CryptoLogic reveals financial results
CryptoLogic reveals financial results
CryptoLogic, a Canadian online casino software company, reported it earned $3.8 million for the first quarter 2004, up from a profit of $1.8 million in the year-earlier period. The company has gathered revenue of $15.2 million up from $8.9 million in 2003 and expects second-quarter revenue of $14 million to $14.5 million.
The share of licensees' revenue from international markets increased from 55% in 2003 to 60% this year. Player deposits also increased, informed Onlinecasinonews.com. Nevertheless the company is concerned about its further expansion. Recently it has disclosed the deal with its new licensee, Betfair, the world's largest online betting exchange.
The company representative said CryptoLogic developed some new online casino products. The company focused on the most lucrative segments of the industry and cemented their growth. It launched a new version of its poker with innovative services. This new release is quite reasonable because e-poker generates 12% of company’s overall revenue. The list of company’s launches also includes the Ritz Club London Online, from Alderney. This product identifies CryptoLogic as the provider which keeps its software certificate under the strict government monitoring.
CryptoLogic was founded in 1996 and was licensed through wholly owned subsidiary, WagerLogic. In 2002 the company was one of the foremost providers which broadened their offerings with bingo and poker software and the launch of instant-play Java versions of 14 of the most popular casino games.
