32Red Poker Revenue Falls 13 Percent

32Red.com, the publicly-quoted operator of 32RedPoker.com, has announced a 13 percent drop in poker net gaming revenue to £1.05 million in the year to Dec. 2008 from £1.21 million the previous year.

The company said in its annual report that, “Revenues from our poker operation, which represents 8% of total Group revenue for 2008, have fallen by 13% on 2007 which is unsurprising given the wider pressures on the poker market during the year. Our decision to increase casino marketing and decrease poker marketing has proved to be well founded.

“The poker industry remains challenging as the market matures, with the impact of operators accepting bets from US customers having a negative impact on player liquidity. Our strategy of focusing on existing loyal players has seen our yield per active player increase by 45% to £119. We continue to evaluate all aspects of the 32Red Poker experience in the face of competitive conditions and are mildly encouraged by trading levels in the first two months of 2009.”

Gross profit, before marketing costs, grew by 3 percent, to £494,273 in 2008. Overall the company which operates casino and bingo platforms, saw net gaming revenues up 26 percent to £13 million in 2008 from £10.3 in 2007.

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