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Cutting Costs for Better Results

The second quarter results are in for all of the major companies within the online casino gambling industry and CryptoLogic just released the company’s new numbers – the results are not up to expectations and the gambling group is not lined up right now to perform up to par with what it needs to stay profitable. Not only did the online casino gambling group not meet up with the anticipated results, but the announcement that the current CEO of CryptoLogic, Brian Hadfield is stepping down was not met with a lot of enthusiasm from investors and the online casino gambling industry as a whole. The Q2 results indicated that the slow reduction in operational costs is going well but that it has not yet had a significant impact on the company’s bottom line.

CryptoLogic has been in a massive restructuring phase over the past two years as the online casino software development company moved headquarters and refocused the brand to better realize results within a specific market. Over the past two years CryptoLogic has seen setbacks as the management positions are a bit of a revolving door lately. Add to that the loss of some key online casino licensees and issues with the Marvel Comics exclusive brand licensing deal and the company is in a rough patch.

Moving forward the company plans to continue lowering operational expenditures by reducing the workforce at CryptoLogic, an unfortunate side effect of the fairly poor performance so far this year. CryptoLogic has brought in online casino industry consultants and will be implementing a slew of recommended changes in the coming weeks.