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Glowing Casino Online > Gambling Software Company Profits Soar

Gambling Software Company Profits Soar / 15. May 2006
CryptoLogic Inc, a gambling software company disclosed the figures for their first quarter and it shows that their profits have risen by 58% to $7.7 million.

The gambling software company's stock gained more than 11 per cent in morning trading, but eased in the afternoon to gain $1.33 or 4.65 per cent, at 29.95 on the Toronto Stock Exchange.

CryptoLogics CEO Lewis Rose spoke to analysts via a conference call "Our excellent results, progressive dividend records and positive business momentum are testaments to our disciplined business strategy and our commitment to enhancing shareholder value. Our focus on geographic and product diversification has enabled us to capitalize on some of the most profitable gaming markets"

These results are due to the dramatic increase in online gambling in the U.S. and the rest of the world. Their casino sites are drawing more customers and now Playboy will be using their gambling software technology on its new website.

Under the three year deal with the adult magazine giant, the gambling software company will introduce a Playboy-branded Internet casino which will provide electronic cash management, marketing support and customer support.

Playboy intends to market the site around the world with the exclusion of the United States as online gambling regulations are a gray area.

Playboy Chairman and CEO Christie Hefner said "When we set out to find a partner for a new Playboy-branded Internet casino CryptoLogic's gambling software was a natural fit. We needed a trusted, respected software provider, who can deliver great entertainment with both integrity and innovation."

The software company's shares rose to 56 cents a diluted share in comparison to 34 cents for this quarter last year. The Toronto based company reports in U.S. dollars, and the revenue increased by 33 per cent to a record $27 million, surpassing the company's prediction of between $25.1 million and $25.5 million.

CryptoLogic confirmed that it had extended its contract with its largest customer, Overseas Internet Gaming Entertainment NV, based in the Netherlands. As a result the gambling software company's shares jumped 10 per cent after the announcement.

Despite all the positive results for the gambling software company, has lost its second British customer. The Ritz Club London Online decided to end its relationship with CryptoLogic in October. This follows the decision by Betfair the online gaming house, to set up its own online poker house.

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