A 46.5 percent loss in revenue has been reported by software developer CryptoLogic this week. The firm who provides online gambling software solutions for Sun Poker, InterPoker and William Hill announced a second quarter loss of $2.6 million US dollars in the wake of its relocation to Dublin, Ireland.  A spokesperson for the firm admitted that the loss is the result of the $4 million being spent on reorganization costs that were required to plan CryptoLogic's new head office.

US legislation against internet gaming was also blamed for the firm's second quarter decrease in revenues from $30.2 million to $16.2 million.

However, president and CEO Javaid Aziz remained optimistic about the firm's ability to recoup its losses. "CryptoLogic took major steps this quarter towards a return to growth and profitability - with an increase in operating revenue, and a decrease in operating costs," Aziv said. "Since December, CryptoLogic has launched 11 new customer sites, and we have four more in the pipeline - including two for Holland Casino, and one for World Poker Tour. With the confidence of huge global brands, good growth from our European base and encouraging progress in Asia, CryptoLogic's outlook improves every day."

CryptoLogic's net cash reserves stand at $91.7 million on 30 June 2007. This decrease from $103.8 million recorded in the first quarter of the year is due to the firm's large payouts to jackpot winners earlier in the year.

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