32Red to Enter the US Online Gambling Market
32Red, one of the leading real money online casinos in the industry which withdrew from the US a few years ago due to legal issues, is attempting to enter the market once again. The online gambling firm is in negotiations with several US companies with which it wants to establish partnership relations. According to Ed Ware, the chief executive of 32Red, in case a few partnership deals are successful, 32Red can enter the US market with ease.
The company started initiating discussions for partnership relations after the Wire Act clarification was made by the US Department of Justice (DOJ) in December 2011. Ed Ware mentioned that with the DOJ having changed its position on the Wire Act, 32Red will make bigger efforts than before, to enter the US market. Attempts to adopt online gambling regulations are on in several US states in which 32Red will consider entering.
32Red Unsure About the Best Path to be Adopted
32Red’s chief stated that previously he was confident that the company will be able to enter the US market at some point. In the present scenario, he is unsure as to how 32Red should proceed to establish a hold in the US market. However, some of the companies with which partnership talks are on, are quite keen on teaming up with 32Red. Ware added that after the company’s exist from the US market in 2006, this is the first time that 32Red is keeping track of every online gambling legalization initiative taken in the country.
32Records Big Successes in 2012 Beginning
32Red is in the limelight in the online gambling industry owing to its good performance at the onset of the year. The online visibility of the site increased significantly due to quite a few initiatives taken for increasing player base. The online casino announced in 2011 that it will move ahead of market expectations very soon especially with regulations easing out in quite a few European nations.
Ed Ware declared that the company has undertaken quite a few investment initiatives to improve products and services. Attractive promotions have also been introduced to increase player base.
Revenue Increase of the Firm
The net gaming revenues of 32Red reportedly shot up to £25.03m. The EBITDA of the company recorded a 70% increase to about £2.80m. There has been a 102% increase in profits before tax to about £2.12m. The final dividend announced by the board is 0.7p per share, which brings the whole year dividend to 1.2p for every share.
Commenting on the revenue increase of the firm, Ware stated that the online casino made significant progress in 2011 and that it is looking forward to developing more in the present year. The key metrics of the firm have improved significantly, according to Ware, who also mentioned that although the main focus of 32Red is the UK market, it is trying to extend its offerings in Italy’s regulated market as well. Ware also stated that the strong performance in the first two months of the year serve as an encouragement for the firm to undertake big marketing investments in the near future.
Best Offers
As stated by the chief executive, 32Red offers attractive promotions to increase its player base. One such promotion is the welcome bonus which allows players to add £32 to their account. The bonus is offered instantly on making a deposit of £20. Players can use the bonus for wagering on over 450 games that the casino has to offer. The promotion can be availed only once by real money players of the site who should claim the bonus before playing.
