Leading software provider: interesting Q3 results

Along with Playtech and Microgaming, Cryptologic dominate the market for providing turnkey solutions to the online casino world. The boom in internet gambling has seen recent tighter regulation in massive markets such as the United States and with the general global economic downturn, the casino online software provider which was formed in a basement in 1995 announced this year a major cost cutting and restructuring program. The effects of which are clearly evident in the Q3 results announced only the other day.

Operations in Cyprus and London were closed and moved to Malta. Management changes were implemented in a self admitted aggressive fashion and the result was operating expenses went down an impressive 20% from Q2 to Q3 – with total expenses from $20.2 million to $9.9 million. There is still more to be seen in Q4, with the full effects of the one time restructuring yet to be completely felt, but the massive cut in costs should make Cryptologic a leaner, meaner player in the massive casino software market. What also made the headlines in the casino news was the loss of revenue for Cryptologic with total revenues decreasing 10% from Q2 to Q3 ($6.7 million down to $6.1 million).

Rightly considered one of the ‘big boys’ in the online roulette market and online casino field, Cryptologic, with more than 300 games in its online casino suite, is looking to put more focus on innovation. With the recently announced Premier Roulette introduced by leading competitor Microgaming, which features 3d wheel and customization options, as well as other new roulette games, Cryptologic certainly cannot afford to take its eye off the ball ….especially the roulette one.

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