Morning Brief: Losses Mount

After announcing its third Italy-based licensee, Sisal S.p.A., on its investor and analyst call earlier this month, Playtech Ltd. has taken the news to the wires this morning.

Analysts have been lukewarm on Italian poker, however, mostly because the tournament-play model is untested. Richard Carter of Numis Securities in London wrote in a note this morning that he expects the Italian market, over the next 12 months, to open further and accommodate ring games and casino games.

CryptoLogic Ltd. of Dublin said this morning that it expects to report a third-quarter operating loss of between $1 million and 1.5 million, indicating further that revenue during the period has tracked with seasonal trends.

Roth Capital Partners, a brokerage in Newport Beach, Calif., issued a note this morning suggesting Crypto will begin to see a pickup in revenue during the fourth quarter -- this on the launch of multiple new sites and revenue from its deal three-year deal inked with 888 Holdings in May.