Record net gaming wins for 32Red
2010 results show record net gaming wins and doubling of profits before tax among highlights.
32Red doubled its profits before tax and posted record net gaming wins last year, the Gibraltar-licensed company revealed in its results for the year ended 31 December 2010.
The year also brought a 90% increase in EBITDA, as well as success in the long-running trademark dispute with William Hill online.
This growth has carried over into the new year, with revenues for January and February up 29% on the corresponding period in 2010. CEO Ed Ware (pictured) said: “The excellent performance in 2010 is particularly pleasing in times of continued economic uncertainty in our primary market, the UK.”
Net gaming wins rose 33% year-on-year to a record figure of £16.95m, while like-for-like casino net gambling wins came in at £14.83m, a marginally-lower increase of 29%.
The company made a number of minor purchases last year, including the acquisition of the Nedplay group of casinos in January, with casino brands acquired during the year contributing £860,000 towards net gaming wins.
Ware added:”We will continue to focus the 32Red brand in the UK and maintain a close watching brief on regulatory developments in Europe and the rest of the world,” echoing the comments made by the company’s chief financial officer Jon Hale when he spoke to eGaming Review in January.
Following a two-year trademark dispute with William Hill Online that ended in 32Red’s favour in January, a High Court judge granted an injunction to the online casino preventing WHO from using its 32Vegas trademark “ rebranded 21Nova since August 2009 “ anywhere in the EU. WHO was told it would also have to publish the judgement on some of its largest websites including its corporate website and Affiliates United, the 70,000 strong affiliate program for all of its brands.
In the High Court yesterday, WHO said it would go to the Court of Appeal to challenge the ruling. The court has seven days to determine whether the original judgement should be published on WHO’s associated websites.
Ware told eGaming Review he expects to discover how much the company is entitled to in legal costs this year.