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Casino Software Developer Forges Ahead
TORONTO, CA --
CryptoLogic, an internet gaming software provider, announced its revenue targets exceeded expectations due to higher than expected sales of its new casino software. As a result, shares of the Toronto-based internet gaming firm were up today in afternoon trading at the Canadian stock exchange.
Cryptologic stock rose nearly a dollar, or 6.5%, to almost $16 dollars apiece. You may remember, Cryptologic was one of the hardest hit stocks after the UIGEA passed in the US Senate and was later signed by President Bush in 2006.
Immediately following the events of 2006, Cryptologic found itself in deep trouble financially. Once considered a top firm and envied by many in the industry, the company found itself struggling to survive. After several reorganizations and discovering innovative ways of reducing expenses and generating new products, the company is on the rebound.
"Despite the unfavorable environment faced by those in the online gaming industry, Cryptologic seems to remain on top due to its reputation for quality products and its uncanny marketing abilities", said online casino expert Hugh Albermarle of the Center for Internet Gaming Research based in Costa Rica.
Cryptologic became public back in 1996 and has won several awards for its casino gaming software over the years. The company's software is the backbone of some of the most famous online casinos in the world such as Playboy Casino, Intercasino, and William Hill.
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