Online Casino Software Firm’s Big Year
Online casino software provider Chartwell Tech has had a profitable year. The company’s fourth quarter and yearly results have just been released, with further growth predicted in 2006 as online casino gaming is introduced legally in the United Kingdom. Results from the online casino software firm’s successful year have caused analysts to predict that many other software firms can expect similar levels of growth.
Compared to the same time last year (year end October 31) the firm increased its total revenue from supplying software to online casino companies by 46 percent. In 2004 the firm’s total revenue was $12.2 million. This has increased to $17.8 million over the duration of 2005. Chartwell Tech’s growth was further reflected by the increase in revenue from online casino software license fees. $16.4 million was generated through licensing sold to online casino firms compared to $11.3 million in 2004.
Chief financial officer Don Gleason summed up the company’s performance in a recent statement, pointing out that acquisitions have also helped the firm to get ahead.The online casino software firm has advised that 2005 is the third year of consecutive profit and predicts growth to continue throughout 2006 in preparation for the online casino industry’s regulation in the United Kingdom.