Casinos.co.uk: Casino News Archive
Friday 8th February 2008
32Red Trading On The Rise
Gibraltar-based online gambling group 32Red has issued a trading update reporting that its casino and poker business has performed well with year-on-year growth in both turnover and numbers of active players principally led by a strong casino performance.
The firm stated that revenues for its online casino business increased by 7.6 percent to the end of December following a 26 percent increase in active players. In addition, the business’ poker offering enjoyed more active players than in the previous period but a reduced yield per player, which was in line with the industry as a whole.
Ed Ware, Chief Executive Officer for 32Red, stated that trading for the previous year is expected to be in line with management expectations and that the company intends to expand its European profile soon with the launch of a casino service in French, the first of a number of entries into targeted territories. This move into France follows the launch of the Spin3-powered 32Red mobile casino earlier this month and represents the first stage in a roll out of core products and services.
The update recorded the sale of 32Red's BetDirect sportsbook brand to Stan James (Gibraltar) Ltd $11.39 million in mid-December and also revealed that the firm has a white-label agreement with the respected British bookie group.
'Following the sale of BetDirect in October 2007, the group returns immediately to a cash generative position,” said Ware.
“Management focus is now 100 percent on the core successful 32Red brand. The launch of new products and new language services herald the start of 32Red's next phase of growth.”
Ware stated that trading for the first few weeks of this year had shown strong growth over the previous year in all areas of its casino and poker room operations.
Source:OnlineCasinoNews
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