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CRYPTOLOGIC Q1 2008 REPORT RELEASED

 

The Dublin-based online gambling software developer and turnkey provider Cryptologic released its first quarter 2008 numbers this week, showing a 21 percent rise in customer revenues, overall income slightly down and impressive amounts of cash on hand at the end of the reporting period.

The rise in customer revenues was attributed to strong casino growth from new game offerings featuring Marvel Super Heroes Spider-Man and the Fantastic Four, and an increased number of licensees.

Customer revenues reached $18.3 million (Q1 2007: $15 million) whilst overall group income faded a little at pacific Poker$19.3 million (2007: 19.6 million) with operating expenses declining by an encouraging 8 percent. CEO Brian Hadfield reported an impressive cash balance (up $3.5 million on Q1 2007) of $81 million as at 31 March.

Hadfield reported highlights that included new games releases, new language versions for the World Poker Tour licensee and the the acquisition of the successful gambling information portal Casino.co.uk (see previous InfoPowa reports). Expansion into Asia continued through partnerships and buy-ins to companies in the region and recent new licensee agreements featuring 888.com, OPoker and Maharajah Club.

Cryptologic is benefiting from a focused strategy of innovation, expansion, diversification and execution," said Hadfield. "In the first quarter, Cryptologic laid the foundations for future growth with investments in new games, new leadership and new partnerships with leading gaming and entertainment brands. That's why we are confident that CryptoLogic is on track for significant growth in 2008 and 2009."

During the quarter the company completed development of seven exclusive new casino games, highlighted by the Internet's first slot version of the world-famous Street Fighter II arcade game, and continued to generate revenue growth from core customers due in part to the popularity of its new slot games featuring Marvel Super Heroes Spider-Man and the Fantastic Four.

After reorganising its business and returning to profitability in 2007 following the U.S. prohibition on financial transactions with online gambling companies, Hadfield believes the company is on track for significant expansion in 2008 and 2009. The company's strength in software development and its stable and growing customer base position it for continued growth in Europe, the report asserts.

In Asia, Crypto expects to earn new revenue from its strategic moves into mobile gaming, subscription-based games and other rapidly growing segments in large markets such as China, Singapore, India and Korea. CryptoLogic's investments in Asia are performing well and are meeting or exceeding the performance measures agreed at the time of the initial investment, Hadfield revealed.

CryptoLogic management is targeting a return to its 2006 revenue and earnings levels by the end of 2009.



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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