|Gambling software developer CryptoLogic announced today its financial results for the second quarter and six months ended June 30, 2003. The company reported steady growth in poker and bingo revenue, together on track to exceed 10% of 2003 revenue, up from nil in the second quarter last year, also commencing the application process for listing and trading on the London Stock Exchange to leverage CryptoLogic's strong roster of UK-based customers and operations, and to extend its reach into this favourable international market for online gaming. |
In keeping with its market-driven product strategy, CryptoLogic expanded its game suite with more than 10 new choices of the most popular casino games to help licensees attract and retain players and drive organic growth. This brand new bonus pack introduced Single-Deck and Multi-Split Blackjack, an enhanced European Roulette, and an exciting series of new slots including 9-Line slots to give players more chances to win.
CryptoLogic-developed poker and bingo products continued to exceed expectations in the quarter. The company's newest customers, UKbetting plc and Bingo Entertainment, have launched their online poker sites, extending live poker action to millions of Europeans. CryptoLogic's expanding list of brand name poker licensees, through its WagerLogic licensing subsidiary, is enhancing financial results, and extends the company's leading position into the burgeoning online poker market.
Recently-introduced single and private tournament options are further enhancing the marketing draw of its poker solution. The proven performance of the company's centralized poker technology enables CryptoLogic to offer new customers’ participation in one of the highest traffic and most profitable poker rooms on the Internet.
During the second quarter, CryptoLogic commenced the application process to list and trade its shares on the London Stock Exchange's Main Market (LSE). A LSE listing would highlight the company's strong international presence, including its UK-based operations and its major UK gaming customers such as William Hill, Littlewoods Gaming, the Ritz Club London Online and UKBetting.
The UK, which has a favourable attitude towards online gaming, represents a key growth market for CryptoLogic. In fact, Britain has started to draft legislation with a view to establishing itself as a leading, world-class regulated and licensed market for online gaming. A UK listing would also extend CryptoLogic's capital market access to a broader global shareholder base in this gaming-friendly jurisdiction. CryptoLogic continues to distinguish itself by seeking and achieving the highest level of transparency and compliance to the most exacting government-regulated standards for online gaming and disclosure requirements in Tier-One jurisdictions and senior stock exchanges around the world.