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| | | November 4 - Despite the recent clampdown on online gambling in the United
States, one of the world's largest online gambling software developers,
CryptoLogic Inc, has reported a 41 per cent increase in its third quarter
profits.
CryptoLogic, a Canadian company soon to be relocating to Ireland, posted an impressive quarterly profit of
US$7.2 million.
The company's earnings for third quarter ending September 30 this year totaled
$0.53 per share, compared with earnings of $0.36 per share during the same
period last year.
In response to the increase, CryptoLogic indicated that it had managed to
'insulate' itself against the tough new anti-online gambling laws in the United
States, and thus shift its focus to the European market.
Needless to say, after the American 'online gambling debacle', CryptoLogic's
third-quarter profits exceeded analysts' expectations of $0.46 per share,
resulting in increased enthusiasm amongst company investors.
Said CryptoLogic CEO, Lewis Rose, 'We've been preparing for this eventuality
during the past five years with a gradual shift to the UK and European markets.
'However, we don't believe the US online gambling debate
is over by a long shot, because the benefits of regulating online gambling seem
to be overwhelming, as proven in United Kingdom,' he said.
Leading online casino,
InterCasino is powered by CryptoLogic software.
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