32Red revenues slide

The online gambling firm said it reduced the cost of player acquisition, and developed operations for future growth.

However, due to the challenging economic environment faced by the UK and the rest of Europe during the first half of the year, overall revenues have fallen 11.2% to £5.8m (down 8.6% on H2 2008).

Active casino players in the first 6 months : 14,490, up 23% on H2 2008 and up 18% on H1 2008.

New casino players in the first 6 months : 9,733, up 32% on H2 2008 and up 19% on H1 2008.

New casino players attracted at cost of £89 each, a reduction of 16% on H2 2008 and 35% cheaper than H1 2008

32Red has become the sponsor of Championship football team, Swansea City Football Club, until 2011.

The company said investment in both customer-facing and back office technology which is resulting in more effective marketing and operations with anticipated cost savings of c. £400k per annum.

32Red reported strong current trading with daily average casino revenue for July and August up 16% on the first six months of the year and up 9% on the corresponding period in 2008.

Ed Ware, CEO commented: 'Despite the global recession, 32Red has managed to grow its new casino players by a record 9,733, driven in part by our new television advertising campaign that has helped deliver a lower cost of customer acquisition. 32Red now has an excellent offering for customers covering all aspects of online gaming and is well positioned to take advantage of any improvement in market conditions. During the period we have also signed a sponsorship deal with Swansea City Football Club and look forward to working with them throughout this season and the next.