2006 a year of transition for 32Red and Betdirect

By Bookmakers Review13 March 2007
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 2006 a year of transition for 32Red and Betdirect

Betdirect, which was acquired by 32Red on June 2006 for £12.5m, experienced difficult trading conditions, with an abnormally high number of winning favourites in UK horseracing markets and unfavourable Champions League football results in September. As a direct result of the disappointing gross win margins experienced by Betdirect, the 32Red Group made a loss of £3.7m for the year ended 31 December 2006 (2005: profit of £1.3m).