Cryptologic Sees Year On Year 2nd Quarter Loss Of $6.2 Million

CryptoLogic Inc, the Canadian software provider to the Gaming Industry, released figures showing a decrease in 2nd quarter revenue from last year’s comparative figure of $16.8 million to $10.1 million in 2009.
The Irish based company blamed the 40% drop in total revenue on $4 million of long term investments they have been making in the Asian market, as well as the loss of $1 million from William Hill taking its business to Playtech’s iPoker last year.
Despite the drop in the year on year quarterly figure, revenue has remained unchanged from the previous quarter signalling the company’s restructuring and cost cutting exercises are succeeding in stemming the long term drop in their revenue. CryptoLogic have proved themselves more than capable of making tough decisions in difficult market conditions and by cutting operating costs by an impressive 25% a year they have set the foundation for a return to greater profitability.
In addition, as Brian Hadfield, the CEO of Cryptologic explained, the loss of William Hill was offset by the company pursueing new licences and “Two of the biggest names in e-gaming, and Betfair, joined our customer roster in the second quarter alongside other giants such as and Party Gaming.”
CryptoLogic saw revenue from its core casino licensing business increase by 21% from the previous quarter from $6.4m to $7.7m. The company admitted that revenue had been adversely affected by delays in rolling out its games to licensees but expressed optimism that 40 of its games would be released by the 3rd quarter and at least 110 games at the end of the year.
Revenue from online poker was down from $1.9m the previous quarter to $0.5m, but cost cutting in this area has helped with the overall profitability of the company. Brian Hadfield, said: “Turning to poker, there is a general malaise in the market, validating our decision to move to a shared poker network with GTECH Corporation…we will be operating this business at a profit from the third quarter onwards.”

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Maryland Casino Revenue Up 6% to $143m in April
11 May 2018
Maryland’s six casinos generated gross gaming revenue (GGR) of $143.5 million in April, marking a 5.7% increase compared to the $135.7 million collected in the same month a year ago. As a result, the Free State has now returned four consecutive months of gains this year, providing much needed assistance to the Education Trust Fund,