CryptoLogic the maker of online casino software | IXGAMES
CryptoLogic the maker of online casino games software, proved last year that even in the casino world - what happens in Vegas doesn’t always have to stay in Vegas. After being booted from the U.S. by the Unlawful Internet Gaming Enforcement Act of 2006, CryptoLogic packed its bags and moved from Canada to Ireland to pursue Asian and European markets that still welcomed its business. Many investors thought taking U.S. gamblers off CryptoLogic’s plate might be a blow so fatal the company would never recover. On Tuesday - CryptoLogic reported that fourth-quarter profit per share had tripled in the past year to $0.36 per share on $4.3 million in net income. That easily blew away analysts’ expectations of $0.21 per share. In the fourth quarter of 2006, CryptoLogic earned just $1.7 million, or $0.12 per share. While total revenue grew just 7% to $20.4 million - the online casino division saw a 40% surge in business. 
(One major wild card remains: it’s unclear whether legislators in Washington will choose to overthrow the online gambling ban that threw CryptoLogic out in the first place. Rep. Barney Frank -Â chairman of the House Financial Services Committee, has proposed taxing and regulating online gambling, rather than simply banning it. If that proposal happens to gain ground, CryptoLogic could suddenly regain its once-lucrative American clients).