32Red Online Gambling Group Reports Strong Performance - 08-29-08

August 29 - The 32Red Group reported an increased of 25% in earnings for the six months ended June 2008 of £1m, compared to from £0.8m for the same period in 2007. Pre-tax profits increased by 29% to £0.9m.

Casino revenues grew by 31% £4.6m to £6m. This accounts for 92% of the group's total revenues. This is attributed to huge growth in player numbers as well as earnings per player.

32 Red reports a total of 12,283 in the first six months of the year. Players acquisitions increased by 12% to 8,189 from 7,291 in the previous year. Cost per acquisition was £137, down an impressive12% compared to the £155 in the previous year. This is a relatively low number compared to many other groups, and is a sign of conservative marketing spend. Earnings per player was £491.

Poker revenues represent 8% of total revenues with a relative modest earnings per player of £64. Total active poker players were 8,668,which is down on the previous year.

32Red Bingo was launched in May 2008, as well as a mobile gambling platform in February 2008. The casino also added French language support recently.

The 32Red chief executive, Ed Ware, commented that the group was pleased with the results and that they reflected their strategy of future growth as well as immediate results.

He also said that their immediate efforts will be to grow 32Red Bingo which will include a complementary instant win game and mini-slot games on the site.

32Red have also indicated that favorable legislative developments in Europe have prompted them to start a more concerted efforts in terms of targeting the European market, and the will also expand their focus in Asia. "The board believes that the 32Red brand identity and its values have the potential to establish a stronger presence in territories outside of the United Kingdom," said the company.

32 Red is in our opinion one of the best run Microgaming casinos in the business. Read our 32 Red Casino review (US players unfortunately not accepted).

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