32red's - Uk Online Gambling Group Reports Increased Profits

Forward thinking men who head 32Red, the UK online gambling group, are saying that there is still a great deal of growth potential remaining in the casino and poker market.

Trafalgar owns 32Red, which is an online casino and online poker firm. They report that there have been positive business results this week. This has led to a before tax increase in both profits and revenue flow from a base of customers who are mainly living in Britain and Ireland

Chief executive of 32Red Ed Ware has said that there is a great deal of growth left in the key markets, those that delivered 82 percent of their business. Online casino and online poker players in the Scandinavian countries and the United States accounted for the remainder of 32 Red's action.

The company's pre-tax profits are up GBP 200 000 from the previous year having reason to GBP 1.3 million. While turnover went up from GBP 1.97million to GBP 3.48 million the total amount of active players increased in access of 100 percent to 17 587. The company witnessed a rise in new players going to 14,451.

Most of those players visiting the website came from the United company and Ireland according to CEO Ed Ware, and there still is much great potential for additional growth. According to Ware in the United Kingdom there is still plenty of room for growth. He notes that PartyPoker and 888 Casino have been functioning like icebreakers and that his company intends to follow them in and pick up the customers.

The company is also considering opportunities to compete in the sports-betting market, Ed Ware reported recently, with all options being taken into consideration ranging from white-label deals to the possibility of outright acquisitions.

“According to Ware, Sportingbet is the highest-rated online gambling company in its sector in that it has a complete portfolio of products. They have both casino games as well as online poker and would clearly be interested in adding a sportsbook, Ware said. .

Following 32Red's IPO that month, according to the 32Red CEO, last September's damaging Party Gaming pessimism with regard to online poker, had its negative affect on investor sentiment within the industry.

Ware says that although what PartyGaming reported last September was painful, it is a fact that PartyGaming has bounced back and has now become stronger thus giving the City of London greater confidence in the market.

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