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CryptoLogic Shares Fall

TORONTO – As reported by the Canadian Press: "Shares of CryptoLogic Inc. fell about 25 per cent Tuesday after the gambling software developer revealed it may lose a key customer, a move that could lead to a "material" drop in profits next year.

"CryptoLogic shares (TSX:CRY) dropped $7.23 to $21.77 in early trading, rebounding slightly to $22.30 by midday, with more than 413,000 shares changing hands.

"One analyst called the market's reaction 'clearly overdone.'

"Just before stock markets opened, the Toronto company announced that Betfair, a British gambling website that uses CryptoLogic's poker software, is considering developing its own software.

"…Online poker accounted for 30 per cent of CryptoLogic's second-quarter revenue. Internet poker fees soared 180 per cent year-over-year and rose 17 per cent from the first quarter…"

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