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32Red plays catch-up after a weak H1 2009
3/18/10 - The latest full year results from online casino group 32Red.com reflect, as predicted, a tale of two differing halves; the first produced a disappointing performance in a difficult economy, and the second saw improvement, albeit insufficient to be exciting.
The respected Gibraltar-based virtual gaming operator suffered a 2 percent year-on-year decline in revenues to GBP 12.752 million for FY 2009.
The main culprit in the decline was an eleven percent year-on-year dive in revenues for the first half of the year to GBP 5.839 million, after which business improved over the second half, delivering a 5 percent increase in revenues to GBP 6.913 million when compared to the corresponding period in 2008.
Net gaming wins for the full twelve months were GBP 12.75 million, which was marginally behind 2008’s figure, while gross profits dropped 14 percent year-on-year to just over GBP 3.784 million.
32Red chairman, David Fish, said that an inspection of the results reveals two distinctly different performances during the first and second halves of 2009.
“Second half revenues in 2009 represent a record high for a six-month trading period for the company and are in marked contrast to the trading performance delivered in the first half of the year when revenues declined by eleven percent against the same period in 2008,” Fish pointed out.
The strong recovery during the second half of the year was led by the main 32Red.com brand, which grew revenues by 21 percent when compared to the first half of the year and by eleven percent over the corresponding period in 2008.
“Overall, it was an encouraging recovery and underlines the importance of the company’s flagship operation, 32Red.com, which remains crucial to the success of the overall business,” said Fish.
“Our continued efforts to improve operational effectiveness and optimising our marketing activities coupled with the withdrawal of the 32Vegas.com online casino website by William Hill on August 4, 2009 are, in the board’s view, significant factors in the improvement in 32Red’s performance over the second half of the year.
"The move by William Hill and the company’s return to strong growth fully supports the board’s commitment to taking action in order to protect 32Red’s valuable intellectual property.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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