32Red Posts Record Half-Year Results
Written on Friday 16th July, 10:04 am by Richard Chaso
32Red CasinoOnline gaming giant 32Red has released it half-yearly financial results, posting new record revenue figures thanks to its extremely successful casino operation.

In the first six months of 2010, 32Red made record total gross win figures of £7.8 million (+34.5% yoy). Although both their poker and bingo revenues saw a decline: poker fell by 14% yoy to £400,000 and bingo by 3% yoy to £100,000, the record casino figures meant that 32Red's overall portfolio also saw records broken.

32 Red's casino outfit, whose gross win of £6.8m (+31% yoy) was responsible for a massive 87% of the company's total gross winnings, went from strength to strength in the first half of this year. The casino brought in 12,289 new players (+26% yoy), with active casino customers up 35% yoy to around the 19,500 mark, despite casino player yield falling 2% yoy, to £353.

These record numbers were considered to be largely due to 32Red's strong marketing and brand awareness campaigns, which saw promotions and sponsorship increase the company's already strong profile.

Two new European online casinos, Golden Lounge and Nedplay, which were acquired in February of this year, also helped play a part, bringing in revenues of £500,000.

Founder and group chief executive of 32Red, Ed Ware, said: “Our strong first half performance is particularly pleasing given the challenging economic conditions in the United Kingdom, which remains our core marketplace”.

Talking about 32Red's decreased casino cost per acquisition of 3.4% yoy (from £89 in H12009 to £86 this half), he added: “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.”

And with regards to the future, Ed Ware commented: “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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