32Red Delivers Record Half-Year Revenue

Gibraltar-headquartered online gambling operator 32Red Plc today reported its financial results for the first half of 2016. The company generated record revenue and profits for the six months ended June 30, 2016. Total net gaming revenue for the period in review amounted to £30.4 million, up 63% year-on-year.

Revenue from the gambling operator’s casino operations totaled £21.2 million, reflecting a 24% increase from the same six months of the previous year. Other products offered by the iGaming operator generated a total of £2.3 million, up 225% from the first half of 2015. The company’s Italian operations also posted a stable growth of 33% year-on-year to the amount of £1.1 million.

As previously reported, 32Red acquired online gambling brand Roxy Palace in July 2015. Half-year revenue from the newly added operations amounted to £5.8 million.

The gambling operator pointed out that regulated and taxed markets represented 75% of the revenue generated during the reported six months. In addition, mobile casino offering turned into one of the main drivers for the overall revenue growth. Turnover from mobile gambling accounted for 50% of overall casino revenue.

The Gibraltar-based gaming company also reported excellent EBITDA numbers for the first half of the year. Underlying EBITDA totaled £4.5 million, reflecting an increase of 104% year-on-year. Overall EBITDA amounted to £4.5 million, up 258% from the £1.2 million generated during the first half of the previous year. Profit before tax rose 2,284% year-on-year from a total of £0.1 million in the six months ended June 30, 2015 to £2.5 million generated during this year’s first half.

In April 2016, the 32Red Casino brand went live with a new multi-platform website. The gambling operator said in today’s half-year report that the upgraded casino website has already delivered quite encouraging results.

Commenting on the company’s performance over the first half of the year, 32Red CEO said that they are delighted with the record revenue and profits delivered, with the results being driven by robust growth across all the brands they currently manage. 32Red’s management is optimistic about the gambling group’s full-year performance, with final results projected to meet original expectations.

Apart from its half-year financial results, the company also announced that it has extended its existing partnership with leading supplier of online gambling solutions Microgaming. The new arrangement is to become effective as of November 1, 2016 and would allow 32Red to extend its reach in regulated markets while retaining its wide appeal across the iGaming industry.

The gambling operator also unveiled a three-year extension of its partnership with UK commercial television network ITV. Under the new agreement, 32Red will be able to launch the Ant & Dec Saturday Night Takeaway slot game in addition to the previously rolled out I’m a Celebrity…Get Me Out Of Here! title, with both games featuring iconography and theme tunes that remind of the popular TV shows in every possible aspect.