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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 (see previous InfoPowa reports). Expansion into Asia continued through partnerships and buy-ins to companies in the region and recent new licensee agreements featuring, 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.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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