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Online gambling Q1 good for PlayTech, bad for CryptoLogic

The software providers to some of the most popular online casinos came out with their Q1 2007 financial reports.

Online gambling Q1 good for PlayTech, bad for CryptoLogicPlayTech's (AIM:PTEC) Q1 revenues rose to $19.8m, or 14% increase from the forth quarter of 2006. The gambling software provider saw its best results in the poker field with 58% increase in revenues in that part of the online gambling sector, compared with Q1 of 2006.

PlayTech was one of the software makers which pulled out of the American market, and revenues from the non-US market were up 22% compared with Q4 of 2006, and PlayTech saw a non-USA player revenue increase of 85% compared to the same players for the first quarter of 2006. PlayTech group is expecting the strong performance to continue during the Q2 of 2007, despite the slow performing Asian market. PlayTech's stock was up almost 1% around closing time.

The Canadian gambling software provider CryptoLogic (TSX:CRY) reported a 27% drop in revenues for the Q1 of 2007, compared to the same period last year, with the first quarter profits at 1.5 million USD. CryptoLogic also pulled out of the US market last year. The company is forecasting another negative quarter - CryptoLogic is expecting a drop of 11 cents per share in the Q2 of 2007. Shares of the company felt more than 12% in the early trading.


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