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Cryptologic Bad 3rd Quarter Earnings
10/16/09 - The veteran online gambling software developer Cryptologic has issued a trading update ahead of the release of its third quarter results on November 5th, indicating that the traditionally slow nusiness period has not been kind to the company.
Uncertain macroeconomic conditions and sluggish wagering activity across the industry continued in the third quarter, contributing to a significant decline in wagering volumes at Cryptologic in both casino and poker compared with Q3/2008. A company spokesman said that while the third quarter is traditionally the slowest season for Internet gaming, the seasonal uptick in demand normally seen in September was well below historic trends.
There was a strong take-up of branded Cryptologic games by new licensees during the Q3/2009. The company expanded its total number of branded games on the market to 33, up from 13 in the second quarter and three in Q1 2009. As most of the new games scheduled for the quarter were not launched by customers until late in the period, revenue from these will only start to come through from Q4 2009.
As a result, the company expects to report Q3 2009 revenue of approximately $9.6 million and a trading loss of approximately $3.4 million.
However, the pipeline of new business continues to be strong and with a substantially expanded base of 28 new licensees, management remains confident of its strategy to return the business to profitability and long term growth, albeit at a slower rate than anticipated by management and the market.
The fourth quarter has started well and an up-to-date outlook for the period will be provided with the Q3 2009 results announcement, the spokesman added.
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.
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.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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