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Online Casino 32Red Has Announced A Yearly Loss of 3.74 Million Pounds

On March 13, 2007, the online casino 32Red announced that they have experienced a yearly loss of about 3.74 million pounds. The casino, which offers online roulette and online casino table games, like blackjack, baccarat, craps and poker, already expanded to sports betting when they bought Betdirect for about 12.5 million pounds in June 2006.

However, the real price of the company has been much larger; the company traces back their yearly losses of a total of about 3.74 million pounds and an abnormal large number of winning favorites in the British horse racing market and a disappointing Champions League Football results.

Since the buyout of the company, there has been a noticeable increase of about 265% in administrative costs. But even without the losses, both the results of the casino and online poker have showed a minimal growth of about 12%.

The former MD of Ladbrokes International, Ed Ware, made 32Red with his own and his close friend's money back in 2000. He admitted that the year 2006 has been a transition period for their company, but he reassured the investors in the company that they are very happy to maintain a cordial relationship with the RBS.

Aside from the expenses cutting move to Gibraltar, the company has also invested some money in rebranding. The Marketing Chief of the company, Matt Booth, said that they are now focusing on making a one-of-a kind brand that creates a good relationship with their long-time customers and brand new customers.

07/01/2007 22:15 PM

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