There are many signs that the worldwide online casino industry is starting to recuperate from the US Unlawful Internet Gambling Enforcement Act, which basically made it almost impossible for US gamblers to play at online gambling sites. Nevertheless, this last month didn’t bring with it too many good news for Cryptologic, one of the biggest software providers in the industry. The Dublin-based company recently reported a 46.5 percent decrease in revenues in the second quarter of 2007. While the figures may sound alarming, most of the losses came due to the recent reorganization process that Cryptologic is going through.

While all the reorganization costs were already planned long ago, the fact that the company wanted to accelerate the process had its price. As a result, the actual costs for this quarter were $2.5 million higher than previously planned, while the total cost will increase by $0.9 million. When trying to compare these quarter’s revenues of $16.2 million with those of last year - $30.2 million - the impact of the US ban becomes quite clear.

Nevertheless, Javaid Aziz, the company’s CEO and President, doesn’t seem too worried: “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”. Aziz, along with everyone else at the online casino industry, hopes that next quarter will be a better one, not only for Cryptologic but for the this entire community, which is trying to everything possible in order to keep this business up and running.