CryptoLogic must have run into some recent business numbers that are a little... depressing. They explain the whole thing, but first here’s the background! CryptoLogic is one of the biggest brands in the Internet gaming software industry. Recently, it was officially revealed that the company is not going to be materially affected by the Dutch decision that will prevent Holland Casino from establishing an Internet gaming site. Of course, the rejection was a really painful kick in the pants!
Apparently CryptoLogic got its hopes too high hoping to benefit from the establishment of such a site. However, not everything was in vane, as the company reported it has been fully compensated for its development work and also prepares some other revenue-generation initiatives underway in both Europe and Asia. So, the problem is not money-related, but more like someone worked on something that virtually found no light out!
The CryptoLogic's President and CEO, Mr. Brian Hadfield said: "While advocates of safe, secure and regulated e-gaming are disappointed with the Dutch decision, CryptoLogic never places all its bets on one table. That's why this decision will have no material impact on our business. We recognized the challenge in Holland early and prepared our business by accelerating other revenue-generating initiatives."
According to a recent press release, CryptoLogic expects to benefit from various new initiatives this spring and summer. These hot news plans include the release of non-download poker for all customers, as well as the launch of the new World Poker Tour casino, plus a fresh release of casino games and new software development for Betsafe, Sun Poker and World Poker Tour's German- and Spanish-language products. The company is also considering some potential new licensees.
CryptoLogic announced a licensing contract with Holland Casino, the Netherlands' government-licensed casino operator, which was a subject to ratification. Recently, the decision not to allow the Internet casino was taken in a narrow 37-35 vote.
The irony: the decision contrasts with the ways the United Kingdom and other nations are dealing with fiscal and consumer protection benefits that come with regulating Internet gaming.
Notably, CryptoLogic is known for its regulated and transparent gaming environment, which protects its players, as well as all the taxpayers in all the countries where it operates. Nevertheless, CryptoLogic remains one of the first and only software providers that have “earned government certification in the world's most stringent regulatory jurisdictions”.
CryptoLogic CEO, Mr. Hadfield also added: "CryptoLogic will continue to advocate regulation as the logical solution for all Internet gaming stakeholders - including players, investors and taxpayers. CryptoLogic will remain focused on delivering ground-breaking, customized innovations to the world's blue-chip gaming and entertainment brands - and on growing our business around the world."
Sigh...This was a tough one, folks. Overall, even if it’s virtually taken, a kick in the ass, should be a major step forward!
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