BUSINESS

32Red posts record profit in 2012, ends final year of Swansea City deal

TAGs: 32Red, Business, Swansea City

swansea-32red-cut-deal-shortOnline casino 32Red is feeling pretty good these days after reporting an increase in revenues for the third year in a row. The final results for the 2012 saw 32Red increase its total revenue to £32.1 million, a 28 percent increase from its 2011 numbers when it earned £25 million in revenue. Likewise, the company’s earnings also rose by 23 percent, hitting £3.4 million in 2012.

But the impressive revenue figures aren’t the only thing 32Red is smiling about these day. For the year, 32Red also saw its player totals jump up with 40,000 new members for the year, a remarkable increase of 52 percent from the previous year.

32Red’s successful 2012 was also backstopped by its entry into the Italian market, something chief executive officer Ed Ware noted when he pointed out that the company’s strategy of being more aggressive with its marketing investments netted “strong levels of new player recruitment”.

In other 32Bet-related news, the online casino also announced that it had reached an agreement with English Premier League football club Swansea City to forego the final year of its sponsorship agreement as main club sponsor. The mutual decision was made in order to allow Swansea City the chance to look for third-party investors that would be able to assist in improving the team’s stadium and support the in its “next phase of growth”.

“I’d like to place on record the club’s enormous thanks for the support that 32Red has given us over the last four years,” Swansea City vice-chairman Leigh Dineen said. “They have been a pleasure to deal with and played an important factor in our progress. “I feel we have some exciting opportunities in the market place and have agreed to conclude the agreement with 32Red one year early and on friendly terms.”

Likewise, 32Red is ending the partnership with Swansea City on good terms with CEO Ware wishing the team nothing but good tidings in the future. “It”s been a fantastic relationship with the Swans,” he said. “Our association has coincided with Swansea City”s most successful period ever, so far. We will look back on the partnership fondly and wish the club the very best of luck for the future.”

Tough luck for those who just bought Swansea City kits, huh?

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