further exercise under this Guarantee of that or
any other right or remedy.

13.2         The rights of the
Creditor under this Guarantee are cumulative and not exclusive of any rights
provided by law and may be exercised from time to time and as often as the
Creditor deems expedient.

13.3         Any waiver by the
Creditor of any terms of this Guarantee, or any consent or approval given by
the Creditor under it, shall only be effective if given in writing and then
only for the purposes and upon the terms and conditions, if any, on which it is
given.

13.4         If at any time any one or
more of the provisions of this Guarantee is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity and enforceability of the remaining provisions of this
Guarantee nor the legality, validity or enforceability of such provision under
the law of any other jurisdiction shall be in any way affected or impaired as a
result.

13.5         This Guarantee is and
will remain the property of the Creditor.

14.       LAW AND
JURISDICTION

14.1     This Guarantee and all
disputes or claims arising out of or in connection with it shall be governed by
and construed in accordance with English law.

 64
 

14.2         In relation to any legal
action or proceedings arising out of or in connection with this Guarantee, each
of the parties irrevocably submits to the exclusive jurisdiction of the English
courts and waives any objection to such proceedings in the English courts on
the grounds of venue or on the grounds that such proceedings have been brought
in an inappropriate forum.

 

	
  

  	
  EXECUTED
  AND DELIVERED as a DEED        )

  
	
   

  	
  by [                                                                 
  ]           )

  
	
   

  	
  acting by                                                                                        )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Director/Secretary

  
			

 

 65
 

SCHEDULE 11

 

	
  THIS GUARANTEE AND INDEMNITY is
  made BY DEED on

  	
   

  	
  2007

  

 

BY

WPT
ENTERPRISES, INC. a company incorporated and registered in
the United States, State of Delaware (the “Guarantor”)

IN FAVOUR OF

WAGERLOGIC
LIMITGED, a company
incorporated and registered in Cyprus AND
CRYPTOLOGIC INC. a company incorporated and registered in
Canada (the “Creditor”)

NOW
THIS DEED WITNESSETH and the Guarantor hereby agrees as
follows:

1.             INTERPRETATION

1.1           In this Guarantee:

	
  “Agreement”

  	
   

  	
  means the agreement of even date made between the
  Creditor and the Principal Debtor whereby the Creditor has agreed to make
  certain obligation as set forth in one Software Supply and Support Agreement
  dated               
  ;

  
	
   

  	
   

  	
   

  
	
  “Principal Debtor”

  	
   

  	
  means WAGERLOGIC LIMITED
  a company incorporated and registered in Cypress whose registered offices are
  at Nimeli Court 41 - 49 Agiou Nicolaou Street, Block A 3rd Floor Engomi, 2408
  Nicosia, Cyprus.

  

 

1.3           In this Guarantee:

1.3.2        references to this
Guarantee are to include the indemnity in Clause 2.3;

1.3.2        references to Clauses are
to be construed as references to the clauses of this Guarantee;

1.3.3        references to this
Guarantee and any provisions of this Guarantee or to any other document or
agreement are to be construed as references to this Guarantee, those provisions
or that document or agreement in force for the time being and as amended,
varied, supplemented, substituted or novated from time to time;

1.3.4        words importing the
singular are to include the plural and vice versa;

1.3.5        references to a person are
to be construed to include references to a corporation, firm, company,
partnership, joint venture, unincorporated body of persons, individual or any
state or any agency of a state, whether or not a separate legal entity;

1.3.6        references to any person
are to be construed to include that person’s personal representatives, assigns
or transferees, successors in title or, whether direct or indirect;

1.3.7        references to any
liability are to include any liability whether actual, contingent, present or
future;

 66
 

1.3.8        references to this
Guarantee are references to the guarantee and indemnity given by the Guarantor
under this Guarantee; and

1.3.9        clause headings are for
ease of reference only and are not to affect the interpretation of this
Guarantee.

2.             GUARANTEE AND INDEMNITY

2.1           In consideration of the
Creditor entering into the Agreement the Guarantor irrevocably and
unconditionally undertakes the obligations and liabilities set out in Clauses
2.2 and 2.3.

2.2           The Guarantor
irrevocably and unconditionally guarantees:

2.2.1        to pay to the Creditor on
demand, and in the currency in which the same falls due for payment, all monies
and liabilities which are now or at any time hereafter shall become due, owing
or incurred by the Principal Debtor to or in favour of the Creditor under or in
connection with the Agreement; and

2.2.2        the due and punctual
observance, performance and discharge by the Principal Debtor of all of its
obligations and liabilities under the Agreement.

2.3           The Guarantor, as
principal obligor and as a separate and independent obligation and liability
from its obligations and liabilities under Clause 2.2, irrevocably and
unconditionally agrees to indemnify the Creditor in full on demand against all
damages, losses, costs and expenses suffered or incurred by the Creditor
arising from or in connection with any of:

2.3.1        the Creditor making
available any monies under the Agreement;

2.3.2        the entry by the Creditor
into the Agreement;

2.3.3        any of the provisions of
the Agreement being or becoming void, voidable, invalid or unenforceable;
and/or

2.3.4        the failure of the
Principal Debtor fully and promptly to perform and discharge any of its
obligations and liabilities under the Agreement.

2.4           The Guarantor shall
indemnify and keep indemnified the Creditor on demand by the Creditor against
all losses, actions, claims, costs, charges, expenses and liabilities suffered
or incurred by the Creditor in relation to this Guarantee (including the costs,
charges and expenses incurred in the enforcement of any of the provisions of
this Guarantee or occasioned by any breach by the Guarantor of any of its
obligations to the Creditor under this Guarantee).

3.             CREDITOR PROTECTIONS

3.1           The Guarantor
acknowledges and agrees that this Guarantee is and at all times shall be a
continuing security and shall extend to cover the ultimate balance due at any
time from the Principal Debtor to the Creditor under or in respect of the
Agreement and any of the transactions contemplated thereby.

3.2           The Guarantor
acknowledges and agrees that none of its liabilities under this Guarantee shall
be reduced, discharged or otherwise adversely affected by:

3.2.1        any variation, extension,
discharge, compromise, dealing with, exchange or renewal of any right or remedy
which the Creditor may now or hereafter have from or against the Principal
Debtor and/or any other person in respect of any of the obligations and

 67
 

liabilities of the
Principal Debtor and/or any other person under and in respect of the Agreement;

 

3.2.2        any act or omission by the
Creditor or any other person in taking up, perfecting or enforcing any security
or guarantee from or against the Principal Debtor and/or any other person;

3.2.3        any termination,
amendment, variation, novation or supplement of or to the Agreement;

3.2.4        any grant of time,
indulgence, waiver or concession to the Principal Debtor and/or any other
person;

3.2.5        any of the insolvency,
liquidation, administration, winding-up, incapacity, limitation,
disability, the discharge by operation of law, and any change in the
constitution, name and style of the Principal Debtor and/or any other person;

3.2.6        any invalidity,
illegality, unenforceability, irregularity or frustration of any actual or
purported obligation of the Principal Debtor and/or any other person;

3.2.7        any claim or enforcement
of payment from the Principal Debtor and/or any other person; or

3.2.8        any act or omission which
would not have discharged or affected the liability of the Guarantor had it
been a principal debtor instead of guarantor or indemnitor or by anything done
or omitted by any person which but for this provision might operate to
exonerate or discharge or otherwise reduce or extinguish the Guarantor’s
liabilities under this Guarantee.

3.3

3.3.1        The obligations and
liabilities expressed to be undertaken by the Guarantor under this Guarantee
are those of primary obligor and not merely as a surety.

3.3.2        The Creditor shall not be
obliged before taking steps to enforce any of its rights and remedies under
this Guarantee:

3.3.2.1         to take action or obtain
judgment in any court against the Principal Debtor and/or any other person;

3.3.2.2         to make or file any claim
in a bankruptcy, liquidation, administration or insolvency of the Principal
Debtor and/or any other person; or

3.3.2.3         to make demand, enforce
or seek to enforce any claim, right or remedy against the Principal Debtor
and/or any other person.

3.4

3.4.1        The Guarantor warrants to
the Creditor that it has not taken or received, and agrees not to take,
exercise or receive the benefit of any security or other right or benefit
(whether by set-off, counterclaim, subrogation, indemnity, proof in
liquidation or otherwise and whether from contribution or otherwise, all
together ‘Rights’) from or against the Principal Debtor and/or any other person
in respect of any liability of or payment by the Guarantor under this Guarantee
or otherwise in connection with this Guarantee.

3.4.2        If any of such Rights is
taken, exercised or received by the Guarantor, it declares that its Rights and
all monies at any time received or held in respect of such Rights shall be held
by it on trust for the Creditor for application in or towards the discharge of
the liabilities of the Guarantor to the Creditor under this Guarantee.

 68
 

3.4.3        The Guarantor agrees that
all other Rights and all monies from time to time held on trust by it for the
Creditor under or pursuant to clause 3.4.2 shall be transferred, assigned or,
as the case may be, paid to the Creditor, promptly following demand by the
Creditor.

3.5           This Guarantee is in
addition to and shall not affect or be affected by or merge with any other
judgment, security, right or remedy obtained or held by the Creditor from time
to time for the discharge and performance of any of the liabilities and
obligations of the Principal Debtor to the Creditor.

3.6           The Guarantor
represents and warrants to the Creditor that:

3.6.1        there are no legal
proceedings pending or threatened before any court or tribunal which will
adversely affect in any material respect the Guarantor’s financial situation;

3.6.2        the Guarantor is not
unable to meet its debts as they fall due within the meaning of section 123 of
the Insolvency Act 1986 (as amended) at the time of this Agreement; and

3.6.3        it has authority under its
constitution to execute and perform its obligations under this Guarantee.

5.             SUSPENSE
ACCOUNT

5.1           The Creditor may place
to the credit of a suspense account any monies received under or in connection
with this Guarantee in order to preserve the rights of the Creditor to prove
for the full amount of all of its claims against the Principal Debtor and/or
any other person.

5.2           The Creditor may, at
any time, apply any of the monies referred to in Clause 5.1 in or towards
satisfaction of any of the monies, obligations and liabilities the subject of
this Guarantee as the Creditor, in its absolute discretion, may from time to
time conclusively determine.

6.             APPROPRIATION

The Guarantor
shall not direct the application by the Creditor of any sums received by the
Creditor from the Guarantor under, or pursuant to, any of the terms of this
Guarantee.

7.             DISCHARGE TO BE CONDITIONAL

7.1           Any release, discharge
or settlement between the Guarantor and the Creditor in relation to this
Guarantee shall be conditional upon no right, security, disposition or payment
to the Creditor by the Guarantor or the Principal Debtor and/or any other
person being void, set aside or ordered to be refunded pursuant to any
enactment or law relating to breach of duty by any person, bankruptcy,
liquidation, administration, protection from creditors generally or insolvency
or for any other reason.

7.2           If any such right,
security, disposition or payment is void or at any time so set aside or ordered
to be refunded, the Creditor shall be entitled subsequently to enforce this
Guarantee and any security held for the liability of the Guarantor hereunder
against the Guarantor as if such release, discharge or settlement had not
occurred and any such security, disposition or payment had not been made.

8.             PAYMENTS AND TAXES

All sums payable
by the Guarantor under this Guarantee shall be paid to the Creditor in full
without any set-off, condition or counterclaim.

 69
 

9.             DEMANDS AND NOTIFICATION BINDING

 

Any demand,
notification or certificate given by the Creditor specifying amounts due and
payable under or in connection with any of the provisions of this Guarantee
shall, in the absence of manifest error, be conclusive and binding on the
Guarantor.

11.           COMMUNICATIONS

Any demand or
notice under this Guarantee shall be in writing signed by the Creditor and
(without prejudice to any other effective means of serving it) may be served on
the Guarantor personally or by post and either by delivering it to the address
specified above or to another address notified to the Creditor or by
despatching it addressed to the Guarantor at the address specified above or to
another address notified to the Creditor. Any such demand or notice delivered
personally shall be deemed to have been received immediately upon delivery. Any
such demand or notice sent by post shall be deemed to have been received at the
opening of business in the intended place of receipt on the day following the
day on which it was posted, even if returned undelivered.

12.           TRANSFERS

12.1         This Guarantee is freely
assignable or transferable by the Creditor.

12.2         The Guarantor may not
assign any of its rights and may not transfer any of its obligations under this
Guarantee or enter into any transaction which would result in any of those
rights or obligations passing to another person.

12.3         The Creditor may disclose
to any person related to the Creditor and/or to any person to whom it is
proposing to transfer or assign or has transferred or assigned any of its
rights under this Guarantee, any information about the Guarantor.

13.           MISCELLANEOUS

13.1         No delay or omission on
the part of the Creditor in exercising any right or remedy under this Guarantee
shall impair that right or remedy or operate as or be taken to be a waiver of
it; nor shall any single partial or defective exercise of any such right or
remedy preclude any other or further exercise under this Guarantee of that or
any other right or remedy.

13.2         The rights of the Creditor
under this Guarantee are cumulative and not exclusive of any rights provided by
law and may be exercised from time to time and as often as the Creditor deems
expedient.

13.3         Any waiver by the
Creditor of any terms of this Guarantee, or any consent or approval given by
the Creditor under it, shall only be effective if given in writing and then
only for the purposes and upon the terms and conditions, if any, on which it is
given.

13.4         If at any time any one or
more of the provisions of this Guarantee is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity and enforceability of the remaining provisions of this
Guarantee nor the legality, validity or enforceability of such provision under
the law of any other jurisdiction shall be in any way affected or impaired as a
result.

13.5         This Guarantee is and
will remain the property of the Creditor.

14.       LAW AND
JURISDICTION

14.1     This Guarantee and all
disputes or claims arising out of or in connection with it shall be governed by
and construed in accordance with English law.

 70
 

14.2         In relation to any legal
action or proceedings arising out of or in connection with this Guarantee, each
of the parties irrevocably submits to the exclusive jurisdiction of the English
courts and waives any objection to such proceedings in the English courts on
the grounds of venue or on the grounds that such proceedings have been brought
in an inappropriate forum.

 

	
  

  	
  EXECUTED
  AND DELIVERED as a DEED          )

  
	
   

  	
  by [                                                                 
  ]            )

  
	
   

  	
  acting by                                                                                        )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Director/Secretary

  
			

 

 71

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