Cryptologic Has Poor Q2 Figures
While business has been picking up for many operators of online casinos throughout the market, some businesses are not faring quite so well. Since we are still in the depths of the bleak and seemingly endless economic recession, everyone is hoping for some sort of financial recovery to kick in in the very near future. Just recently, Cryptologic, one of the top power house forces in software development for online casino gambling released on set of disappointing financial figures. Coming in as a double negative blow, the chief executive officer of this operation ended up announcing his resignation.
For the second quarter financial report of 2010, the company reported that total revenues dropped down to 6.6 million. This was a substantial drop from the first quarter of 2010 which was set at 7.6 million. With the low level of trading that is taking place, many operations devoted to online casinos have come across some hard times. Some are managing to maintain an even balance and not a dip into the red, but others are struggling just to survive.
Overall the hosted casino revenue for Cryptologic came to 5.8 million and that has been pushing ahead steadily. The revenue from branded games has been boosted up to 1.5 million which was much better than the 1.3 million noted during the first financial quarter of this year. It’ll be interesting to see how Cryptologic is able to rebound from this financial struggle and as we move deeper into per into the third quarter. Hopefully they can push things up and make 2010 a positive financial year that shows signs of a strong recovery.
cryptologic revenue, online casino revenue