Financial Recovery of Cryptologic

The leading software provider, Cryptologic reported an improvement of its financial status recently.  Although there isn’t a significant recovery from its past status, the performance seems to be better than thelast quarter. Operators offering games of Cryptologic and players wagering on them, are relieved with the results.

The results of its second quarter, till June 30, 2011 were announced by Cryptologic. It stated about an enhancement of its revenue to $7.0 million. It was $ 6.0 million as per the results of the last quarter. The expenses are the same as the previous quarter. The board is encouraged at the advancement and hopes to increase the revenue by managing costs efficiently.

Several reasons have been cited by Cryptologic, for the increase of its revenue this year. The software provider records a reduction in its liability in terms of its game supply.  One of the main licensees of the casino site turned into its highest contributor. The site also recorded an increase of revenue from the branded games. Total, 6 branded games were launched by the casino this quarter. These generated additional revenues. But it is not applicable for the games at the grassroot level.

Another significant event of this quarter for Cryptologic, is its progressive jackpot winning on the slot game, Millionaires Club. The total revenue generated is worth $4.2 million from this slot at Sky Vegas internet casino. To prevent any kind of payment disputes, Cryptologic pays out directly for the wins of progressive jackpots.

With this advancement, Cryptologic signed a contract with its clients to continue supplying games. But the software provider still has an unresolved issue with the brand licensor.