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Online Casino software provider?s profit soars by 58%.

The software provider for online casinos, CryptoLogic announced that its first quarter profits soared by 58% to $7.7 million US as its casino games drew more customers. They released the report a day after CryptoLogic declared a 71 per cent increase in the quarterly cash dividend to 12 cents a share, payable June 15 to shareholders of record as of June 8, and now Playboy will use its technology on a new website.

CEO Lewis Rose said, in conference call with analysts, “Our excellent results progressive dividend records and positive business momentum are testaments to our disciplined business strategy and our commitment to enhancing shareholder value.”

He also added “Our focus on geographic and product diversification has enabled us to capitalize on some of the most profitable gaming markets.”

Under the three-year deal with legendary adult magazine publisher Playboy, CryptoLogic will launch a Playboy-branded online casino, providing electronic cash management, marketing support and customer support.

“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 plans to market the site around the world, excluding the United States, where the regulatory environment for online gambling remains uncertain.

“When we set out to find a partner for a new Playboy-branded Internet casino, CryptoLogic software was a natural fit,” Playboy chairman and CEO Christie Hefner said in a release.

“We needed a trusted, respected software provider like CryptoLogic who can deliver great entertainment with both integrity and innovation.”

Netherlands-based Overseas Internet Gaming, which owns and operates games sites such as InterCasino and InterPoker, reaffirmed its agreement with CryptoLogic's licensing subsidiary, WagerLogic Ltd., until 2012.

But CryptoLogic announced it's losing another customer, The Ritz Club London Online, which has decided to end its relationship with the company around Oct. 28. The Ritz Club accounts for less than two per cent of CryptoLogic's revenue.

Ritz is the second British customer that has indicated in the past year it will part ways. CryptoLogic announced in August that online gaming house Betfair planned to leave and set up its own online poker house later this year.
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