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32RED first quarter in line with expectations...

Discussion in 'Casino Industry Discussion' started by Slotster!, Apr 18, 2007.

    Apr 18, 2007
  1. Slotster!

    Slotster! I predict a riot. CAG

    al Hazard
    Location, Location!
    Plus launch of "32RED Bet"...

    I'm pretty sure that "Bln" down there should be "Mln" though...


    LONDON (Thomson Financial) - 32Red PLC said first quarter trading across the group has been in line with its expectations after the Cheltenham Festival proved a "success" for its online sports betting service Bet Direct.

    The company also announced the launch of its new 32Red Bet website following the upgrade of the Bet Direct online sportsbook platform at the beginning of March this year.

    The new 32Red-branded service began operating last week in time for the Grand National and realises the company's plans of offering integrated betting and gaming opportunities for both the 32Red and Bet Direct brands.

    Chief executive Ed Ware said: "We launched ahead of the Cheltenham Festival and responses from our customers to these improvements have been pleasing."

    The company acquired loss-making Bet Direct last June in a 12.5 mln stg deal.

    Last month, 32Red said it had entered into a revised loan facility with Royal Bank of Scotland after its profits fell back so far that it was in breach of its banking covenants. It also said it planned to raise 3 bln stg through a share placing. This email is not visible to you. msc/cml

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