Cryptologic Software Records Profit

Online gambling software company Cryptologic left Canada for Ireland several years ago, and now it headed north again - figuratively that is - as it recovers from the financial difficulties of the past.

Records quarterly profit

The Irish-Canadian online casino games supplier just announced that it recorded its first quarterly profit in more than three years, which sees them end a longstanding string of losses that had people in the industry talking.

The company has not come out in public yet to say how they did this, but various internet gambling blogs and news sites point out that they have halved their operating expenses, while also increasing year-on-year revenue by 4 percent in the second quarter of 2011.

Still a big name

Despite all the bad news surrounding the company in recent years, its name still carries with it a strong reputation. On the back of its online poker, casino and bingo products, Cryptologic is still one of the give biggest software providers in the game, alongside Microgaming, Playtech, Boss Media and Real Time Gaming.

Cryptologic's original online casino, InterCasino, is still going strong 15 years after its establishment in the early days of the internet. It still licenses its games to other big names like 888, PartyGaming, Gala Coral and Betfair, which shows that brands don't just disappear overnight, and it surely is only a matter of time until it returns to its award-winning days.