BETDIRECT SOLD FOR GBP 5.75 MILLION
2 November 2007
32Red to focus on core activities and geographic
expansion
Bought from Sportech almost 18 months ago for GBP 12.5
million, 32Red's sportsbook Betdirect.com was sold in
September to bookmaker group Stan James for GBP 5.75
million, according to 32Red's half year results released
this week.
At one stage Boylesports was reportedly interested in a
deal, but CEO Daniel O'Mahoney announced his company's
withdrawal recently (see previous InfoPowa report)
32Red is to use the funds from the sale to focus on
marketing its remaining casino, poker and sportsbetting
offerings and realise expansion plans for new geographic
regions, the results report revealed.
Chief executive Ed Ware said: “The sale of the Bet
Direct brand allows us to channel our marketing and
management focus on the core 32Red brand.” He also
advised that the company has plans for the introduction
of mobile gambling and bingo services later this year.
32Red's half year results saw an impressive rise in
total revenues of 47.2 percent, reaching GBP 9.2
million. But casino and poker revenues were
disappointing, with the former showing little
improvement and the latter declining by nearly 4
percent.
The online gambling group's casino operations
contributed GBP 4.6 million to revenues, just short of a
2 percent increase whilst poker revenues declined 3.8
percent when compared to the same period last year, when
GBP 600 000 in revenues was reported.
There was more positive news on the customer acquisition
front, however, with 32Red reporting the number of
active customers well up at 75 911 (44 539 in the same
period last year).
Online Casino News courtesy of
InfoPowa
More news here.
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