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25
June 2008
CryptoLogic
On Track To Exceed Littlewoods
Revenue
The
Casino
Gaming
Software
developer CryptoLogic has noted
its significant revenue growth
prospects for 2008 in the wake of
the announcement that a licensee,
Sportech PLC, will use other
gaming software starting in
September.
CryptoLogic
will start earning revenue from
at minimum five new customers
this summer and fall.
"CryptoLogic
is having a banner year in
signing long-term contracts with
leading gaming brands in both
Europe and Asia, and that's why
we remain so bullish about our
growth prospects," said Brian
Hadfield, CryptoLogic's President
and CEO. "CryptoLogic's customer
base has never been larger - and
our customer pipeline has never
been healthier."
Sportech
currently licenses CryptoLogic
software for its
Littlewoods-branded gaming sites,
representing approximately four
per cent of the software
provider's annual revenue. As
Sportech has entered into a new
relationship with
888
Holdings PLC, CryptoLogic expects
to continue earning some revenue
from Littlewoods players; 888 has
signed an agreement to offer more
than 10 of CryptoLogic's top
games to its players and
partners. CryptoLogic also
expects some Littlewoods players
to migrate to its other
licensees' sites to find their
favourite games that are not
available on the 888
platform.
Sportech's
move to a new provider will have
no material impact on liquidity
in the Online
Poker
room shared by CryptoLogic
licensees, as the vast majority
of Littlewoods business comes
from its Casino
site.
CryptoLogic
will start earning revenue this
week from the launches of sites
for new licensees Khel Galli
(India), Maharajah Club (UK) and
OPoker (Scandinavia). The
company's top games will be
available at 888 later this
summer, and the company will
launch a site for Betjacks
(Ireland) this fall. Further,
CryptoLogic's new customer
pipeline, not yet publicly
announced, includes some of the
largest and most recognizable
brands in online
gaming.
In
addition to adding new customers,
CryptoLogic expects to earn new
revenue by providing localized
versions of its casino games and
poker software to help its
licensees penetrate key markets
in Europe and Asia. The company
is also promoting player
acquisition and retention by
rolling out new games and content
more frequently, and by
continuing to ramp up its
business development and
marketing activities.
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