First Quarter Profits Up 58 Percent For Cryptologic

With a 71 percent rise in dividends on a mounting share price and the reports that the company's initial quarter profits have soared 58 percent to $7.7 million, investors of turnkey online casino and poker provider Cryptologic have had an excellent week.

The company has in addition reported that its software has attracted the interest of additional customers, and this includes the famous Playboy brand, which will be using the gaming software on its new site.

CEO Lewis Rose commented that the company’s progressive dividend records, excellent results, and positive business impetus are testaments to its regimented business strategy and their commitment to improving shareholder value.

In a three year deal that will start up Internet casinos under the Playboy brand, the renowned adult magazine Playboy has signed up with Cryptologic making available marketing support, electronic cash management, and customer support.

Rose said that the new site would influence the global reach of this major media brand exterior to the U.S. market. He said that if Playboy were to also launch a follow-up poker site in the future, his company would be the exclusive provider for that site as well.

Excluding the United States, where the regulatory situation for online gambling continues uncertain, Playboy plans to market its sites around the world,.

Christie Hefner, the Playboy chairman and CEO said in a release that when the company set out to find an associate for its new Playboy-branded Internet casino, CryptoLogic software turned out to be a natural fit,".

Lost year, Cryptologic’s revenue increased by 33 percent to a record $27 million, thus  beating the company's $25.1 million to $25.5 million forecast.

On the news that Intercasino and Interpoker operative Overseas Internet Gaming Entertainment NV had signed up for an additional term to 2012, with Cryptologic, last week shares strengthened.

Netherlands-based Overseas Internet Gaming, reaffirmed its contract with CryptoLogic's licensing subsidiary, WagerLogic Ltd., until 2012. Overseas Internet gaming owns and operates games sites such as InterPoker and InterCasino. As the firm made known the loss of The Ritz Club London Online from its list of clients, responsible for generating some 2 percent of revenues, the good news was tempered with some bad.

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