The award-winning online casino, poker, sports betting and bingo operator 32Red Plc announced its final results for the twelve-month period which ended on December 31st 2016. The company provided its performance highlights, as well as commentary from its Chairman and CEO, and the latter’s strategic review for 32Red’s goals for the future.
The Chief Executive Officer of 32Red Ed Ware commented on the operator’s performance over the period, saying it was a real pleasure for him to share that the company experienced another “record annual performance” over the past fiscal period. Mr. Ware explained that the online casino and betting operator continued its strategic progress over the past year, marking an outstanding growth for its mobile division.
According to the company’s boss, 32Red managed to keep one of the biggest revenue reached in regulated markets over the twelve months ended on December 31st, 2016. What is more, Mr. Ware said that the great performance of the company which had resulted in continuing growth of the business was also complemented by the increasing market share of the operator in the UK and Italian regulated markets.
As the online gaming operator revealed, it managed to generate a record net gaming revenue, which increased by 28% to £62.3 million. In comparison, the net gaming revenue (NGR) for the fiscal 2015 amounted to £48.7 million. The company further explained that the net gaming revenue generated by casino operations accounted for £58.5 million of the NGR total amount, while other products generated NGR of £3.8 million. Only a year earlier, the casino NGR amounted to £46.3 million, and the other products NGR was estimated to £2.4 million.
32Red Plc also explained that 77% of these net gaming revenues were generated from the company’s presence at regulated and taxed markets. On the other hand, the online gaming operator shared that its mobile revenues represented 57% of the total casino revenue generated over the period. What is more, the success of the company seems to be continuing over 2017, as its net gaming revenues rose by 20% over the first nine weeks of the year in comparison to the same period a year ago.
The underlying earnings before interest, tax, depreciations and amortisation (EBITDA) delivered over the period rose by 102% from £5.2 million in 2015 to £10.6 million over the past twelve months.
The company highlighted its successful performance in the regulated and taxed markets on a global scale. In addition, it emphasized on the fact that the brand moves to profitability in Italy. What is more, 32Red won an exclusive licence allowing the company to promote casino games for ITV flagship brands featuring Ant and Dec. According to the 32Red, its successful performance over the fiscal 2016 was also due to the fact it managed to launch a new responsive, multi-platform website in April 2016.
The online gaming operators which specialises in casino, sports betting, poker and bingo operations also inked a number of partnership agreements over the period, which supported its successful performance over the twelve-month period. One of the milestones reached by 32Red over the year ended on December 31st, 2016 was the extended partnership agreement with Microgaming. On the other hand, 32Red was announced as an official sponsor of the British Horse Racing.
As far as the company’s future is concerned, the Chief Executive Officer of 32Red revealed that the online gaming operator would remain focused on its growth strategy. According to him, the company is to continue to work on its further expansion on its major UK market by increasing the presence of its brands, where it still sees significant potential for continuous growth. In addition, it is aimed at also expanding its presence across regulated online markets, where according to the Board of Directors, 32Red has a lot of marketing opportunities.
The operator also revealed that inking strategic partnerships would remain as one of its main objectives over the current fiscal year, as well as enhancing its offerings with the best gaming and betting options available to customers.
- Author
Olivia Cole
