Italy launch helps 32Red build on record revenues
Third successive year of revenue growth from Gibraltar licensee, which entered the dot.it market in November.
32Red has seen “encouraging” early signs from Italy after a third successive year of record revenues, the AIM-listed operator announced today in its results for the year ended 31 December.
The operator entered the dot.it market in November, first launching casino table games before launching online slots once the product was permitted by the country’s regulator.
Revenues for FY 2012 were up 28% year-on-year to £32.1m, while trading for the first 11 weeks of the new year has seen revenue growth of 13%, while the operator admits that “[The] evaluation of new regulated markets [is] on-going.”
Chief executive Ed Ware said in a statement: “This year has started strongly and we are confident of further progress in 2013, both financially and operationally, as we continue to grow the 32Red brand in regulated markets”.
The bulk of the business remains in the casino vertical, which contributed more than 93% of revenues in 2012, and increased marketing brought about the influx of more than 40,000 new casino players during the year.
This represented a year-on-year increase of 52%, while the number of active casino players grew by 45% year-on-year to 57,338.
Meanwhile 32Red explained that it expects a decision on damages relating to its trademark dispute with William Hill “imminently”.
The damages hearing began at London’s High Court late last month, following proceedings dating back to 2009, and relates to Hills’ now-rebranded 32Vegas casino offering which was ruled to have “caused detriment to the distinctive character and repute of 32Red’s trademarks”.