|The decision by many major banks and credit card companies to ban Online gambling transactions was always going to hurt the industry, and evidence of that came last week when IQ-Ludorum Plc reported a widening of its losses as demand for online gambling waned.|
The net loss for the online gambling software company widened to $4.90 million from $3.39 million in the six months ended June 30. Sales rose to $2.86 million from $2.78 million.
IQ-Ludorum provides software solutions to the offshore Call Centre and Internet gaming markets, including sports book and casino software architecture. The company recently unveiled a slew of product innovations including IQ-Racing, a turnkey system for online pari-mutuel wagering, and their popular Internet casino, IQ-Casino, on wireless and stand-alone kiosk platforms.
``This year an additional factor has negatively affected the entire Internet gaming industry,'' said the company in a Regulatory News Service statement. ``A number of US banks decided to introduce policies leading to the rejection of credit cards used to fund player casino accounts.''