|CryptoLogic, the listed Canadian online casino software company, posted first quarter earnings today which show the company doing quite nicely, with record revenue, and earnings up on the same period last year. The company had revenue of $15.2, up from $8.9 in 2003, and earnings of $3.8, up from $1.8.|
The company said its diversification into different online casino products and its international operations were behind the strong financial performance. Online poker accounted for 12% of overall revenue, and CryptoLogic has released a new version of its poker software to capitalize on the growth of online poker. Other highlights (if the contents of a quarterly financial report can be said to contain such things) include the launch of the Ritz Club London Online, from Alderney, which highlighted CryptoLogic's position as one of the few software providers with government-certified software.
The share of licensees' revenue from international markets increased from 55% in 2003 to 60% this year, and the company noted in this regard the signing of its newest licensee, Betfair, the world's largest online betting exchange. Player deposits also increased, CryptoLogic said.