32Red posts record performance for H1 2014

Ahead of the introduction of the UK POC tax and changes in gambling regulations, igaming operator 32Red Plc published its H1 2014 interim results.  The operator produced record results with regards to gaming revenues and EBITDA.

32Red recorded H1 2014 Gross Gaming Revenues of £ 22.6 million (+ 19% on H1 2013 £19 million),   the operator was able to produce a Net Gaming Revenue of £15.2 million (H1 2013 12.7 million).

Its strong gaming revenues translated to improved EBITDA for the group, who reported earnings of £2.3 million (+22% H1 2013 £1.9 million) . The operator would post a profit before taxation of £1.9 million for the opening six months of 2014.

Senior management at 32Red pointed to an improved vertical performance which saw its Casino product produce a player yield of £400. During the period the operator had also witnessed an increase in player acquisition, reporting 23,500 new customers for the period (up 35% on H1 2013).

32Red are confident of hitting yearly targets after a strong opening to 2014. The operator highlighted that it would continue its investment in the Italian igaming market. In the coming months the operator would also be launching new online casino content and feature which would further engage vertical customers.

The operator was further pleased with successful re-launch of its sportsbook product 32Red Sports, and commented that it would be looking to push its sports betting vertical in the coming months.

Commenting on company performance 32Red CEO Ed Ware said:

We are delighted to report yet another record performance with 20% growth in net gaming revenues leading to a 22% growth in EBITDA. It is very important to us that the quality of our service and the experience we provide to our players keeps pace with the growth in the business.”

“The recently launched 32Red Sports betting site is performing well and complements our growing sponsorship in British horseracing and our exciting partnership with Rangers Football Club. Current trading is strong and I look forward to a good finish to 2014.’’

Performance Overview