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32Red Plc pre results + Italian license

Discussion in 'Online Casinos' started by rainmaker, Mar 7, 2012.

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    Mar 7, 2012
  1. rainmaker

    rainmaker I'm not a penguin CAG webmeister

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    32Red Plc pre results + Italian license: 32red logo.JPG,Mar 7, 2012


    32Red announced today that they have been granted an Italian license. Congratulations :thumbsup: 32Red Plc pre results + Italian license: ita.JPG,Mar 7, 2012

    Italian Licence

    The Company announces that it has been successful in its application for a remote gaming licence in Italy. Work continues on our technical platform in order to be ready to go live in the first half of 2012. We are excited to have been granted a licence to operate in Italy and look forward to building another successful business in that jurisdiction.




    They also announced their preliminary results for the year ended 31 December 2011. Some key information:




    Key points:

    · Record Net Gaming Revenues for the Company

    · Profit before taxation doubled

    · William Hill Appeal dismissed

    · Italian Licence granted

    · Full year Dividend increased by 140%

    · Current trading very strong, up 69%


    Key financials and performance indicators



    · Net Gaming Revenues increased by 48% to £25.03m (2010: £16.95m)

    · EBITDA increase by 70% to £2.80m (2010: £1.64m)

    · Profit before tax increased by 102% to £2.12m (2010: £1.05m)

    · EPS up 96% to 2.94p (2010: 1.50p)

    · Final dividend of 0.7p per share (2010: 0.5p) bringing the
    Full year dividend to 1.2p per share (2010: 0.5p)

    · Active depositing casino customers 39,687 up 47% on 2010

    · Casino player yield £550 (2010: £519)

    · New Casino depositing players 27,648, up 42% on 2010

    · Casino cost per acquisition of depositing player: £143 (2010: £133)





    Current trading

    Revenues for January and February 2012 are up 69% on the corresponding period in 2011 with strong new player recruitment responding to increased marketing investment. The Board is pleased to announce that its application for an Italian remote gaming licence has been successful and the 32Red brand will be launched into Italy during the first half of 2012. The Board continues to be watchful of the general economic and regulatory environment but looks forward to another successful and exciting year for 32Red.



    Commenting on the results Ed Ware, Chief Executive Officer, said:

    "32Red progressed considerably in 2011 and we have improved key metrics right across the business. While we remain focused on the United Kingdom, we also look forward to expanding our profile in the regulated market in Italy where we intend to utilise our core skills and apply our business philosophy to establish the 32Red brand.

    Performance in the first two months of 2012 has been strong and serves as further encouragement to continue to grow marketing investment in the business."



    32Red Plc pre results + Italian license: KeyF.JPG,Mar 7, 2012

    The strong trading performance during the year was primarily the result of a 47% increase in revenues at the 32Red casino and, once again, our increased investment in UK marketing programmes has been pivotal to the sustained growth experienced in 2011. This increased level of new player acquisition allied with increased activity and yield per player performance is a powerful combination and has resulted in another successful year for the Group.

    32Red Key Performance Indicators

    Casino revenue once again dominates the Group's trading representing some 93% of total Group revenues (2010: 93%). While there have been increased contributions from acquired casinos, it is the growth in the 32Red casino that underpins the financial performance.


    32Red Plc pre results + Italian license: 32red2.JPG,Mar 7, 2012

    This 47% growth in 32Red casino net gaming revenue is particularly encouraging in light of the strong 2010 comparative figures that were, in turn, 29% ahead of 2009. Consequently, 32Red's 2011 net gaming revenues are 89% ahead of those recorded in 2009 and since the second half of that year the 32Red casino has enjoyed five successive periods of record revenues. I have no doubt that our successful High Court action against William Hill and the subsequent recovery of other infringing Internet domains have both directly and indirectly made this performance possible.

    Active player levels are 39% higher than in 2010 and given such an increase in volumes, it is pleasing to see that we have also managed to grow the average value of each player with yield per player increasing to £550 (2010: £519). Growth in this area is key and, along with the three important industry awards won recently (listed below), it is testament to the outstanding quality of player support and service delivered to our customers in an always friendly and professional manner. 32Red is delighted to have accepted the following prestigious industry awards over recent weeks:



    · eGaming Review 'Casino Operator of the Year'

    · Casinomeister 'Casino Operator of the Year' (awarded for the ninth consecutive year)

    · International Gaming Awards 'Casino Operator of the Year'
     
    8 people like this.
  2. Mar 7, 2012
  3. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
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    They pay fast, offer a bonus almost every day, spend money on a decent CS team, and manage to double their profits.

    Funny how operators who cut costs by employing crap CS, having prolonged pending periods, and fear giving out bonuses, cannot come close to this level of performance.

    32Red have also managed this without hanging on to the lucrative US market and giving the "cold shoulder" treatment to players from elsewhere. Instead, they have been building their non-US player base, and making sure they don't have the kinds of negative experience that makes them want to uninstall the casino (other than those players who uninstall after a long run of bad luck).

    I hope they stay on the ball, and don't find themselves having to ditch entire countries overnight through not having a required license in time for new laws and regulations, a fate suffered by many Spanish players recently.

    32Red should either get the licence in good time, or ensure that where they cannot, they give players plenty of notice of their accounts having to be closed. I believe they gave at least some notice to their Spanish players, but did somewhat misread how Microgaming would handle the new regulations along with the other operators.

    I hope they are following the UK situation, and are gearing up for secondary licensing, and paying taxes on profits derived from UK players which is set to be part of this new regime.
     
    2 people like this.
  4. Mar 7, 2012
  5. Cesar

    Cesar Meister Member

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    Fully agree. I'm one of the Spanish affected :mad:. I received email notification a couple of days before deadline (MG fault for sure)

    Just hoping 32Red can get a license in Spain again. I really miss the place.
     
  6. Mar 8, 2012
  7. rainmaker

    rainmaker I'm not a penguin CAG webmeister

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    From calvinayre.com

    32Red warming to possible U.S. re-entry


    32Red is in talks with U.S. partners as it begins to ready itself when regulation happens. Chief executive Ed Ware told eGR the firm is “more sensitive towards the U.S.” than they’ve been for some time and have had “conversations” with a number of potential partners. Having been in the country until pulling out in 2004 some customers will remember them and this is something Ware believes is an advantage.

    “We’re a pretty obvious partner for people from that side of the side of the pond, and are having conversations all the time. For the first time since around 2006 we’re keeping our ears open and actively listening to what’s going on,” Ware said.

    ....

    The rest of the article You must register/login in order to see the link.
     
  8. Mar 8, 2012
  9. vinylweatherman

    vinylweatherman You type well loads CAG MM

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    2 days more notice than many other players. It seems MGS don't care about the end user, and even treat the operators with a degree of contempt. Surely they must know that businesses need time to plan for changes, ir the relationship with the customer can be screwed up by a rash and hurredly implemented decision. It is also worrying for players currently able to play MGS, but who are in countries that are about to pass new regulations. Such players can have no confidence that any changes will be conducted in a fair manner, but instead have to stay on their guard for the "overnight ambush" lock-out that could leave their money trapped in limbo, as well as unfinished "obligations" on the account.

    If the affected MGS casinos get their Spanish licenses, they may realise how much this treatment of their Spanish players has cost them, as not only will they have to get them back playing again, they have to rebuild from scratch the trust that was shattered by the overnight ambush lock-out and "**** off, you are not wanted any more" email the next day.

    32Red at least told affected players that their accounts were suspended, not closed, and that they hoped to be able to offer the service again when they had the correct licenses.

    32Red have a good chance in the US too, as they were not involved in the arbitrary mass lockouts, lies, and "cloak and dagger" tactics. Their worst "crime" was pulling out in 2004, when things still ran smoothly, and no-one could understand why they felt the US market was not worth hanging onto even though the wire act went largely unenforced at the time. They are more likely to get in too, because they haven't fought the DoJ to hang on to the market post UIGEA.
     
    2 people like this.
  10. Mar 12, 2012
  11. rainmaker

    rainmaker I'm not a penguin CAG webmeister

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    VWM :)

    To deal with regulated markets and local gaming authorities is complex business.

    As for Spain, no licenses have actually been fully granted yet (only pre-approved). The whole process has been delayed several times, latest in December when the Spanish regulators announced (Dec 30) that the process again would be delayed with up to six months. Delays and changes are the golden rule for all regulated markets. There are many reasons for this, some examples are political disputes, local laws and EU (court rulings). These things may lead to sudden changes. That is also why we have seen and will see in the future that operators/software suppliers on a short notice will stop accepting business from "upcoming" regulated markets. But to blame Microgaming and indicate "contempt" is to take it a bit too far.
     
    Last edited: Mar 12, 2012
  12. Mar 12, 2012
  13. vinylweatherman

    vinylweatherman You type well loads CAG MM

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    I disagree, it was IMPOSSIBLE for any operator to have obtained their Spanish licence in time, since the systems were not yet running. Operators would therefore have no reason to believe that MGS would allow them enough time to deal with the delays, and get their licence. Given the length of time this has been going on, there is no reason for MGS to act with a mere 2 days notice, and then "spin" it by claiming it affected only those operators that "hadn't bothered" to sort out their Spanish licenses.

    MGS showed contempt for PLAYERS, as they were the ones to suffer inconvenience, if not material loss. The operators lost some market share, and would be aware of enough "insider knowledge" to have procedures in place to deal with such a risk.

    If it was unavoidable, there should at least have been enough notice. MGS certainly gave WEEKS of notice when they moved all US players over to Level 11, and again when Level 11 closed down completely. Unlike Spain, the US authorities were actively and vigorously pursuing operators and software suppliers, and had already made some damaging seizures of monies and domains, yet MGS still felt they could give US players a decent period of notice.

    The fact that they acted BEFORE the laws were in place in Spain, yet spent a couple of YEARS circumventing UIGEA rather than obey this law, will show future US licensing authorities that it was INTENTIONAL on the part of MGS to do what they could to assist their operators in circumventing the US restrictions, rather than it being a case of them being powerless to act because they only supplied the software, and didn't operate the casinos.

    Are they not supposed to have pulled out of Norway too?
     
  14. Mar 18, 2012
  15. michielm1

    michielm1 Senior Member mm1

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    well tried 32red today... took my money faster (after wager recq) then the IRS
    so 4 me like all other casino's
     
  16. Mar 19, 2012
  17. Dipity

    Dipity Dormant account

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    Cannot echo this statement enough :(
     
  18. Mar 21, 2012
  19. rainmaker

    rainmaker I'm not a penguin CAG webmeister

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    Sorry for my late reply :D

    The Spanish regulation came into force last year, so it is not correct to say that Microgaming acted before the laws were in place. It also not correct to say that "the systems were not running", since it really does not matter when licenses are actually handed out, as long as the regulations itself has came into force. A recent court ruling in Spain indicates very clearly that operators who have done business in Spain without a prior administrative authorization have been operating illegal. So Microgaming has done everything right here.

    Is it bad to close customers accounts on a two days notice? Yes of course. But operators who never had the intention to apply for a Spanish license at this time anyway had plenty of time to notify their Spanish customers last year. But they obviously chose not to do it.

    Norway is a gray market. Most operators and software suppliers (for example Microgaming, Playtech and NetEnt) do accept Norwegian customers. But there are operators like for example Sportingbet (think they mainly offer NetEnt + MG Quickfire) who have chosen not to accept Norwegian customers.
     

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