The online casino software provider, Cryptologic, has been struggling in the past few years, and have finally shown a profit in the first half of 2011.
After three years of financial difficulties, Cryptologic has announced that it ended the first quarter of 2011 with a profit rather than with a loss. It has taken some drastic measures to get the company to turn around its bad fortune, and the industry has taken note of the positive changes.
Although Cryptologic has not yet publicly announced exactly how the change took place, it seems to be that the company has cut its operating expenses in half, and has also managed to increase revenue by four percent in the second quarter.
Even though Cryptologic had some financial difficulties, the company was still respected in the online gambling industry, and it continued to have a good reputation. Cryptologic stands with some of the top online gaming software providers in the industry, such as Microgaming, Real Time Gaming and Playtech.
Cryptologic started operations in Canada some time ago, but has been located in Ireland for several years now. Its first online casino, InterCasino, is still doing well after operating for fifteen years, which means that InterCasino was started when the Internet was still coming into its own. Cryptologic also supplies licenses to other big online casinos and other online gambling sites, such as Betfair, Party Gaming, 888, Gala Coral, and others.
This new turn in fortune is likely to add renewed faith in the Ctyptologic brand, and with luck and good business sense, the company is likely to continue to grow stronger.
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