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32Red Releases First Half 2016 Financials

Internet betting site 32Red has announced their first half 2016 financial results, noting a large amount of growth during the period.

Key financial indicators for the first half ending June 30th, 2016 were:

  • Net Gaming Revenues of £30.4 million, up 64% from the same period last year
  • 32Red's revenues were £24.6 million, while Roxy Palace (a subsidiary group) brought in £5.8 million
  • EBITDA was £4.5 million, up 104% from last year
  • Profits before tax of £2.5 million, up 2,284% from last year's profit of £100,000

Commenting on his company's results 32Red CEO Ed Ware said, "We are delighted to report a record revenue and profitability performance for 32Red in the first half of 2016 which has been driven by strong growth across our business and brands. We are also delighted to announce today the renewal of our contract with Microgaming; we have enjoyed a long and strong partnership with one of the world leaders in digital gaming expertise and are very excited to have strengthened our relationship in a way that provides 32Red with further opportunities to invest in and develop our business."

"Current trading remains strong with like-for-like NGR up 4% on very strong comparatives in the second half to date. "Underpinned by our strong online gaming brands and exciting customer-focused offer, the board remains confident of meeting its expectations for the full year."

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bgsharpe
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10 October 2016 - 8:03pm
#1

It's obviously that 32red staying one of the great casinos out there despite the fact the competition is a lot stronger now and they've had changed some of their terms which was not accepted so warmly by most of their customers but still they noting huge growth.

auCL-Ed
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11 October 2016 - 9:35pm
#2

Sadly I think the increased profitability is probably due in part to some of those customer unfriendly changes that they have made in recent times. No longer processing withdrawals over the weekend for example leaves money sitting in accounts where people may be tempted to reverse the withdrawal and play some more, and lose what they would have withdrawn.

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bgsharpe
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11 October 2016 - 10:26pm
#3

Yes it's a shame they doing that, is that only because they hope people will reverse their withdrawals or there is another reason too?

auCL-Ed
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12 October 2016 - 11:41pm
#4

Its exactly that. The bean counters at the casino have realised that if you delay withdrawals some get reversed and as we all know with casinos, more often than not players lose. Delays = more profit. Its exactly the reason why why so many rogue casinos have ridiculous 2-3 week "processing" delays.

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auIndependentGambler
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13 October 2016 - 10:19am
#5

Yeah sure the weekend delays and more than 24 hours cashouts during the week is a negative, But so far 32red has always done good by me. Regular bonuses and competent support staff keep me coming back.

I guess while we are hating on them, They could add in NETENT games to add some variety, But I save most of my MG play for them anyway.

bgsharpe
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13 October 2016 - 10:27pm
#6
CL-Ed wrote:

Sadly I think the increased profitability is probably due in part to some of those customer unfriendly changes that they have made in recent times. No longer processing withdrawals over the weekend for example leaves money sitting in accounts where people may be tempted to reverse the withdrawal and play some more, and lose what they would have withdrawn.

Yes understand that Ed,seems like they re always greedy for more, but I wonder if that worth it if yours reputation will be hurt in the end and of course they'll loose some of their loyal customers but I guess they bared all that in mind.
Players should follow one simple rule and that is never cancelling huge withdrawal or at least such withdrawals which are several times bigger than their usual deposit, I know it's one of these easy to say hard to do things (broke that rule many times my self) but it's one of these we all have to stick with it.

auCL-Ed
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14 October 2016 - 12:16am
#7

Well so far based on these financial results the management is probably very satisfied and they probably think that they have made the right decision, at least in financial terms and for their shareholders. Time will tell whether it leads to a loss of customers.

I still think they are one of the best but they certainly aren't as good as they used to be.

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