September 5 - London listed online gaming operator
32Red has
announced a 33% increase
in net revenues for the first six months of 2010. The company reported revenues
of £7.8m compared to £5.8m in last six months of 2009.
Casino revenues contributed the bulk of this growth and were up 29% from
the second half of 2009. On the other hand, poker revenues were down to £0.4m from £0.5m
compared to the last six months in 2009. Revenue from bingo and other
products like sports betting remains
steady, with a 4% increase overall. Cash resources are currently at £1.5m.
New customer revenue amounted to £0.5m, mainly from 32Red Casino.
32 Red is still embroiled in a legal battle with William Hill over an alleged trademark
infringement involving the bookmaker's 32Vegas casino. William Hill has since
renamed the casino, but the case will go to trial in October.
This legal action has cost 32Red £162,000 to date, money which it hopes to
recoup in the trial.
The casino business attracted12,289 new casino players in the
first half of this year, brining total active players to 19,497. Average player
value for six months is £346.
Said CEO Ed Ware: “Our long-term strategy has been centred on the United
Kingdom’s online casino market and while we will continue to increase investment
in this area, we remain convinced that other 32Red products and services, along
with expansion into new territories, remain part of our future growth.”
Read our
32Red Casino Review.
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