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Games Development Industry Lucrative

It seems like just last week the online casino gambling industry was delivering second quarter reports and now Chartwell is one of the first to announce third quarter earnings. Not surprisingly, as with the first half of the year the online casino gambling industry is still going strong and gambling companies are continuing to turn profits and grow into new markets. Chartwell Technology is a Canadian based software development company – the company’s platform is solid and respected in the industry and ideal for smaller online casinos. At the same time though, although Chartwell is not considered one of the top ten software developers, the company has a solid base of licensees and continues to release new gaming software for its gaming platform.

The third quarter report indicated that Chartwell is performing well both in terms of revenue and at a functional level. The company released four new games this quarter as well as boosting total revenue from Q3 of last year by nearly $1 million. Q3 of this year came in at $6.1 million. The company’s online casino and poker software continued to prove popular at the company’s licensed sites as indicated by the increase in licensing revenue.

The CFO at Chartwell, Alan Richter, was very quick to point out that Chartwell is really benefiting from the surges in the global online casino gambling industry. He notes, “Chartwell's cash flow from operations for the first three quarters of 2008 of $8.3 million as compared to $3.8 million for the same period in 2007 shows the real strength of our business.” The global online gambling industry is performing well and this has trickled into every facet and sector of the industry.