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Weak Dollar Affects US Online Casinos

The weaken US Dollar is having an adverse affect on some online casino gambling companies that report their earnings in the dollar. CryptoLogic is one of the most notable internet gambling companies to be hit hard by the weakening US dollar. CyrptoLogic was previously based out of Canada and the company operated in the international gambling market and offered services to US online casinos. With the push out of the US the company though still reports earnings reports in the US dollar. According to recent information released by CryptoLogic, the company is expecting to show a slight improvement in operating losses for the third quarter.

CryptoLogic is a top ranked online casino software development company and the news that the company expects additionally losses as a result of the turbulent US economy and market is a bit disturbing for some internet gambling companies. CyrptoLogic software powers some of the largest and most prominent sites in the world yet that success has not completely safeguarded the company from losses associated with the weakening US dollar. Third quarter losses are predicted at no more than $1.5 million.

The company’s revenues have been right in line with the industry – and this means surges in the levels of global online casino gambling. The international market has performed well so far this year. A spokesperson for CryptoLogic additionally noted that the company anticipates a much stronger financial situation in 2009 as the company will have less expenses associated with moving into the European market. Boding well for CryptoLogic is the fact that the company continues to sign new software licensees.