32 Red to offer new financial betting product.
19th January, 2009
32 Red offer players a huge range of gaming products including bingo casino, mobile and gaming and now financial betting. 32 Red had an impressive 2008 despite the economic downturn total gaming revenues grew to £13m for the year to December 31 2008.
The online casino site saw an increase of 15% in player activity for their casino product which resulted in improved revenue figures. Bosses at 32 Red claim the company is firmly back on the growth path even in the current economic climate.
Chief Executive Ed Ware said in a statement, “We will continue to compete effectively against our larger peers through our existing platforms and the addition of new products to the 32Red portfolio including financial spread betting, due to go live later this month,”
Financial spread betting allows customers to bet on the difference between the bid and offer prices quoted by Stock brokers.
Punters can predict and place money on how the share's will move either up or down and the potential money which can be won or lost is huge. For example if a customer thinks that shares in high street retailer boots will increase from 147-148 they can place a spread bet on this.
If in say three weeks time the market share price is 160-161 the punter will have predicted correctly and profited from a 13 point increase.
If they place £10 on this prediction they will have won £130. However if the share price falls by 13 points the punter will lose £130. 32 Red will now allow users to bet on a huge range on financial markets with the aim attracting new customers.
By Jamie
