32Red, the online casino and online poker firm owned by Trafalgar had good news to report as far as company financial gains go. The firm saw increased pre-tax profits and revenues coming from Britain and Ireland, where the majority of the company’s customers are based. Ed Ware, CEO of 32Red, said that there was plenty of growth remaining in the online casino and poker markets, which were responsible for 82 percent of 32Red’s business. Online casino and poker players from Scandinavian countries and the United States were responsible for the rest of the activity. Pre-tax profits for 32Red rose to GBP 1.3 million, up BGP 200,000 over the preceding year. Turnover rose from GBP 1.97million to GBP 3.48 million and the total number of active players rose by more than 100 percent to 17 587, with the number of new players increasing to 14,451. Ware said that there is plenty of potential for future growth remaining in the UK and Ireland, where most of the firm’s players come from: “In the UK there remains plenty to go for," he said. "PartyPoker and 888 Casino have been acting as icebreakers and we are going in after them and picking up customers.” According to Ware, 32Red is also considering the opportunities available in the sports-betting markets. The company is looking at everything from white-label deals to possible acquisitions. “The highest-rated online gambling company in the sector is Sportingbet because it has the entire portfolio of products. We have casino and poker, and clearly we would be interested in adding a sportsbook”, added Ware. When responding to questions concerning the damaging comments about online gambling made by PartyGaming last summer, Ware said that the comments had negatively affected investor sentiment on the industry following 32Red's IPO that month. “While what happened last September was painful, the fact that PartyGaming has bounced back and come back stronger has given the City of London more confidence in the market,” he said. Posted on: March 7, 2006
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