CryptoLogic, an online gambling software provider, has reported a quiet second quarter for 2008, mainly due to the distraction of online players for the Euro 2008 football tournament, according to the company.

However, CryptoLogic sees optimism for the future in that the company signed five more customers during the second quarter.
CryptoLogic’s revenue grew $16.8 million during the second quarter largely due to the performance of its European online casino business. CryptoLogic posted a reduced loss of $1.5 million, only the company’s second quarterly losses in recent years during what where seasonally quiet times.

While seasonality made this a more challenging quarter, at CryptoLogic we remain committed to our goals - and confident in our growth," said Brian Hadfield, CryptoLogic president and CEO. "While modest growth is encouraging, aggressive growth is our goal.

With an upgraded technology platform and five new customers signed in the last quarter, CryptoLogic's challenge is to execute with excellence - and that should lead to significant revenue and earnings growth from both Europe and Asia."

Written for Online Casino World by Mike Rutherford - Your Online Casino News