It wasn’t long ago that we thought Cryptologic was close to bankruptcy. The online gaming developer, which powers sites like InterCasino, had many problems last years, but things are finally beginning to look up for the company. Following an acquisition by Amaya Gaming, Cryptologic has posted its first profit increase in over five years.
In 2010, total revenue was just $26 million, having dropped since 2005. This year, the company has seen a small but valuable jump to over $27 million. This means that the company has made a profit of $6.5 million over the course of the past year, making the start of what we hope will be a recovery from its $21 million loss in 2009.
Cryptologic’s profit improvement can possibility be attributed to the company’s new licensing deals. During 2011 and the start of 2012, Cryptologic signed deals with several companies, including bwin.party and Loto Quebec. These are some of the biggest names in Canada’s gambling market today, faring quite well for Cryptologic.
The way things are going, Cryptologic can only hope that things will go up from here. After a long uphill battle, the company is finally seeing some financial recovery, and we hope that it can maintain this momentum.