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Poker.co.uk - Poker News Archive
Friday 29th January 2010 Recovery for 32Red business
Online gaming operator 32Red has released a trading update for the second half of 2009 showing an eight percent year-on-year increase in total gaming revenues of £6.9 million.
The Gibraltar-based firm revealed that its gaming revenues for the full-year reached £12.8 million while its performance over the second half was an 18 percent improvement over the first six months of 2009.
32Red, the firm behind sites such as 32Red.com, 32RedPoker.com, 32RedBingo.com, 32RedRummy.com and DashCasino.com, revealed that it had 25,187 active casino customers at the end of December, which was a 15 percent year-on-year improvement. In addition, it attracted 19,117 new casino players at a cost of £95 each although its yield per client fell 14 percent year-on-year to £458.
This performance is in contrast to the firm’s eleven percent year-on-year decline in business over the first half of 2009 and resulted in last year’s full-year gross win dropping only 1.6 percent when compared with 2008.
32Red’s flagship operation, its 32Red.com online casino, generated gross win of £11.5 million for the full-year, which was a drop of £200,000 from 2008, while its revenues over the second half of 2009 increased eleven percent year-on-year and 21 percent compared with the first half.
“Our strong recovery in the second half of the year and, in particular, the strong recruitment of new players at reduced cost per acquisition rates has been pleasing and leaves the company well positioned for 2010 and beyond,” said Ed Ware, Chief Executive Officer for 32Red.
“The withdrawal of the 32Vegas site in early August was a key factor and the Directors remain committed to protecting our trademarks.
“We will now increase marketing investment in 2010 and, while focus remains on the core 32Red.com casino product, we will also look to develop supporting products including the newly launched sportsbetting service, 32RedBet.com. The board continues to monitor regulatory developments in Europe and the rest of the world with a view to expanding into new markets should an attractive opportunity arise.”
Source: OnlineCasinoNews
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