Online gaming software developer, Entraction Holding AB, has released its interim financial report for the first quarter of 2009 showing a 52.2 percent increase.

Earnings after tax for the listed firm came in at $2.1 million while cash from operating activities improved to $4.3 million.

Entraction signed a letter of intent last month to sell its CasaGaming Limited online games operating subsidiary iGame Limited for $6 million allowing it to fully focus on supplying products and services to the Internet gaming sector.

Peter Astrom, Chief Executive Officer for Solna-based Entraction said: “The selling of the gaming operations is a milestone for Entraction and enables us to focus 100 percent on our supplier operation,”.

Switzerland begin implementing plans for the legalisation of online gambling by introducing a regulated framework to ensure betting sites are being operated securely and fairly.

Online gambling is still unregulated in many countries across the world, which opens the door for illegal betting sites to operate undetected.

Currently only Lotto games and sports betting products are regulated and can be played online in Switzerland, but the new changes to the law will ensure that casino clients, bingo operators and poker rooms will now also be allowed to legally operate.

The signs are encouraging for Swiss online gaming, some industry experts believe that the new legislation already needs to be changed as operators outside of Switzerland will not be able to process payments at Swiss banks.