May 7, 2010 / 10:35 AM / 7 years ago

UPDATE 1-Cryptologic Q1 loss widens on subdued wagering activity

* Q1 loss/shr C$0.25 vs yr-ago loss/shr C$0.10

* Rev down 25 pct

* Sees branded games revenue gaining momentum

* Sees Q2 rev ahead of year-ago period

May 7 (Reuters) - Internet casino and branded gaming software company CryptoLogic Ltd CRY.TO posted a wider quarterly loss hurt by subdued wagering activity, but forecast a second-quarter revenue ahead of the same period last year.

The Dublin, Ireland-based company also said its internet casino hosting suite for Betsafe.com will go live in the second quarter. For the first quarter, the company posted a net loss of $3.2 million, or 25 cents a share, compared with a loss of $1.3 million, or 10 cents a year earlier.

Revenue fell 25 percent to $7.6 million, but the company expects sales to improve gradually, driven by recent improvement in wagering activity and new licensees.

CryptoLogic sees branded games revenue gaining momentum, as new games come on stream.

Shares of the company closed at C$3.30 Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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