UK-listed online casino operator 32Red had its best year ever in 2016 although its share of revenue from regulated markets dipped slightly.
Final FY16 results released on Thursday show 32Red’s revenue rising 28% to a record £62.3m, while earnings more than doubled to £10.6m and pre-tax profits jumped 511% to £6.5m. The gains reflect a full year’s contributions from online casino add-on Roxy Palace, a newly profitable performance by 32Red’s Italian business and the May 2016 launch of a more responsive multi-platform website.
32Red boosted its marketing investment by 26% last year, in part to promote its nascent sportsbook product. This investment included a three-year shirt sponsorship of Leeds United FC, an advertising deal with Sky TV’s live sports coverage and two racing sponsorships – the King George Winter Festival on Boxing Day and Haydock Park’s Group 1 Sprint Cup.
32Red CEO Ed Ware admitted it was fun to announce “another record annual performance,” which featured “outstanding growth on mobile.” Mobile’s share of overall revenue topped 57% last year, up from 44% in 2015.