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32Red Online gambling firm enjoys a successful first half

The Gibraltar-based online betting and gaming firm 32Red has reported record revenues with total gross win of GBP7.8 million in the half-year to end-June (H1 2009: GBP5.8 million).
 
The performance was underpinned by good results at the company's flagship operation, the 32Red Casino, which has continued to flourish in the first half of 2010.
 
Trading stepped up once again during H1 2010 with casino operations experiencing strong levels of performance across all disciplines:
 
* Gross win GBP6.8 million ( H1 2009: GBP5.2 million)
 
* Active casino customers 19,497 up 35 percent on H1 2009
 
* Casino player yield GBP353 (H1 2009: GBP360)
 
* New Casino players 12,289, up 26 percent on H1 2009
 
* Casino cost per acquisition: GBP86 (H1 2009: GBP89)
 
Poker revenue followed a general industry trend and was down 14 percent at GBP 400 000 and Bingo revenue declined 3 percent to GBP 100,000.
 
Management reported that the encouraging performance both in terms of player numbers and revenues reflects the effectiveness of marketing activities and supports the company's belief in the strength of the 32Red brand, reputation and operational expertise.
 
32Red continues to take steps to protect its Intellectual Property Rights and litigation with William Hill remains ongoing with a trial date set for October 2010.
 
On 15th February 2010, the Company announced the acquisition of the assets of two European-focused online casinos, Nedplay and Golden Lounge, both purchased for nominal consideration (see previous InfoPowa reports). Both casinos have been fully integrated and have generated GBP500,000 in revenues from the period since acquisition up to 30th June 2010. Players of both Nedplay and Golden Lounge have responded well to direct marketing and the company is assessing the marketability of both brands going forward.
 
The group chief executive, Ed Ware, commented: "Our strong first half performance is particularly pleasing given the challenging economic conditions in the United Kingdom, which remains our core marketplace.
 
"We believe that the 32Red brand and its core values continue to provide us with the tools to penetrate the online and mobile casino market successfully.
 
"Another period of strong recruitment at reduced cost per acquisition rates since the end of 2008 gives us optimism for the prospects of the business going forwards.
 
"The group has further strengthened its balance sheet and, having repaid all outstanding bank debt, will increase marketing spend during the second half of the year. While the focus remains in the UK, the Board continues to monitor regulatory developments in Europe and the rest of the world with a view to expanding into new markets should attractive opportunities arise.'

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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