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Growth at 32Red

32Red management had good cause for celebration this week; the company delivered a set of annual results that showed solid growth, and both management and casino received top awards from a major Internet gambling information portal.
The company's trading update for the year ended December 31, 2008 showed growth of total gaming revenue by 27 percent year-on-year to GBP13 million, with online casino operations up by 30 percent, delivering a gross win of GBP 11.7 million.
"The strong year-on-year growth in casino revenues has been driven by both increased active player numbers, up 15 percent, and an improved yield per player of GBP 536, up 13 percent," management reported.

Rushmore Casino"Performance for the year ended 31 December 2008 is expected to be in line with market expectations at PBT level, although ahead of expectations at EBITDA level."
Bank debt at the end of the year was GBP 250 000 in a report that included encouraging key indicator numbers:
* Gross win GBP13 million, up 27 percent on 2007
* Casino gross win GBP 11.7 million, up 30 percent on 2007
* Active casino customers 21 808, up 15 percent on 2007
* Casino player yield GBP536 (2007: GBP474)
* New casino players 15 567, up 7 percent on 2007
* Casino cost per acquisition GBP118 (2007: GBP137)
"Our good performance in 2008 puts 32Red firmly back on its growth path with revenues from our core business, the 32Red casino, growing strongly," said 32Red CEO Ed Ware. "We will continue to compete effectively against our larger peers through our existing platforms and the addition of new products to the 32Red portfolio including financial spread betting, due to go live later this month."
Ware revealed that trading has been strong so far in 2009, with prospect of additional action when the company adds to its product portfolio by launching a financial spread betting platform later this (January) month.
Coinciding with the results announcement, 32Red was again awarded "Best Online Casino" by the player-influential Casinomeister online gambling information portal - the sixth consecutive year in which the operation has been given the accolade. Operations exec Pat Harrison was recognised as "Best Online Casino Manager" for the second year in succession.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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