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32 Red, the Gibraltar-based online gaming operator, has just released details of their financial performance in 2011. The report shows that over the 12 month period, the company saw revenues of £25 million. Revenues rose 48 percent in 2011 from £16.9 million in the previous year, which was aided by a 47 percent increase in online casino earnings.

The company behind 32Red.com have said the growth is 'particularly encouraging', especially as the previous 12 months had seen a 33 percent rise on 2009's figures, meaning an overall rise of 96 percent since 2009.

They also went on to say that excluding acquisitions, 27,648 new depositing players had joined the site in 2011, a 42 percent year on year increase, averaging at a cost of £143 per acquisition.

A statement from 32 Red said: “We will continue to grow marketing investment and believe this performance will have a positive effect on activity levels in 2012 and beyond. This accelerated new player recruitment has resulted in total active depositing players increasing by 39 percent to 39,687 during the year with average yield per depositing active player up to £550.”

32 Red stated that the trading to date has been strong across all of their products with gross win for the first 24 days of 2012 up 67 percent compared to the same period in 2011.

“2011 has been another year of progress and the sustained top-line growth is encouragement to continue to invest in marketing the 32Red brand,” said the Chief Executive Officer for 32Red, Ed Ware.

“Meanwhile, we will take measures to ensure that the level of service and support we provide to our players remains our point of difference and bolsters retention. Although we recognise the potential for uncertainty in the economy at home and abroad, we look forward to further progress during 2012. We also believe Italy represents a good opportunity for 32Red to establish itself as a leading remote gaming operator in a new market and we maintain a watching brief on other regulatory developments around the world.”