27
Sat, Apr

Cryptologic Shows 35% Drop in Profits

Typography

Cryptologic LogoThe Dublin based gaming group, Cryptologic, showed a 35% drop in revenues for 2009 to just under $39 million. The group said that “lower wagering activity” in the gambling industry caused these poor results.

“Last year was a tough year as a number of adverse factors including a global economic downturn overshadowed the company's progress in implementing its innovative new strategy to reduce costs and return to growth,” said Brian Hadfield, President and Chief Executive Officer for Cryptologic.

In terms of revenues from branded games, the group showed that these had actually risen year on year to $2.8 million. Cryptologic’s licensee base grew by 20 over the past year and total more than 30. These include top brands such as Betfair, Virgin Games and SportingBet.

“We have entered 2010 in better shape with a substantially reduced cost base that will continue to be managed tightly,” said Hadfield. “At the same time, new business momentum remains encouraging as branded games continue to roll out and hosted casino licensees implement new initiatives.”

Hadfield that with new licensing activity staying strong and the overall online casino and gaming market showing improvement, the group looks to the new year with cautious optimism.