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CryptoLogic Shares Fall 25%
Shares of CryptoLogic Inc. fell about 25 per cent Tuesday after the
gambling software developer revealed it may lose a key customer, a move
that could lead to a "material" drop in profits next year.
CryptoLogic shares (TSX:CRY) dropped $7.23 to $21.77 in
early trading, rebounding slightly to $22.30 by midday, with more than
413,000 shares changing hands.
Just before stock markets opened, the Toronto company announced that
Betfair, a British gambling website that uses CryptoLogic’s poker
software, is considering developing its own software.
Poker software has been a major revenue driver for CryptoLogic as the
popularity of online poker has boomed. The industry has grown from about
$100 million three years ago to $3 billion today, chief executive Lewis
Rose said in an interview Tuesday.
Rose pointed out that discussions with Betfair are continuing and no
final decision has been made yet on that company’s Internet poker site.
CryptoLogic has nine licensees that connect online poker players
around the world to its central online poker room.
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