Lewis Rose, chief executive and president of online gaming software firm Cryptologic was understandably proud to announce his firm’s latest results. The company has exceeded expectations by recording third quarter revenues up 32 percent to US$27.7 million or £14.5 million pounds sterling, an increase of 27 percent on the same period last year.

As well as revealing a 39 percent in general revenues to US$85 million over the last nine months, the firm has announced that online casino fees represent 59 percent of its revenues with online poker making up the remaining 30 percent.

“CryptoLogic’s excellent results reflect our strategy of innovation and our strong diversified revenue base,” Rose told media. “We have already recorded higher earnings in the nine months to date in 2006 than we did for all of 2005." The chief executive added that the firm does not expect to be affected adversely by the recent success of anti-gambling forces in pushing through the Unlawful Internet Gambling Enforcement Act in Congress, as it had already made sure that its licensees had stopped accepting wagers from American gaming fans.

Rose also used the occasion to draw attention to CryptoLogic’s strong Asian presence. The firm has recently opened a new office in Singapore and appointed a managing director for the region. CryptoLogic has made no secret of the fact that it views Asia as a rapidly rising online gaming market. Gambling is inherent in Asian culture and there are approximately four billion people in Asia, adding up to a huge number of potential gambling fans.

CryptoLogic has recently boosted its market presence by signing an exclusive deal with Scandinavian online poker site Besafe. In addition, the firm has launched two new games Cubis and Hold’em Blackjack and Cubis, and has maintained its quarterly cash dividend of US$0.12.

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