Cryptologic is a leader in innovative online gambling software and has a many noteworthy games to it's credit. The originally Canadian firm now headquartered in Ireland has reported it will show a lack lustre first quarter return in 2010. Better returns from branded games and marked savings in costs was the saving grace in the financial performance record.

Following the first quarter results comes the announcement that Huw Spiers will be the new Chief Financial Officer for Cryptologic. Spiers takes over from Stephen Taylor, who for five years has been in Ireland and will return to Canada in August. The company's financial summary revealed that the decrease in revenue was a reflection of slow wagering activity and a reduced contribution from a key customer. Operating expenses, plus general and administrative expenses were reduced significantly offsetting the losses in revenue and creating projected gains in the near future.

President and Chief Executive Officer of Cryptologic, Brian Hadfield, commented, "While subdued wagering activity impacted our revenues in the first quarter, the outlook for 2010 as a whole remains encouraging. Operating costs have declined further while our revenue base is showing signs of improvement in the second quarter." He added, " The start of the World Cup soccer tournament in June provides short term uncertainty, however with a strong backlog of new business we expect our results to improve gradually as the year unfolds. As would be expected, the company continues to assess its revenue streams, costs, and strategic direction as it moves towards profitability." On the addition of Mr. Spiers and his 20 years of experience to Cryptologic's team Hadfield said, "First, I would like to thank Stephen for his commitment and dedication to CryptoLogic, in particular during it's move to Ireland, and for assisting in implementing the management's restructuring programme. We wish him and his family all the best for the future." "I would also like to welcome Huw Spiers, who brings extensive management experience and a background from the high growth technology sector. His appointment will help to revitalise the Company's management team following a period of radical change and we look forward to his contribution with much anticipation."

Related news

Costa Rica is commonly known as the 'Switzerland of Central America' with it's peaceful political outlook and tax free status for industries such as online gambling. May 8, 2010 marks an event in the history of Costa Rican politics like no other. The country has elected it's first female President. Succeeding Oscar Arias Sanchez, 51 year old Laura Chinchilla Miranda won with 46.76% of the vote in the recent election. Chinchilla has been elected on a platform that promises to fight the rise of violent crime in Costa Rica along with putting more young people in classrooms in order to stem the migration of talent from the country. In order to make these promises a reality more revenues through taxation have been proposed and the online gambling industry may be on the target list to obtain those funds. Online gambling operators have had a good ride in the free trade conditions of Costa Rica. According to the Economist the government collects just 14.8% of national income in taxes, and its deficit is 4% of GDP. Mrs Chinchilla says she hopes to increase revenues by taxing casinos and online gambling, which her officials hope would bring in an extra 1% of GDP. More radical financial reforms will be postponed a few years in order for the economy to regain strength. The massive online gambling industry in Costa Rica was established about fifteen years ago with successive governments over that time proposing taxation with little consequence or success to date. The fly in the ointment with Chinchilla's plan to govern will be reliant on a pact with the right-wing Libertarian Movement, whose leader, Otto Guevara, won 21% of the vote. “The door to negotiation has opened,” says Mr Guevara. In return for supporting the Chinchilla government, he demands tougher sentences for petty criminals and the publication on the internet of the names of those who receive state benefits. Guevara vows to veto any sort of tax increase so just maybe the online gambling industry there is safe for awhile longer.

Related news

PartyGaming is again looking forward to a part of the market in the renewed French online gambling jurisdiction. The global gaming company has announced that a deal has been struck for a white label online poker service for the Aviation Club de France making this the third business to business arrangement in France. This is apparently a long term agreement with the newly branded ‘ACFPoker’ network.

Once the licensing is in place the seamless use of facilities and offerings will mesh for the poker network and the Aviation Club de France which has a sterling reputation as one of France's most prestigious card rooms and private members clubs. Founded in 1907 by four pioneering French aviators today the club has over 100,000 members. AFC's presence is large as a host of gambling venues such as the World Poker Tour and the Grand Prix de Paris.

Chief Executive Officer of PartyGaming, Jim Ryan, speaking about the recent announcement commented, “ACF is a great addition to our French poker network and allows us to directly connect with France’s offline poker players. This deal is a great strategic fit and together with our other B2B alliances in France, we are determined to establish a strong position in what we believe will become one of Europe’s largest poker markets.”

A prime example of thinking ahead PartyGaming executives are looking to situating themselves in potentially lucrative online gambling markets by striking deals with other major players in the industry ensuring a consolidated success. The company has been playing their cards safe in the American market with rumours flying they are looking to possibility of entering the USA once again. Analysts believe the overturning of the ban on online poker in America is far from a done deal even though some companies are planning on a return to the once very lucrative US gambling market.







Related news

The Internet Gambling Federal Lobbying Report for the first quarter of the year 2010 has revealed that a considerable amount of money is being spent in Washington D.C. to reverse the current prohibition on online gambling activities in America. The BolaVerde Media Group compiled collected data that states 36 different parties spent a combined amount estimated to be around $5.16 million USD. Harrah's Entertainment Inc. spent the most at an estimated $1.22 million USD. The report went on to explain that Harrah's increased it expenditure on lobbying by 73% from the fourth quarter of 2009. Harrah's Interactive division, located in Montreal Canada operates an online casino and poker room for customers in the U.K. Contributions from the Poker Players Alliance was at $785,000, UC Group at $717,239, U.S. Chamber of Commerce (USCC) at $664,442 with the Interactive Gaming Council at $412,580. The total for the first quarter of 2010 was reduced by 16% since the last quarter of 2009. The U.S. Chamber of Commerce made a significant 66% cut in its lobby spending over last year's final quarter. The first quarter 2010 Internet Gambling Federal Lobbying Report is full of detailed information that ranks the amount of influence each organization is having on the Federal lawmakers in Washington. Recently Nevada Representative Dina Titus came on board as a supporter of the Bill before the Senate to overturn the ban indicating the land based casinos in Nevada are looking at the possible benefits of online gambling regulations in the States. Commenting on the details of the report by the BolaVerde Media Group, Managing Director Mark Balestra, said, "Anyone interested in the global Internet gambling industry needs to take notice of the bigger picture in the United States, including who is plotting entry and who might be reconsidering their positions, as well as the financial weight being thrown around. In this sense, an evaluation of lobbying strategies and spending trends lends pretty good insight into how things could pan out in Washington."









Related news

Full Tilt Poker. Net™ one of the leading online poker networks that offers free 'educational' poker games will have it's logo on the gear associated with the Virgin Formula One Racing Team. The black and red uniforms the drives sport displays the Full Tilt .Net badge proudly on the front right under the Virgin Racing brand. The software from Full Tilt. Net is geared to enhance and personalise the educational and entertaining aspects of the online poker experience.

Three hundred guests assembled in the Notting Hill district of London last year to introduce the team. Richard Branson and the Virgin Racing management team of Nick Wirth, John Booth and Alex Tai outlined the vision for their lean, mean racing machine and revealed the team’s dynamic young driver line-up. Alongside Timo Glock were two new additions to the Virgin Racing stable including Brazilian hot shot Lucas di Grassi and GP2’s Portuguese revelation Alvaro Parente.

Virgin Racing’s Chief Executive Officer, Graeme Lowdon, said, “We are absolutely delighted to welcome Full Tilt Poker.Net™ to Virgin Racing. We are proud to add an industry leading brand to our healthy partnership portfolio and I am particularly pleased that we have worked hard together with a partner who has seen the team develop from its birth through to our first competitive steps. We look forward to going racing together with effect from this weekend’s Spanish Grand Prix, where Full Tilt Poker.Net™ will have a significant presence, and to helping the brand to achieve its marketing and business objectives in the longer term." The upcoming debut for Full Tilt Poker.Net™ at the Spanish Grand Prix concludes discussions dating back to the team’s inception.

Chris Ferguson, Team Full Tilt member commented, "Full Tilt Poker.Net™ partnering with Virgin Racing is a brilliant culmination of a great deal of thought and effort on behalf of both brands. With two leaders in their respective fields coming together, this is sure to be a groundbreaking partnership on the global canvas, providing yet another level of excitement for all fans, "  

Related news

When it comes to advancing in the electronic commerce world and most notable the online betting industry, knowing who your potential customers are and exactly what they want is paramount to succeeding. Operators in the industry employ companies to do this research which can change in the blink of an eye.

One such company located in the USA is the Unica Corporation, a recognized leader in marketing software solutions. Paddy Power from the U.K. has decided to invest in the necessary technology to improve it's knowledge base in order to enhance the gambling experience for it's customers across its many offerings. Paddy Power will use Unica's next-generation web analytics solution, NetInsight OnDemand, to provide advanced player analysis to optimise their considerable market presence.

The recently signed deal will put the experts to work on the player demands and interaction with Paddy Power's extensive list of online betting opportunities, including poker, sports and lotteries. The software provided by Unica is unique and it's interactive marketing approach incorporates customer analytics, web analytics, centralized decision making, cross-channel execution, and integrated marketing operations. There are more that a thousand organizations worldwide that depend on Unica for their marketing management solutions. Paddy Power's online product manager, Stephen Lovell, said, " Paddy Power strives to create the best possible experience for our customers and it's essential that our website performs to the highest standards, " adding, "After a rigorous selection process, we look forward to working with Unica to help us continually improve our offering, making it fun, quick and simple to use."

Paddy Power has been continually trying to improve it's customer's online gambling experience and now with the expertise of the Unica corporation doing their job Paddy Power is sure to give the potential gambler more of what is available on the internet from Paddy Power with stronger service and customized care.






Related news

Ongame a subsidiary of Austrian gambling giant Bwin has reached a significant level of market penetration in the newly regulated Italian jurisdiction. Adding three partners to the already intense poker network in Italy makes a total of ten partners all of which hold an operating licence within the lucrative market. Casino Italia, MatchGames and TOBS are all ready to join the Ongame Network's P5 Poker Engine. 5 million plus players have been having a good time on the recently launched Ongame Italian Poker Network, featuring, Bwin-Gioco Digitale, Casino de Venezia, Fast Poker and Ongame Network Italy has plans for the market there with a view to expand when the rules permit to offer casino games and for cash poker games. Already offered are multi-table poker tournaments and bingo successfully powered by the P5 Poker Engine. The Head of the Ongame Network, Martin Lerby, commented, “Ongame Network’s Italian operation is in an exciting expansion phase and demonstrates the business benefits of being a responsible supplier who works within legal jurisdictions,” Bwin SRL holds the Italian gambling license for Ongame Network Italy and adheres to the strict rules and regulations set by the AAMS officials in Italy. Bwin Interactive Entertainment AG’s Italian subsidiary has recently reported that online poker revenues in that country reached $12.8 million. Revenues for online gambling operators in the Italian jurisdiction are expect climb even higher now that the European Commission has removed legal obstacles once facing Italy's internet gambling industry. The E.C. takes pride in stating it has, " ensured that Italian citizens will have access to a wider choice of authorised online gambling services as a result of changes made to Italy’s laws on online gambling. The Commission has therefore closed a series of legal cases against Italy concerning this legislation.” Good news for companies like bwin Interactive Entertainment that took steps early to ensure success in the Italian online gambling market.




Related news

Unibet's chief executive officer Petter Nylander announced recently that Unibet will acquire just over 25 percent of claiming this move is in anticipation of the opening up of the American online gambling market. is listed on the NASDAQ stock exchange and is valued at somewhere around $10 million USD. The Unibet portion was said to be around $2.25million USD. Nylander said: “We believe in the power of the URL and believe that will be a leader in online bingo for years to come.” Unibet has established itself as an online gaming and online gambling company which offers poker, casino games, scratch cards, sports betting, and online bingo. The company is headquartered in Malta and is owned by the Nordic OMX listed public company Unibet Group plc. Unibet ranks among the top 5 online gaming operators in Europe. The URL ranks at the top of major bingo related keywords today and has more than 1,975,000 registered users. CEO of, Tarrnie Williams, said, “ is pleased to have secured a private placement from Unibet,” Unibet has been doing very well of late with a strong performance on it's year over year profits. Nylander said at the press conference in that the strong showing represented “the re-emergence of sports betting as the key product for customer acquisition, cross sell and loyalty.” Live betting and the mobile channel were the main drivers of this growth said Nylander. The Swedish operator also confirmed its intention to apply for a licence in France where new rules for internet gambling are revamping the market possibilities. Henrik Tjarnstrom, chief financial officer for Unibet was realistic when he commented that if Unibet was successful in it's bid for a licence in France earnings would be, "only marginal in 2010. " Analysts say that the short term costs of operating in France will be offset by the longer term benefits of higher-quality earnings.








Related news

The online marketing strategy of one of the largest poker rooms on the internet, Poker Stars is seeing a move forward with the acquisition of three poker related portals. The popular pokerpages announced it would remove it's product from the market last year after management ran into problems financing the operation. To further it's information directories available to the customer PokerStars has also taken over the day to day activities of the bio directory and The addition of these content driven web sites adds a new and useful dimension to the PokerStars portfolio. launched it's web presence in early 2000 and was at one time a leading online poker portal offering extensive poker room reviews and poker strategy articles. As with many other portals of it's kind revenues were generated through advertisements for real money poker offerings. The highly competitive nature of the online gambling industry forced poker pages to stop producing updates late last year. PokerStars has acquired the domain because it contains a large data base that PokerStars will use to attract more customers to it's site. The other two sites are interesting too for their unique points of view. for example was founded by Shirley Rosario in 2003 and is considered to be the first website to provide in depth profiles of the world's most successful professional poker players. Strategy for obscure poker games such as Omaha, Razz and Badugi were also featured in the Poker-Babes web content. Created by Steve Badger, the “Winner’s Guide to Online Poker” the playwinningpoker site debuted in 2000 offering a strategic guide for online poker with tournament analysis, blinds play, poker bankroll management and other good advice for live and online poker players. The acquisition of information portals for PokerStars represents an opportunity for the mega poker room to keep it's finger on the poker pulse while giving the consumer more tools to play a more satisfying and rewarding game.














Related news

In parts of the free world gambling has been a mainstay for some country's economies. Gambling has been a big part of Monaco's economy. Places like Las Vegas would not exist if it were not for the billions of dollars the public puts on the line. Online gambling is doing the same thing for some smaller jurisdictions such as Antigua, Costa Rica, and Malta.

Critics of online gambling say that the governments of various countries are addicted to the revenues produced by online gambling with individual states in Australia being told by problem gambling researchers that they are too dependent on gambling revenues and are not doing enough to help identify and assist problem gamblers. Academics Linda Hancock and Michael O'Neil appear to have the support of anti-gambling campaigner Senator Nick Xenophon in their suggestion that individual states and territories have failed to curtail problem gambling, because they rely on the industry for revenue. They have issued a call for a national gambling regulator to take the place of state regulators in order to get a national handle on gambling activities throughout Australia. The report does not specifically mention the online gambling industry but it is suggested that online gambling operators are not welcome either by these critics of the existing system.

The research produced by Hancock and O’Neil shows that the gambling population of Australia lost A$18 billion a year. They concluded that 15 percent of Australians gambled regularly, not including the lottery or scratch cards and it is assumed that online casinos and poker room losses where also excluded. Ten percent of those gamblers, a number considered a bit high comparing it to other surveys were 'problem' gamblers the academics said. Hancock, an associate professor at Deakin University says an estimated 125,000 have serious problems and 165,000 are considered to be at moderate risk claiming that problem gambling is a serious health risk.

Related news