Gibraltar-based online casino, bingo and poker room operator 32Red.com has announced its results for the first half of the year showing total gaming revenues of $12.07 million, a 26 percent increase on the same period in 2007.
32Red.com revealed that earnings before tax were up 17 percent to $1.82 million with a 31 percent increase in casino revenues to $10.97 million. The firm announced that the number of active players rose 14 percent to 12,283 with yields per active player up 15 percent to $898.08. In addition, the number of new casino players over the half totalled 8,189, which was a rise of twelve percent over the same period in 2007.
32Red.com sold the BetDirect.com sportsbetting site back to Stan James in October for $10.51 million after purchasing it only a year earlier for $21.94 million and stated that much of its recent success has been down to more cost-effective marketing.
'I am pleased to report an excellent performance during the first half of the year,” said Ed Ware, Chief Executive Officer for 32Red.com.
“The re-focusing of our efforts to accelerate the growth of the 32Red.com business has delivered immediate results both in terms of revenue growth and improved bottom line profit. The strong growth in the 32Red.com casino has been driven by both increased active player numbers and an improved yield per player. The positive current trading leads the board to conclude that prospects for the year are very encouraging.
”In addition to the successful launch of a mobile phone gaming service, we have introduced an integrated bingo offering and a French-language casino during the first half of the year. We continue to investigate possible new gaming-related products to add to our existing portfolio although we remain focused on taking 32Red.com's casino business to the next level.'