Cryptologic investors are celebrating a $7.7 million profit recorded for this year’s first quarter. The profit represents an increase of 58 percent on the previous year and has been reflected by the firm’s rapidly soaring share price. The company has also made headlines by revealing that it has just signed a lucrative deal with Playboy to provide the adult brand with gaming software for the firm’s new online gaming site.

Playboy has signed a three year deal with Cryptologic that will launch Playboy-branded online casinos. Under the terms of the deal, the software firm will also provide Playboy with marketing and customer support, along with electronic cash management facilities.

According to CEO, Lewis Rose, the firm’s first quarter result is testament to Cryptologic’s strategy and commitment to enhancing shareholder value. "The new site will leverage the global reach of this major media brand outside of the U.S. market," Rose said. "If Playboy also launches a poker site in the future, we will be the exclusive provider for that site as well."

Playboy’s CEO, Christine Hefner, has echoed Rose’s comments, saying “When we set out to find a partner for a new Playboy-branded Internet casino, CryptoLogic software was a natural fit."

Playboy intends to market the online gaming sites internationally but will bypass the U.S., where the online gambling industry remains the subject of controversy.

Cryptologic shares also increased due to news that Overseas Internet Gaming Entertainment NV has signed a deal to use the firm’s software until 2012. The Netherlands-based firm owns and operates online gaming sites such as InterCasino and InterPoker. The news helped to soften the blow of the loss of The Ritz Club London Online from Cyptologic’s client base.

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