DONE DEAL CryptoLogic Ltd. on Tuesday announced a deal to provide The Gaming Network, a Malta-based operator, with both its downloadable casino software and non-dowloadable casino games.
The casino is expected to go live in the third quarter; financial details were not disclosed.
Todd Eilers, an analyst with Roth Capital Partners in California, wrote in a note to clients Tuesday: "We would expect the deal to include a revenue sharing arrangement (likely ~20% to Crypto). The company also expects the deal to be profitable starting in 4Q09.
WRITTEN DOWN Jaxx A.G., the Germany-based online gambling operator, revealed consolidated losses of 16.4 million euros for the 2008 fiscal year.
Germany's prohibitive State Treaty on Gaming contributed to 15 million euros in write-downs, the company said.
"Although serious doubts have been cast on the lawfulness of the State Treaty on gaming by the European Commission and by experts in constitutional law and European law, the new legislation has prohibited lottery agency operations on the internet since the start of 2009," the company said. "While terrestrial agency business via supermarkets and filling stations is still fundamentally possible - subject to certain restrictions -- in virtually every instance permits have been refused for reasons that have not been fully explained."
At the top line, sales rose 67 percent to 123.5 million euros.
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