Cryptologic releases poor third quarter results.

The online casino world is not doing very well in the casino news at the moment if judged by the latest 3^rd quarter results from Irish based software developer Cryptologic. Total revenue is down some 9% versus quarter 2 but with branded games and hosted casino activities being down less than that the operating loss has been reduced. Some management changes and a cost reduction plan were already announced in August this year and although that was already half way through the quarter the company said “they contributed to a significant reduction in costs and will make a full impact in subsequent quarters”. Operating expenses were down some 20% partially due to the closure of operations in Cyprus and most of the operations in London, both of which have been moved to Malta. Management changes were also announced with Hugh Spiers becoming Group Head of Operations as well as Chief Financial Officer and Ian Price becoming Group Head of Business Development. Cryptologic Limited is one of the leading companies in the development and supply of internet gambling software counting among others 888 and Party Gaming on its client list; with over 300 games the casino offering is one of the most complete in the market and despite poor results new games are being developed all the time and the company remains debt free which is quite something in today’s world.