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Investors in Cryptologic should be pleased. Indeed the turnkey online casino and poker provider had a remarkably good week. Dividends increased by over seventy percent raising the price of shares dramatically. In fact, quarter profits rose over fifty five percent reaching $7.7 million.
Cryptologic also reported that more customers are being attracted to its software. These include clients such as Playboy. Playboy is about to host its own site using the company’s technology.
CEO Lewis Rose commented that the results are testaments to the company’s business strategy and discipline as well as their commitment to shareholders.
Adult magazine Playboy has already signed a three year deal with Cryptologic. The company will use Cryptologic to launch the Playboy branded internet gaming site. It will provide the site with electronic cash management, marketing support as well as customer support.
The new site will be marketed outside of the US. Additionally, according to Rose, in the future, if playboy intends to create an online poker site, Cryptologic will provide the technological basis for this too.
Excluding the US, playboy intends to globally market the site. The US will be excluded since the regulatory environment continues to remain unclear.
Christie Hefner, Playboy chairman and CEO recently commented in a press release that Cryptologic was the most natural and professional partner for the new site.
as a result of the publicity, Cryptologic’s revenues and shares have sky rocketed thirty three percent attaining a record $27 million- evening exceeding the company’s own forecasts.
Additionally, Cryptologic has signed a new deal for a further term until 2012 with Intercasino and Interpoker operator Overseas Internet Gaming Entertainment NV.
Overseas Internet Gaming, based in the Netherlands owns and operates several online sites. They too have extended their agreement with Waterlogic – a subsidiary of CryptoLogic. This has been reaffirmed until 2012.
However, there was some bad news with The Ritz Club London Online dropping off the client list. This meant the loss of about two percent from revenues.
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