Online casino goes Red
Online casino, poker and sports betting group 32Red Plc. saw its shares fall 42 per cent today as it returned less than healthy figures.
However, it said in 2006 the total casino revenues rose 5 per cent to 9.42 and poker revenues rose 77 per cent to 1.49. Nonetheless, casino yield per player was down 45% to £467 while yield per poker player was down 30% to £82 on 2005. Customer yield on the company’s Bet Direct acquisition stood at £75.
The company says the poor performance is a direct result of bad trading at Bet Direct, the loss-making sports betting operation it purchased in June from Littlewoods for £12.5 million. The beleaguered sports book has yet to make its mark on an increasingly competitive sector and one that 32Red may regret entering.
Editor, Jackpot.co.uk - 2007-01-26 12:20:24