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Sagging Q1 for Online Casino Developer

Cryptologic has announced the company’s first quarter results for the 2010 financial year and the outcome is really not as positive as shareholders and others in the industry could have hoped for. The online casino gambling industry on the whole has really done pretty well in past year in terms of recovering from financial strains and reporting profits. Cryptologic though has entered a fair share of major setbacks over the 2009 year with licensing issues and the company massively restructured in order to better move in the new directions the online casinos are moving toward. The good news though is that the results are far from dismal – in fact some divisions of the software development company are doing quite well, while it’s the others that contributed to the less than stellar first quarter results report.

One of the more interesting elements though is the fact that Cryptologic traced the issue back to a single customer for the most part. This online casino regularly contributed to Cryptologic’s gambling revenues and the loss was quite visible on the company’s bottom line. And above and beyond the significant loss of this previous Cryptologic customer, the company announced that gambling revenues were down across the board at most of the gambling sites – again, not dismal, but definitely not what the company expected.

The company has high hopes though for the coming quarter because of the trends that were already quite evident in Q1. Operating expenses at the online casino gambling group are ever decreasing while the company anticipates improvements in the revenue base, particularly because of the upcoming World Cup betting that will take over the internet gambling industry this summer.