Cryptologic feel the strain
13th November, 2007
Third quarter profits for Cryptologic are reported to be down $10 million on last years figures. This time last year they were enjoying pre tax profits of $27.7 million. Currently they are $17.5 million.
Although other software platforms such as Playtech have seen profits increase the effects of UIGEA have hit some companies hard as they struggle to work out new strategies to break into new territories. It would seem that Cryptologic have not been as proactive or as successful as Playtech in this area. Especially with cracking Asia which made up a lot of Playtech's losses when the USA banned online gaming.
The CEO of Crypto remains positive, "CryptoLogic strengthened every part of its business in the third quarter, and this improved our top-line revenue, our bottom-line profit and our competitive position in both Europe and Asia. We unveiled new games, launched new sites, acquired new assets and strengthened CryptoLogic's relationships with some of the world's blue-chip gaming and entertainment brands. The result is new stability, profitability and sustainability for CryptoLogic's growth in the long term."
