Bingo: Online bingo software developer tipped for strong growth

Online gambling software developer Cryptologic, a popular choice by many UK online bingo games operators and online bingo halls, has received a boost by UK financial publication The Motley Fool which is touting the company as a top growth stock over the next five years.

Motley sees CryptoLogic producing up to 30% growth over the next five years after the company posted fourth quarter earnings per share that have tripled to 36 cents a share, well past analyst predictions of 21 cents a share.

The Motley Fool points to CryptoLogic's steady cash flow as a reason the company should see growth in increasingly difficult economic times.  There is also the chance that the US legal situation could also change soon much to the benefit of CryptoLogic. Currently, non-US online bingo operators are restricted from taking payments from US-based bingo online players.

In response to anti-gambling legislation in the US, CryptoLogic has pursued a diversification strategy where it is focusing on developing the Asian and European bingo markets.  Motley Fool believes this will also contribute to CryptoLogic's future growth.