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CryptoLogic Future Looks Positive

Like many online casino related companies, the first half of 2007 means reports of first and second quarter loses for CryptoLogic. And though quarter loses are inherently not positive, most in the industry report that the reported loses are in line with predictions as companies were forced to withdraw from the United States online casinos market. The U.S. Unlawful Internet Gambling Enforcement Act (UIGEA) caused some in the internet gambling industry to go under, others are barely scarping by as reorganization costs mount and companies seek out more profitable markets. But for CryptoLogic, the initial reorganization costs are accounted for, and the company is predicting to recoup from the UIGEA related setbacks in the near future.

CryptoLogic is based out of Dublin, Ireland, and was one of the first online casino related companies to quickly back out of the U.S. market once the UIGEA took effect last October. The company immediately reported promising future plans, new online casinos, and the expansion into new markets like Asia and more of Europe. CryptoLogic remains the top online casino software providers despite the quarter loses and boasts some of the most advantageous partnerships in the industry. Current partnerships include: Playboy, World Poker Tour, William Hill, Sun Poker, and InterPoker. New CryptoLogic CEO, Javaid Aziz commented on the company’s future in the industry. "Since December, CryptoLogic has launched 11 new customer sites, and we have four more in the pipeline - including two for Holland Casino, and one for World Poker Tour. With the confidence of huge global brands, good growth from our European base and encouraging progress in Asia, CryptoLogic's outlook improves every day."

The reorganization costs are primarily to blame for the Q1 and Q2 loses. CryptoLogic reported a Q2 of US $2.6 million – slightly higher than predicted but for good reason according to a CryptoLogic spokesperson. They elaborated that anticipated future reorganization costs were accelerated so that CryptoLogic could realize benefits from the reorganization sooner than initially planned.