British online gambling company, 32Red Plc. has confirmed that it intends moving ahead with its plans to enter the Italian gambling market.
Gibraltar based 32Red operates several highly profitable online gambling sites which include leading Microgaming powered 32Red Casino and revealed that in the past two months its revenues had risen by 22% despite the strong competition from the Olympics action dominating the UK gambling market during that period.
Ed Ware, the Chief Executive Officer of 32Red Plc said that they were keen to put its Italian license to good use and commence operating in that market. He added that some of the group’s industry rivals that included Paddy Power and William Hill have already made tracks in the newly regulated Italian market and that 32Red would like to launch an online casino and gambling site there as well.
Ware also said that while they are continuing to focus on their principal market of the UK, they are looking forward to utilizing their Italian license in order to expand the profile of their brand and to grow business in another regulated market.
32Red Plc intends to enter the Italian online casino market in early Q4 and they are eagerly looking forward to commencing marketing and operational activities.
Ware revealed that 32Red Plc’s activities in the first half of 2012 were exceptionally strong. Revenues rose 50% in the first six months to GBP 16.5 million with EBITDA (before share option costs and exceptional items) growing 12% to GBP 1.7 million.
According to Ware, some of the exceptional costs faced by 32Red included almost GBP 60,000 due to a trademark dispute court case between the group and William Hill which 32Red eventually won.
