Online gambling operator 32Red apparently had a good 2016 after revealing via a Wednesday trading update that its net annual revenues had increased by 28% year-on-year to hit a record $77.68 million.
The London-listed operator of sites including 32Red.com and CasinoSplendido.com, 32Red purchased rival domain RoxyPalace.com mid-way through 2015 and explained that this acquisition had contributed $13.21 million in net gaming revenues for the twelve months to the end of December.
32Red further declared that 77% of its 2016 takings had come from regulated and taxed markets while its overall net gaming revenues had swelled by 26% year-on-year to reach $72.94 million and represent 94% of its business.
“32Red experienced another hugely successful year with profits and revenues breaking previous records, driven by excellent growth in our core casino products,” read a statement from Ed Ware, Chief Executive Officer for Gibraltar-based 32Red. “We have continued to deliver progress against our clear growth strategy underpinned by the strength of the 32Red brand, effective return on investment-driven marketing and an enhanced customer proposition.”
The firm stated that its Italy-licensed online casino had also enjoyed growth in 2016 with its annual net gaming revenues rising by 33% year-on-year to $2.86 million while its online sportsbetting service had posted a 60% swell in takings to $4.74 million.
“The key strategically important contracts signed during the second half of 2016 will help the company to deliver its stated growth strategy and the board remains confident of delivering continued progress in 2017,” read the statement from Ware.