Crypto moves its revenue base to European markets
| Egaming software developer CryptoLogic hailed its decision to shift its revenue base to European markets and has positioned itself for long-term profitability and growth, it said in a statement released this week. |
| CryptoLogic said it had been moving its business and revenue streams to Europe since 2001 and that it “spent five years preparing for this eventuality†since then.
CryptoLogic said it made over 70% of its revenues form outside the US and as of 30 June 2006 it had US$126m (£67m) on it s balance sheet and US$91.7m of working capital. It estimates the impact of the latest US regulatory changes will come to approximately US$30m for 2006 but maintained its objective of 20% corporate growth. Lewis Rose, president and chief executive of CryptoLogic, said: “While the new US developments will be a challenge for the whole industry, our company’s diversification, strong balance sheet thriving European customers enable us to face the future with confidence.†Rose said he believed the online gaming industry should be “regulated, licensed and taxed. We will continue to advocate regulation as the logical solution for all stakeholders, including players, investors and governments. In the meantime, we will continue to deepen our existing relationships and attract new customers in Europe, Asia and other thriving emerging marketsâ€. |
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