Gambling.co.uk: Gambling News Archive

First-Half 32Red Profits Rise 27 Percent

Despite struggling poker service, casino revenues now account for 91 percent of Gibraltar-based firm’s revenues.

Wednesday 30th July 2008

Gibraltar-based Internet gambling operator 32Red has announced a 27 percent increase in total gaming revenues to $13.2 million for the first half of the year thanks to the strong performance of its online casino offering. The firm revealed that revenues from its online casino business rose 30 percent to twelve million dollars compared to the same period last year and 36 percent up on the previous half-year’s figures. Casino revenues for the Gibraltar-licensed firm now account for 91 percent of its total gaming revenues from continuing operations while the increase has resulted in a record level of gross wins during the period. 32Red revealed that active casino players increased 9.3 percent compared to the second half of last year to 12,283 with casino yield rising 26 percent to $982 per player. However, revenues from poker are continuing to struggle, remaining unchanged at $1.2 million compared to the previous two half-year results with active players falling to 8,668 and a declining poker yield of $128 per player. “The re-focusing of our efforts in accelerating the growth of the 32Red business has delivered immediate results and I am pleased to report a good start to the year,” said Ed Ware, Chief Executive Officer for 32Red. “In particular, the casino yield per player is strong and reflects the excellent player experience enjoyed by 32Red customers. Our distinctive and distinguished brand continues to stand out and we intend to further expand our UK profile. “We continue to explore opportunities to expand the 32Red product offering and closely monitor regulatory developments in new territories. We look forward to progressing these projects in the second half of the year and will update shareholders accordingly.”

 


Source: OnlineCasinoNews