Online gaming operator 32Red has announced that it underwent significant growth last year with total gaming revenues increasing by 27 percent to $18.69 million.

The award-winning operator made its statement in a trading update issued earlier this week and revealed that its flagship 32Red.com online casino operation grew by 30 percent and generated gross wins of $16.82 million.

Gibraltar-based 32Red stated that its strong year-on-year growth in casino revenues was driven by an increase in the number of active players, which rose by 15 percent to 21,808, and an improved yield per player of $771, which was 13 percent higher than 2007’s $682. New casino players totalled 15,567, up seven percent on 2007, while the cost per acquisition dropped to $169 from $197.

"Our good performance in 2008 puts 32Red firmly back on its growth path with revenues from our core business, the 32Red.com casino, growing strongly," said Ed Ware, Chief Executive Officer for 32Red.

"We will continue to increase our marketing spend in 2009 and anticipate good results from our recently launched television advertising campaign in the United Kingdom.

We will continue to compete effectively against our larger peers through our existing platforms and the addition of new products to the 32Red portfolio including financial spreadbetting, due to go live later this month."

The firm said that its overall performance for the year ending on December 31 is expected to be in line with market expectations but ahead in terms of earnings before tax. It revealed that it intends to authorise a share buyback programme later this year and reinstate its dividend policy.

32Red revealed that bank debt for 2008 stood at $359,685 and that it would announce its preliminary results in early March.


Source: iGamingBusiness.com