Good turnaround at 32Red

Good turnaround at 32Red

January 19, 2010.

It appears that the disappointing performance of the Gibraltar-based Online Casino group 32Red in the first half of 2009 is a thing of the past, with the company reporting a better second half to post a 2009 FY gross win of GBP 12.8 million - still down 1.6 percent on the 2008 numbers, but a creditable turnaround on the year, given the dismal global economy.

Looked at against the backdrop of the first half of 2009, the turnaround is impressive, with gross win up 18 percent in the second half.

CEO Ed Ware recalls that during the year his company was obliged to start copyright litigaton against William Hill plc in regard to its launch of an online casino branded 32Vegas. Following the action, William Hill Online withdrew the Playtech-powered brand, replacing it with a less provocative offering.

32Red's online casino brought in the bulk of the year's gross win at GBP 11.5 million, just 1.7 percent down on the same period in 2008.

The group's flagship 32Red online casino generated gross win of GBP 11.5 million for the year, 1.7 percent down on the GBP 11.7 million recorded in 2008. The popular casino boosted revenues by 21 percent in the second half of 2009.

The company will invest more in marketing in 2010, Ware revealed, and would be pushing the newly launched sports betting service it has introduced on the iBroker platform furnished by Global Betting Exchange.

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