CryptoLogic Releases 2009 Financial Statements

CryptoLogic is one of the well-known online casino software companies available. They are particularly well known for their branded video slot games from DC Comics, and more recently from Paramount Entertainment. The company has released their 2009 financial statement, and although there have been losses shown for recent years, they are confident that they will, once again, return to profitability.

Although CryptoLogic reported of losses that reached into tens of millions of dollars, they pointed out that they had reduced their recurring costs by $20.6 million, which should give them a more reasonable chance to return the company to profitability.

Last year, in 2009, the company signed agreements with some of the biggest names in the online gambling world, such as Betfair and Sportingbet. These online betting companies will be offering their patrons CryptoLogic games via their websites. CryptoLogic receives a portion of the bets that are placed on their online casino slot games that are offered on these sites.

The new branded video slot games that will soon be available if they are not already, such as Superman and Batman from DC Comics, and Forrest Gump and Braveheart from Paramount Entertainment, are sure to be games that will attract new players, and keep those that already play at CryptoLogic powered online casinos, and thereby help to increase revenue.

Betsson has just signed a three year agreement with Cryptologic for the use of nine of the company’s most popular video slot games. This is yet another agreement that will help to bring the company to profitability once again. As with the other recent CryptoLogic licensing agreements, the company will earn revenue according to the actual bets that are placed on their games on Betsson’s sites.

The vice president of Cyptologic, Justin Thouin had the following to say: “Betsson is the latest customer to sign up to CryptoLogic’s games, underscoring the value our innovative and rich content brings to operators worldwide. With every new licensee CryptoLogic not only expands its global reach but also strengthens its base for generating long term revenues.”

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