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CryptoLogic Didn't Do So Hot

With the first quarter of 2007 finished, all of the companies involved in the online casino industry have evaluated their first quarter revenues…and a few seem to come up short. CryptoLogic is arguably one of the top software providers in the world, but because of the climate of online casinos industries at the end of 2006, CryptoLogic has reported a drop in revenues, and they are not predicting that the second quarter will prove more rewarding.

CryptoLogic is a Canadian based company that has recently focused on the Asian online casino and poker industry because of a sudden pullback from the United States after the U.S. passed anti-gambling legislation. In addition to the Asian market, CryptoLogic has focused on strategic partners with other in the industry, specifically online casinos networks and sites. CryptoLogic also has an impressive client list, including InterCasino, which is one of the top online casinos in the world.

Then, in addition to all of this recent maneuvering in the online casino industry, CryptoLogic beat out the other software providers for the opportunity to have the World Poker Tour on its network. The company is predicting that the WPT will increase the number of players in its network, and playing at its online casinos.

But with all of this positive progress in the industry, CryptoLogic still reported a significant drop in revenue when compared to the first quarter of 2006. With a 27 percent drop, and no better predictions for the second quarter, company shares dropping, with no immediate prospect for an increase.