32Red announced yesterday that they are to create 70 new jobs. In the same statement to the Gibraltar Chronicle they also said that they will move their sports betting business, BetDirect, from Liverpool to Gibraltar within 12 months. It is not clear if these new jobs are new just to the location and if an equal amount of redundancies will take place in the UK after the move. This would be the second relocation for BetDirect since the 32 Red acquisition. BetDirect moved their offices from Sportech House at the Wavertree industrial park, to the old Vertex Call Centre location in Knowsley directly after the sale.
32 Red the brand has an excellent reputation in the industry and the sports and casino gambling market place, but has faced a rocky period of late. Last month, 32Red said that loss-making Bet Direct had experienced difficult trading conditions during the 2006 year. This was blamed on a high number of winning favorites in UK horseracing and unfavorable Champions League results, both severely impacting gross win margins. All of this led to a statement from 32Red to its shareholders warning that the 2006 full year operating results will fall significantly short of current market forecasts. 32Red has an outstanding loan of around 5.4m with the Royal Bank of Scotland.
32 Red the brand has an excellent reputation in the industry and the sports and casino gambling market place, but has faced a rocky period of late. Last month, 32Red said that loss-making Bet Direct had experienced difficult trading conditions during the 2006 year. This was blamed on a high number of winning favorites in UK horseracing and unfavorable Champions League results, both severely impacting gross win margins. All of this led to a statement from 32Red to its shareholders warning that the 2006 full year operating results will fall significantly short of current market forecasts. 32Red has an outstanding loan of around 5.4m with the Royal Bank of Scotland.
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