32Red Revenues Grow

Thursday 29 July, 2010 17:06

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32Red, the online gaming group that is based in Gibraltar, said that it was optimistic regarding the future after seeing its financial results for the first half of 2010.

While online poker and bingo showed a decline in revenue (14% and 3% respectively), 32Red said that its online casino sector had improved significantly compared to the previous year.

As such, revenue for its casino offering grew 29%.

Total revenue growth for the first half of 2010 year on year was 33% - totaling £7.8 million.

"Our strong first half performance is particularly pleasing given the challenging economic conditions in the United Kingdom, which remains our core marketplace," said the Chief Executive Officer for 32Red, Ed Ware.

"We believe that the 32Red brand and its core values continue to provide us with the tools to penetrate the online and mobile casino market successfully."

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"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," he added.

New recruit numbers jumped by 26% and casino cost per acquisition dropped to £86, compared to £89 last year.

Revenues generated by two new acquisitions, NedPlay Casino and Golden Lounge Casino were not included in the total.

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