Losses at online gambling software firm Cryptologic fell 42 per cent last year to €14 million, according to company figures released yesterday.

The Irish-headquartered business, which has operations in Canada, Malta, Russia and the Ukraine, said tough trading conditions led to disappointing results for last year. Net losses fell to $20 million (€14.07 million) in 2010 from $35.5 million the previous year, while revenues were down a third at $26 million from $39.8 million over the same period.