by Renee Israel
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
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
"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
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