Revenue at gambling software firm GameAccountNetwork, which is headed by Dermot Smurfit Jnr, fell 54pc to £4.2m (€5.3m) in the first half of the year as its gaming sales declined.
The company also reported a loss on an earnings before interest, tax, depreciation and amortisation (EBITDA) basis of £400,000 (€511,000) for the period. That compared to positive EBITDA of £5.9m (€7.5m) in the first half of 2013.
GameAccountNetwork (GAN) provides solutions to the gaming industry, with clients including Betfair.
It has signed a number of deals in the United States to provide simulated online gaming platforms to casino operators in anticipation of wider legalisation of online gambling.
Mr Smurfit was upbeat on the performance during the first six months of 2014 despite the headline figures.
He said the first half of 2014 saw continued investment by the company and that it has continued to position itself to capture growth in online gaming markets, particularly in the US.
He added that the simulated gaming systems provided to a number of US casinos have been performing "significantly ahead" of expectations.
The company has also just launched its simulated gaming product in Australia. But in New Jersey, where online gambling was legalised last year, Mr Smurfit said the take-up has been slower than expected.
He said the company is "actively engaging" with a number of potential buyers for its gaming systems.
GAN floated in London and Dublin last year.