Online casino developer flies high
CryptoLogic, the provider of online casino and poker software to the gambling industry, has reported record figures for 2006. Revenue grew by an impressive 21 per cent to $104 from $86.3 million with full-year profits rising from $20.5 million to $24.8 million. As a result, shares rose by over 24 per cent from 2005 to £1.81, leaving CryptoLogic with $128.4 million in total cash.
However, despite the passing of the Unlawful Internet Gambling Enforcement Act in the US last October, CryptoLogic were not as badly affected as others within the industry. They made certain that their software licensees did not take US bets and their business was predominantly focused on Europe even before the legislation.
"While 2006 was a challenging year for the industry, it was another record year for CryptoLogic - and we enter 2007 with both focus and momentum," said Lewis Rose, CryptoLogic's President and CEO.
"We've launched five new customer sites since December, and have three more in the queue - including two for Holland Casino, CryptoLogic's first government-owned customer. With our largest licensees on long-term agreements, and modest revenue expected this year from our new Asian venture, CryptoLogic is poised for long-term growth in the European markets of today - and the Asian markets of tomorrow,” Rose added.
That strategy saw the acquisition, amongst others, of the Scandinavian online poker room, Parbet, and a memorandum of understanding with Brilliance Technology and 568 Network Inc in a drive to penetrate the emerging Chinese gambling market.
Editor, Jackpot.co.uk - 2007-02-15 12:00:32