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Cryptologic Reports First Quarter Losses

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The online gambling industry is a fickle one, where some online gambling
firms are so profitable, they are just about printing their own money, while
others are making losses, and others still are forced to close as they can no
longer operate profitably.

Large online gambling software developer Cryptologic is in the middle
category after recently posting its first quarter results which showed a loss
compared to the same period last year. The gambling software firm posted a $3.2
million net loss (25c a share).

With its headquarters in Dublin, Ireland, Cryptologic reported that its Q1
revenues dropped by a notable 25 per cent to $7.6 million. According to
Cryptologic President and CEO, Brian Hadfield, the cause of the loss is a drop
in wagering across the board.

‘While subdued wagering activity impacted our revenues in the first quarter, the
outlook for 2010 as a whole remains encouraging,’ he said. ‘Operating costs have
declined further while our revenue base is showing signs of improvement in the
second quarter.

‘The start of the FIFA World Cup soccer tournament in South Africa in June this
year provides short term uncertainty. However, with a strong backlog of new
business, we expect that our results will improve gradually as the year
unfolds,’ explained the CEO.

Hadfield also said that Cryptologic is continuing to assess its various revenue
streams, operating costs and strategies as it strives to negotiate itself back
to profitability. So despite its disappointing Q1, Hadfield remains upbeat about
the future of Cryptologic.

The firm has high expectations that not only will wagering activity pick up, but
that its branded game revenues will increase as more of its games go live.
Currently Cryptologic licensees carry 108 games, but there are reportedly 92 new
games still to be launched.

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