Online Gambling: Cryptologic signs two deals as loss narrows

Online Gambling: Cryptologic signs two deals as loss narrows CryptoLogic Ltd (TSX:CRY), one of the leading online gambling software developers, announced two new deals, which improved the short-term outlook of the company. According to a press release distributed by the online gambling firm, it has signed a three-year contract relating to Internet casino software with the Gaming Media Group Limited, the owner of The Poker Channel, Europe's largest dedicated gaming television network, and also signed a casino licensing contract with Sky Betting & Gaming, part of BSkyB Group Plc. During the duration of the deal CryptoLogic will be the sole internet casino software provider to the two companies.

"We promised swift action to take CryptoLogic to the next level of online gaming, and our new relationships with leading brands such as the Gaming Media Group show that we are executing on our plan. Gaming Media Group's commitment to promote the games through advertising means new profile for CryptoLogic products that takes them to new people and new places," Brian Hadfield, CryptoLogic's President and CEO said in the press release. For the Q2 of 2008, the software developer posted a loss of $1.5 million, against $2.6 million last year, as revenues grew 3.4% in a seasonally slow quarter to $16.8 million.

Published on 08/09/2008