Cryptologic Reports Unlucky First Quarter

Submitted by Evan on Tue, 2010-05-11 at 18:20

Cryptologic has announced their first quarter revenue results and executives are less than thrilled. They blame the drop in revenue on a decreased number of wagers, as well as smaller wagers.

Revenue fell to 7.6 million pounds in the first quarter of 2010, down from 10.1 million or 25 percent. Another reason that Cryptologic hasn’t been doing as well is that William Hill, one of their biggest and most successful customers, has made the switch to a rival gaming software company, Playtech.

Executives at Cryptologic are hoping that the impending World Cup tournament will cause revenue to increase as they are expecting the number of sports bets to go up significantly. In fact, the online gambling industry in general has put a lot of stock on the upcoming World Cup. Online gambling companies in trouble are hoping that the World Cup will get them out of it.

Cryptologic still has a number of projects in the works that are expected to help the company regain some of its losses and executives are asking shareholders and the online casinos that they represent to hang tight while they work through this period of difficulty. They promise that the outlook for 2010 remains positive and request patience from the online gambling community.

In spite of their recent troubles, Cryptologic is one of the most successful casino-related companies in the history of online gambling.