|Following on from the good news of CryptoLogic’s appointment of new Chief Financial Officer, Stephen Taylor, the company had some bad news to report. The announcement that they were likely to lose one of their major clients caused its stock prices to fall sharply.|
The client in question is UK bookmaker Betfair, who were planning to launch an online poker and gaming operation, with CryptoLogic the agreed software provider. However, the UK based company has apparently been reconsidering and may now bring the development back in-house.
CryptoLogic was left reeling at the news, its stock price dropping by 25% to $21.77. The deal with Betfair formed a large part of its projected future revenue and the company is anticipating that it will have a significant effect on its 2006 profits if the deal does not go through.