Record business for 32Red
1/31/2012
Gibraltar-based online gaming operator 32Red has released an update covering its financial performance over 2011 showing that the twelve-month period saw it post record revenues of £25 million.
Revenues for 2011 rose 48 percent year-on-year from the £16.9 million it reported for the previous twelve months with the business helped by a 47 percent increase in earnings from its online casino activities.
The firm behind 32Red.com stated that the recent growth in revenues was ‘particularly encouraging’ seeing as it results for the previous twelve months had been 33 percent ahead of 2009’s figures, which means that it has seen earnings rise by 96 percent since 2009.
Excluding acquisitions, 32Red announced that a total of 27,648 new depositing players had been recruited in 2011, which was a 42 percent year-on-year increase, at an average cost per acquisition of £143.
“We will continue to grow marketing investment and believe this performance will have a positive effect on activity levels in 2012 and beyond,” read a statement from 32Red.
“This accelerated new player recruitment has resulted in total active depositing players increasing by 39 percent to 39,687 during the year with average yield per depositing active player up to £550.”
32Red declared that current trading has been ‘strong’ across all of its products with gross win for the first 24 days of 2012 up 67 percent on the corresponding period in 2011.
“2011 has been another year of progress and the sustained top-line growth is encouragement to continue to invest in marketing the 32Red brand,” said Ed Ware, Chief Executive Officer for 32Red.
“Meanwhile, we will take measures to ensure that the level of service and support we provide to our players remains our point of difference and bolsters retention.
“Although we recognise the potential for uncertainty in the economy at home and abroad, we look forward to further progress during 2012. We also believe Italy represents a good opportunity for 32Red to establish itself as a leading remote gaming operator in a new market and we maintain a watching brief on other regulatory developments around the world.”
