Cryptologic Gaming Software giant Predicts $10m Net Income

On Thursday January 15th at 8.30am (Toronto time) Cryptologic, the Dublin based Internet Casino and Gaming Software giant, gave their investors an update on their plans for projected growth and return to profitability in 2009 via conference call. In the call, investors in the Internet Casino and Gaming Software Company were given the news that Cryptologic still anticipates a Net Income of $9 - $10m to be delivered, even in the face of such difficult economic world conditions.

In brief, Cryptologic believes that the projected income can be achieved for their Internet Casino and Gaming Software Company by various strategies, including a rigorous restructuring programme that would see the reduction of annual operating costs by an estimated $13m, additional restructuring which would result in $3.5m cash costs plus non cash costs estimated as up to $20m. Further changes would be carried out by the strategic partnership with GTECH Corporation, this would entail the outsourcing the Poker network thus eliminating the standalone operation with resultant cost reduction, enhancing client poker-room liquidity with further reduction of costs anticipated and further by the drastic reduction in server and office costs. Cryptologic anticipate growth will be achieved by further aggressive promotion of the online Casino business and by software developments, licensing contracts and the supply of gaming software. New revenue, in the region of $8m is expected from new clients that Cryptologic have secured which include big names such as 888.com and PartyGaming.

It seems that Cryptologic have big plans ahead to make their growth and profitability predictions work including new Internet Casino and Gaming Software branding and a new logo which will be centred on the e-gaming and innovation concept, the details of which are due to be released in May.

Cryptologic was established in 1995 by Andrew and Mark Rivkin in Toronto, Canada, the bothers had a keen interest in creating a secure system for online financial transactions. Intercasino was launched in 1996 and was the very first licensee of Cryptologic. Other software feathers in the cap of Cryptologic include William Hill Casino and Littlewoods Casino, and in 2007 the Playboy Gaming brand (which is reportedly about to close down). Cryptologic now also supply online bingo software products.