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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.
"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.
Oink Country Love Slot Launches -
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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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