Internet gambling software developer CryptoLogic Ltd. said Wednesday it "will not be affected materially" by a Dutch parliamentary vote that quashed plans for an online site to be operated by Holland Casino.

"While CryptoLogic had hoped to benefit from the establishment of such a site, the company has been fully compensated for its development work and has other revenue-generation initiatives underway in both Europe and Asia," CryptoLogic stated.

"While advocates of safe, secure and regulated e-gaming are disappointed with the Dutch decision, CryptoLogic never places all its bets on one table," president and CEO Brian Hadfield said in a release.

"We recognized the challenge in Holland early and prepared our business by accelerating other revenue-generating initiatives."

Last year, CryptoLogic had announced a licensing contract with Holland Casino, the Netherlands' government-licensed casino operator that was subject to ratification.

Source:http://www.gamblingplanet.org/