32Red keen to play its part in wave of industry consolidation

32Red keen to play its part in wave of industry consolidation

Friday, July 29, 2016 Posted by Andy McCarron
CEO Ed Ware is not ruling out making a move in the market

Online operator 32Red is keen to stay in the consolidation mix, with CEO Ed Ware not ruling out making a move in the market.

At his firm’s six-month trading update, Ware cut an assertive figure. He said: “32Red is in excellent health with a number of exciting opportunities ahead. We have a focused strategy to deliver continued organic growth as well as potential acquisition opportunities and we continue to look to the future with confidence.”

It helps to be asserting with record revenues again and the company’s 32Red Casino brand is achieving strong growth thanks to the increasingly popularity of the mobile offer that remained the fastest growing platform both in terms of new player recruitment and revenue, growing by 45% against the prior year and now representing 50% of total 32Red Casino revenues.

Ware said that this was also supported by accelerated returns-driven marketing investment: “Our excellent growth was achieved despite a very active sports market towards the end of the Period coinciding with the European football championships. This demonstrates the appeal of the 32Red brands and customer experience as well as the opportunities ahead for 32Red to deliver further growth as we exploit marketing opportunities.”

Marketing has also started on its Roxy Palace Casino brand that it acquired 12 months ago and has now successfully migrated to Gibraltar. The marketing push saw net gaming revenues of £5.8m for the period meet expectation.

While in Italy net gaming revenues for the first half of the year were up 33% on 2015, in line with the board’s expectations and the 32Red said it continues to examine ways to broaden its product offering in this ‘competitive but attractive’ market.

Totally Gaming Says: It is little wonder that 32Red is putting itself in play as an instigator for consolidation given how many deals are being touted this summer. Indeed the creative M&A minds in the industry could come up with all kinds of opportunities for a strong performer like 32Red.

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