Revenues Way Up at 32Red: Will Enter Italy Market

Shares at 32Red have risen 3.3 percent, valuing the company at £30 million following an upbeat forecast of full year revenues. 

Its first half revenues rose 50 percent to to £16.5 million.  The Gibraltar-based betting firm, backed by Gervais Williams’ Diverse Income Trust, says it plans to launch online gambling websites in the lucrative Italian market. 

"The strong H1 trading performance and current trading is likely to see the company deliver revenues that are ahead of current market expectations for 2012," CEO Ed Ware said in a statement on Monday.

"The company continues to invest in marketing and confirms that profits remain in line with management expectations."

We look forward to launching 32Red.it during the second half of the year and welcome the recent decision by the Italian authorities to commence the procedures to approve online slots games from December 2012 onwards," Ware said.

- Aaron Goldstein, Gambling911.com