May 22, 2002

News Release: Earns #1 Ranking In Profit 100

CRYPTOLOGIC INC ("CRY-T;CRYP-Q")
Internet Gaming Software Leader Tops The List Of Canada's High-Growth Companies
CryptoLogic Inc., a leading supplier of software to the Internet gaming and e-commerce industries, has been ranked #1 in the PROFIT 100, Canada's authoritative ranking of high-growth companies. Results of the annual survey, with stories profiling CryptoLogic and the nation's other growth leaders, appear today in the June issue of PROFIT magazine. "It's a great honour for CryptoLogic to head such an impressive list of high-growth companies," said Jean Noelting, CryptoLogic's president and CEO. "As a world leader in software and services for Internet gaming we're a profitable, fast-growing company in a dynamic industry - and it's exciting to see independent verification of our success."

The PROFIT 100 ranks firms on percentage sales growth over five years, and the 2002 rankings are based on the change in gross revenue between the 1996 and 2001 fiscal years. CryptoLogic's revenue grew by 26,181% during that period to US$43,550,000 in fiscal 2001. The PROFIT 100 is open to Canadian-owned private and publicly-traded companies headquartered in Canada. To qualify, companies must report a minimum of Cdn$100,000 gross revenues in the base year.

In addition to being a fast-growing firm, CryptoLogic has also demonstrated the consistent profitability that eludes many "new economy" companies. For 2002, the Company is focused on sustaining profitable growth by expanding its presence worldwide with brand-name licensees, remaining a leader in regulatory compliance and adding products through development or acquisition to drive growth of licensees' sites and enter new vertical gaming markets.

About CryptoLogic

CryptoLogic Inc. is the leading software development company serving the Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic continues to innovate and develop state-of-the-art Internet software applications for both the electronic commerce and Internet gaming industries. WagerLogic, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers around the world.

CryptoLogic's common shares trade on the Toronto Stock Exchange under symbol the CRY and on the Nasdaq National Market under the symbol CRYP. There are currently 12.1 million common shares outstanding (14.5 million shares fully diluted). For more information, visit www.cryptologic.com and www.wagerlogic.com.

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements. TEL: (416) 545-1455 CryptoLogic Inc., Jean Noelting

President & CEO TEL: (416) 545-1455 Sean Stokes, Investor Relations TEL: (416) 968-7311 ext. 223 Argyle Rowland Worldwide, Daniel Tisch

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