CryptoLogic is a Toronto-based company that develops customized software for online casino sites and poker rooms. The company has recently released figures for the third quarter of 2005, revealing a whopping 80% increase in revenues. The online casino software provider's profits for the months July through September have accumulated to $5.1 million. Even though the company is encouraged by the increase in profits coming from poker rooms, their bread and butter remains to be online casinos which account for 60% of the company's profit margin.
The online casino software provider has seen an 89% increase in poker revenues from last year, while profits from online casino sites have only jumped by 12%. Nonetheless, the company will continue to cater mostly to online casinos, simply because there is bigger money to be made there. A spokes person for the company explains, "Despite the fact that poker has shown so much growth potential, we consider poker to be the sizzle; casino is the steak". With an eye to the future, CryptoLogic has high hopes for their new line of online casino games that feature cartoon superheroes such as X-Men and the Hulk.
With regards to their new online casino games, a company spokesperson commented, "We are very optimistic about the future of the casino. It's very exciting to be able to battle villains, hunt vampires and smash tanks to win substantial cash prizes". CryptoLogic has also seen its share value has received a much needed boost, following the company's announcement that their business partnership with Betfair remains stable.
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