After William Hill announced that it was abandoning CryptoLogic as its software provider of poker and casino for rival Playtech, Dublin-based CryptoLogic sought to soften the blow by announcing a review of strategy.
Cryptologic Ltd. said it will focus on internet casino and branded games for enhanced profitability to leverage its fast growing list of clients. The company also said that it anticipates substantial revenue growth and a reduction of annual operating expenses of some us$ 12 million-us$ 15 million from a pending partnership with one of the world’s largest poker networks which it is currently investigating.
The firm added it will expand its business and recent investments in China, South Korea and Singapore for long-term growth. In 2008 alone, the company said it has announced nine new customers, including today’s major announcement with PartyGaming, and has a healthy pipeline of pending opportunities.
CryptoLogic said management will provide full details about the company’s strategy and 2009 outlook on the occasion of the company’s third quarter earnings announcement in mid-November.