Online casino software is the driving force behind the internet gambling business, which was never more evident than the first-quarter earnings of CyrptoLogic Inc., a leading provider of online casino software and internet financial solutions.  CryptoLogic recently reported their profits for the first quarter of 2006 were up by 58%.  This amounted to $7.7 million in the green, and more customers and online casino licensees than ever.

Early trading on the Toronto Stock Exchange revealed an 11% increase in stock price to $31.85 per share, amounting from a gain of $3.23.  With a 71% increase in quarterly cash dividend of 12 cents per share (cleared for pay to shareholders starting June 8), CryptoLogic is doing very well for itself, and shareholders are more than very pleased with the best performance ever.

Total revenue for the company was up by 33% to a staggering $27 million.  This figure was even a surprise to financial analysts, who had forecasted revenue to hit a maximum of $25.5 million.  However, thanks to a steady demand by online casino players, more governmental acceptance of the industry, a larger worldwide market, and continued promotion of the good name of CryptoLogic, the company has managed to beat all expectations.

In the coming months, CryptoLogic will be busy doing things more than just online casino related.  They have signed a deal with men's magazine, Playboy, to provide technology to their website.  What this technology precisely entails is not known as of yet, although one could assume it would be to help with either financial transactions, or in providing gambling related games to the website.