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32Red Casino half-year revenue up 33%

32Red Casino half-year revenue up 33%

32Red plc, owners of the popular casino 32Red Casino as well as 32Red Bingo and 32Red Poker has announced its half yearly business results and has reported a gross win of £7.8 million. The positive performance has been attributed to 32Red casino which has flourished in the first six months of 2010.

The highlights of the business report included an increment in active casino customers which was up by 35% from H1 09. The new casino players numbers were also up by 26% from H1 09 while the casino cost per acquisition has dropped to £86 from £89 last year. The performance in player numbers and revenues reflect the effectiveness of the company’s marketing strategy.

32Red however has had a setback in terms of poker and bingo revenues – the poker business is down by 14% from H1 09 while the online bingo revenues reported a negative 3%. Having said that the company’s total revenues were up a massive 33% from last year due to the online casino’s excellent performance. In February, 32Red acquired two European online casinos Nedplay Casino and Golden Lounge Casino both of which have generated £0.5 million up to 30th June.

Ed Ware, CEO, said: 'Our strong first half performance is particularly pleasing given the challenging economic conditions in the United Kingdom, which remains our core marketplace. 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.

“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 said.

Mr. Ware also said that while the company remains focused on the UK market, the company does plan to expand in to the European and ROW markets pending regulatory developments.

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Written by Debbie Hall for Online Keno – your source for the latest online casino news.

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