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Playtech revenues leap but CryptoLogic post loss

Playtech, the online casino software operator is behind iPoker, has announced total revenue is up by 78% over the last 9 months. It looks like that will continue to be the case in 2009 after a number of shrewd business decisions, namely the partnership with William Hill which will come into force in January and acquiring Mansion Poker earlier this year. Revenues in the Asia-Pacific region now also make up a quarter of sales, since marketing has been heavily concentrated in that area after the UIGEA first reared its ugly head.

By sharp contrast, Cryptologic have reported a net loss of $5.9 million for the first three quarters of the year, as the traffic has plummeted from their poker operation in the last few years, particularly with the loss of William Hill, Littlewoods and Betfair. They too will be looking forward to 2009 as they go into a very interesting poker partnership with Boss media:

"In a challenging year for our company and our industry, we recognize that we must do better - and that is why CryptoLogic is aggressively implementing its strategy to achieve profitability and growth in 2009," said Brian Hadfield, CryptoLogic's President and CEO. "CryptoLogic's proven casino offering is attracting new customers more swiftly than ever before, and our branded games have earned the confidence of some of the world's biggest gaming operators. And we have already begun reducing our operating costs - a trend that will continue as we implement our new poker partnership."

Finally, 888.com have reported a positive third quarter result, with a rise in net gaming revenue of 23% to $66 million. Online poker remains the same as last year at $19 million, but Casino and Bingo operations have risen significantly. Expect better poker results from this operator in 2009 as the company have just started to launch independent ‘skins’ within the umbrella of their poker network.

By Barry Carter - November 18th 2008

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