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Cryptologic Loses A Client But Still Expects To Grow

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Cryptologic showed growth in the last quarter of 2006, whether they continue to grow in the next quarter, following the loss of a poker affiliate, is yet to be known, but Cryptologic's outlook is optimistic.

Befair, one of Cryptologic's poker only customers, is switching their software platform to an in-house technology. The Betfair departure to Cryptologic at the end of 2006 is not expected to have any adverse effects on the company as they are only a very minute client relative to other Cryptologic customers.

"As a technology company, Betfair is unique amongst our customer base so this is a natural progression for them. We are pleased to have enjoyed a mutually beneficial relationship," said Lewis Rose, CryptoLogic's President and CEO.

Excluding Betfair, fees from WagerLogic Limited's (CryptoLogic's licensing subsidiary) licensees grew 47% on a year-over-year basis in the second quarter of 2006. While Internet poker accounted for 31% of CryptoLogic's Q2 2006 revenue, CryptoLogic's core Internet casino software business continued to deliver excellent results.

"CryptoLogic's record 2006 year-to-date earnings show that we continue to profit from a well-diversified portfolio of products, clients and markets. With the recent announcement of Playboy joining CryptoLogic's blue-chip Internet casino and poker client base, we look forward to continued growth overall."

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