32Red Eyes Italian Gambling Market

32Red Plc., the Gibraltar based British online gambling company, commented on its performance in the first half of 2012 and confirmed that it was moving ahead with plans to enter the Italian gambling market.

32Red, which operates a number of highly profitable online gambling sites, including the award winning, Microgaming powered 32Red Casino, said that its revenues in the past two months (July and August) rose 22%, despite the fact that it had to faced tough competition from the Olympics action which dominated the UK gambling market this summer.

Overall, the first half of 2012 was very strong, according the Chief Executive Officer of 32Red Plc, Ed Ware.

As one of the biggest gambling destinations in the world, it comes as no surprise that 32Red is eyeing the Italian market.

32Red Keen to Expand to Italy

Ware said that 32Red was keen to put its Italian license to good use and start operating in that market. Some of the group's industry rivals, including William Hill and Paddy Power, have already made tracks in the newly regulated Italian market, and 32Red wants to launch an online casino and gambling site there as well.

"While we continue to focus on our core market of the UK, we look forward to utilising our Italian license to expand the profile of the brand and to grow business in another regulated market," said Ware.

"We intend to enter the Italian online casino market in early Q4 and we are looking forward to commencing marketing and operational activities," said the CEO.

Commenting on the group's activities in the first half of 2012, Ware said that the six months from January to June were very strong.

32 Red H1 Revenues Rise by 50%

He said that revenues rose 50% in the first six months to £16.5 million. EBITDA (prior to share option costs and exceptional items) grew 12% to £1.7 million.

"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," said Ware.

Some of the exceptional costs faced by 32Red included nearly £60,000 from a trademark dispute court case brought against William Hill by the group. 32Red went on to win the case.

"The Board continues its strategy of investing in UK marketing and will commence marketing activity in Italy during the second half of the year," read 32Red's statement.