32Red warns of bad news


Popular online gambling group cautions that full year results are likely to be disappointing

Investors in the Gibraltar-based online gambling group 32Red are in for a disappointment when the full year results are released, according to a profit warning from the group contained in a trading update this week.

The statement blames the impact of the global economic meltdown earlier this (2009) year on its high roller action, together with an inability to build player yields sufficiently to beat the trend. The company also flagged an extraordinarily high proportion of wins by the players in October 2009.

A 32Red spokesman warned that full year profit numbers were likely to be “...significantly below market expectations.”

Ironically, the poor full year results come in a quarter where the group posted its highest yet revenues, which rose by 11 percent - mainly at the casino operations - on the same quarter in 2008. During the quarter the number of active players rose 16 percent, but this was not enough to tip the balance into positive territory.

Taking a positive stance, the statement remained optimistic, saying that there was still plenty of player action and that Management had no plans to reduce its marketing initiatives merely for immediate gain.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account
 
 

What's going on right now!

4mins ago someone from Romania read CasinoLuckyWin review

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    23
  • Members Online
    323
  • Guests
    2,062
Highest Community Rated Online Casinos
Vera John Casino
  (129 Ratings)
Jackpot Capital
  (96 Ratings)
BetVictor Casino
  (126 Ratings)
Slotland
  (223 Ratings)
Aladdins Gold Casino
  (139 Ratings)
High Noon Casino
  (176 Ratings)
Win A Day Casino
  (231 Ratings)
CasinoEuro
  (90 Ratings)
Slotastic
  (85 Ratings)
Omni Casino
  (156 Ratings)
Platinum Play Casino
  (76 Ratings)
Red Flush Casino
  (107 Ratings)
GoWild Casino
  (226 Ratings)
Party Casino
  (92 Ratings)
Maple Casino
  (73 Ratings)
Casino Action
  (172 Ratings)
Vegas Casino Online
  (133 Ratings)
Club Gold Casino
  (198 Ratings)
GoldenCherry Casino
  (247 Ratings)
La Riviera Casino
  (43 Ratings)
Zodiac Casino
  (68 Ratings)
Win Palace
  (190 Ratings)
Slots Plus
  (110 Ratings)
Casino Titan
  (144 Ratings)
Pamper Casino
  (249 Ratings)
AC Casino
  (187 Ratings)
Cool Cat Casino
  (190 Ratings)
Club Player Casino
  (138 Ratings)
Wild Vegas Casino
  (127 Ratings)
Royal Ace
  (102 Ratings)