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TOUGH TIMES AT CRYPTOLOGIC
Management calls in consultancy as losses continue
Online gambling software developer Cryptologic has reported in a trading update that it expects Q2 2010 total revenue to show a slight decline over Q1, and that total costs will be greater than expected.
The company warns that as a result, the operating loss in Q2 will be higher than Q1 and the company's outlook for the year is much less encouraging than at the time of the Q1 results announcement.
Management has advised in the update that a major consulting firm experienced in the gaming and betting industry has been retained to undertake a review of current operations with a view to enhancing company strategy.
Despite the distraction of the World Cup football, casino revenues showed a modest gain quarter-on-quarter, but was lower than anticipated due to a substantial swing in player preferences for Blackjack and Roulette. Wagering and deposit levels held steady through most of June.
Additionally, Cryptologic's full suite of casino games due to be launched at Betsafe in Q2 has been delayed until July for unspecified reasons. Branded games revenue grew by approximately 20 percent compared to Q1 2010, despite some licensees experiencing negative impact from the World Cup. Other revenue declined significantly, the update reveals.
"The Board and the Company acknowledge that the return to profitability is still contingent upon revenue growth, additional cost savings and a tight control of cash," the update notes.
"In light of continuing losses and the difficulty in forecasting results, a major consulting firm experienced in the gaming and betting industry has been retained to undertake a review of current operations with a view to assisting the Board in enhancing its strategy in the interests of stakeholders."
Geoffrey Finlay, a non-executive director, has resigned from the Board, the update concludes.
It is anticipated that Cryptologic will announce its Q2 results on Thursday, August 12th.
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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