iGaming operator 32Red Plc provided its full year 2014 trading update, reporting its fifth consecutive year of double digit growth as the operator recorded total Net Gaming revenues of £32.1 million, +26% on 2013 £25.4 million.
32Red’s online casino the operator’s primary product recorded £29.3 million in Net Gaming revenues, up 27% on 2013 £23.1 million. The casino performance had been driven improved active player numbers, which saw a 15% increase to 82,155 (2013: 71,266).
The operator was able to sustain its improved player activity with an improved Customer Gaming Yield of £510 (2013: £485).
32 Red stated that management focus remained on mobile device casino development, which saw revenues up 89% on 2013 and now represent 32% of total casino revenues (2013: 21%). Over one half of all new players are now recruited via smartphones and tablets.
The operator’s Italian casino brand 32Red.it generated revenues of £1.1 million (2013: £0.6m). The growth was said to be satisfactory given the Company’s decision to limit marketing spend in Italy ahead of the anticipated withdrawal of unregulated operators from the market with effect from the end of 2014.
Commenting on the performance, Ed Ware, CEO of 32Red, said:
“We performed well throughout the year with an accelerating performance in the second half following increased investment in our business. Our marketing and operations have never been in better shape and we are excited by the opportunities for 32Red to further develop this year both within and outside the UK market.”
Early trading in 2015 has been strong across the operator’s products with revenues for the first twenty days in January up 31% on the corresponding period in 2014. However the operator stated that it was too early to gauge the effects of the new licensing regime on the UK remote gaming market which came into force on 1 November 2014
32Red Performance Overview 2014