32Red Poker, a British online gambling firm released its financial numbers recently. The figures represented the overall profits for the first six months of the current year. The company has shown a remarkable increase in profits compared to last year. 32Red’s revenue showed a 50% increase and stood at a staggering £16.5 million ($25.64million) compared to the first half of last year’s £11 million ($17.1million).
Chief Executive Officer of 32Red, Ed Ware, was ecstatic about his company’s profits for the first half of 2012. He said in a statement,
The continued growth in revenues, particularly in light of strong comparatives, is testament to the strong new player recruitment resulting from more investment in our main market, the UK. We aim to continue in this regard as well as taking our first measured steps in entering the Italian market.
32Red has a both online casino and online poker platforms. These are said to have accounted for a part of the company’s profits, and stand at around £600,000. This part of the company’s revenue has not seen much of an improvement from the same period last year. Presently one of the most lucrative countries to harness gambling revenue is Italy. 32Red is currently preparing to make its entry into the Italian market. Rivals of 32Red, namely William Hill and Paddy Power have already laid out their plans to make their entry into the Italian market in the coming months.
Currently 32Red share is trading at 40.50p, up from its previous value of 32.75p. Its current share rate is not as high as its previous value of 47p. The company has a market share of £28.56 million, with a 42-member staff. CEO Ware predicted
We look forward to launching 32Red.it during the second half of the year and welcome the recent decision by Italian authorities to commence the procedures to approve online slot games from December 2012 onwards.
For now, the company is focusedon entering the Italian market. Rival companies William Hill and Paddy Power would have already made their mark by then; and since it is a known competitor, Ware is optimistic about the country’s overseas future. The recent decision by the Italian government to approve online slot games from December 2012, has paved way for online gambling companies around the world to gain entry into the country’s gambling market.