Online Casinos Rules: Casino Games Software Povider Skyrockets

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Casino Games Software Povider Skyrockets

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Online Casinos Rules - Casino Games Software Povider Skyrockets

CryptoLogic Inc., a casino software developer for online gambling,
said Wednesday its earnings jumped $1 million US in the first
quarter but it won"t be getting into the wireless-device or Asian
markets anytime soon. Instead, the company will continue to focus
on the more established online casino and poker markets, which it
credited Wednesday for first-quarter revenue growth to $20.3
million US from $15.2 million in
2004.

CryptoLogic"s first-quarter earnings jumped
to $4.8 million, from $3.8 million US a year earlier, as revenue
rose 33 per cent. Earnings for the quarter ended March 31 amounted
to 34 cents a share, diluted, compared with 28 cents per share a
year ago, the Toronto-based company (TSX:CRY) reported Wednesday.

While mobile and interactive TV markets remain
"very intriguing", CryptoLogic CEO Lewis Rose said he remains
skeptical. "We have developed four games for wireless ourselves,
but we are not convinced that the economic model justifies the
capital expenditure", he told analysts in a conference call. "As
far as wireless is concerned, there are a number of intermediaries
who would want their slice of the pie. And so our view, at this
point - given the takeup, given the technology challenges, given
the user or player experience and given the revenue model - we"re
not convinced that right now is the time for us." In April, the
British government enacted a law to regulate online gambling in the
country for the first time, a move Rose cited as evidence of the
"growing acceptance that this industry is here to stay."

During the quarter, the company also discontinued
its work with two clients who, combined, accounted for less than
one per cent of CryptoLogic"s revenue, Rose said, leaving the
company with nine core licensees.

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