Irish-based internet gaming specialist, Cryptologic, said yesterday that revenues rose 9 per cent to $6 million (€4.21 million) while losses fell by one third to $600,000 in the first quarter of the year.

The company recently hired Deloitte Corporate Finance to carry out a strategic review of the business, which could result in a sale of part or all of the group.

Cryptologic said yesterday that this process is ongoing.

The group develops casino and slot-machine-style games for online betting sites. Its clients include Betfair, Paddy Power and Ladbrokes.