Dublin based Cryptologic announces departure of chief executive.

In a blow to the online casino industry in Ireland, Dublin based Cryptologic has announced losses of €9.4 million in the second quarter of the year and around €12.5 million in the first 6 months. Cryptologic is a software developer rather than a casino operator developing online casino games software which it then sells or licenses to online bookmakers such as our very own Paddy Power and Ladbrokes. At the same time as the announcement in the casino news, the chief executive of the company Mr Brian Hadfield announced his resignation from the company where he has been for around two years. The position will be filled on a temporary basis by the current chairman Mr David Gavagan who will oversee the start of a cost cutting program which will almost certainly include job losses as well as start the search for a new chief executive. Cryptologic has around 200 employees  around the world with about 25 in Dublin and others  in Russia, Malta, Ukraine and Canada which is where the company was headquartered until  online gambling was banned in the USA but it is not thought that employees in the Dublin Head Office will be affected. Whilst Cryptologic is a well respected player in the online casino software  market and indeed has developed some of the very well known and popular casino games such as the slots featuring superheroes from the Marvel comics, it seems that this success has not converted into profit at the bottom line..