Cryptologic Online Gambling Software Profits Rising

Published Sunday, August 16, 2009 -

Setting a fine example in Ireland the online gambling software provider and innovator Cryptologic has posted vastly improved earnings in the year's second quarter. Revenues for the company are up 21 percent, and branded game revenue up 70 percent over the first quarter of 2009.

The firm said its new business strategy delivered reduced operating costs, a solid quarter-on-quarter improvement in its Internet casino hosting business, and growth from branded games launched by major web gaming operators.

Brian Hadfield, President and CEO of Cryptologic, stated, "The second quarter of 2009 marked a turning point for CryptoLogic, with significant growth in our two core businesses," adding, "With a larger customer base and an aggressive rollout schedule for our new games, CryptoLogic now has the people, the products and the partners to deliver improved performance for our shareholders, in 2009 and beyond."

The Internet poker network and the GTech Corporation's International Poker Network, were successfully blended eliminating the cost of operating a standalone poker platform, with improved poker room liquidity for customers, making for a more profitable poker business.

Profits in this quarter are definitely helping to offset the loss of more than $1 million in revenue from William Hill Poker, which has moved it's operation. With 24 licencees including the four of the largest international online gambling operators SportingBet, PartyGaming, and Betfair the company is now at the top of it's form with more licencees than ever before in it's history. Thirteen new branded games were introduced this quarter with an expected one hundred and ten new games to be launched by the end of the year.
Cryptologic wants to report a net profit for the full year, and see it's cash flow in the black by the end of 2009.

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