Written By: Dan Pearson
September 11, 2012

Italy launch prepared by 32Red!

The online gaming company 32Red Plc stated that their revenues increased by 22 percent in July and August despite having to compete for attention with the Olympics and they confirmed that it will launch in Italy before the end of the year. They plan to offer casino, poker and bingo to their Italian customers and it will be the first time the Gibraltar based company has expanded beyond its core British market since their start up back in 2002.

“While we continue to focus on our core market of the UK, we look forward to utilizing our Italian license to expand the profile of the brand and to grow business in another regulated market,” CEO Ed Ware said in a statement.

It appears that 32Red is following the example by larger rivals William Hill and Paddy Power by launching online casinos in Italy, one of the biggest gambling markets in the world. Revenues in the first half of the year rose 50 percent to 16.5 million pounds ($26.21 million), while EBITDA before share option costs and exceptional items was up 12 percent to 1.7 million pounds. Spending on marketing to recruit new customers means that the revenue rise does not translate directly into increased profit. 32Red boosts its brand through shirt sponsorship of Premier League soccer club Swansea City.

The CEO for 32Red described the first half as strong and said; “This performance has continued during the first 2 months of the second half of the year, despite the excitement and distraction of the Olympic Games,” he added. They also reported additional cost of 59,000 pounds form a successful court case that involved a trademark dispute with Britain’s biggest bookmaker William Hill. Their costs connected with that case were 129,000 pounds and the company actually has received an initial payment of 70,000 pounds. There is a scheduled hearing next year that they anticipate will settle the level of damages and liabilities for the costs associated with the original 2010 hearing.   

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