It was recently announced that British online gambling firm 32Red will leave the wagering market in Italy after eight years of activity in the European Union. As of November 30th 2020 the subsidiary of The Kindred Group 32Red will withdraw operations from the Italian gambling market.
According to a statement on the 32Red.it web site it was confirmed, “We are sorry to inform you that starting from November 30th 32Red will no longer be operational. It was a difficult choice to make. We hope, however, that these years spent together have been fantastic for you, as they have been for us.”
Consumers of 32Red gambling products have been advised by the operator to withdraw funds by November 29 as the site would not be accessible to them after that date. The parent company Kindred completed a takeover of 32Red based in Gibraltar at a cost of its £176.5 million in April of 2017. The company is planning to focus its offerings on its Unibet.it brand operating in Italy. The online gambling operator said Unibet would “guarantee 32Red.it players the warm welcome they deserve,”
32Red entered the Italian wagering market back in March of 2012 after receiving a licence to operate in the new Italian online gambling market which was liberalized in December of 2012.
Edward Ware, who is the former Ladbrokes executive and founder and former Chief Executive Officer for 32Red, commented on the move back then …“The continued growth in revenues, particularly in light of strong comparatives, is testament to the strong new player recruitment resulting from more investment in our main market, the UK. We aim to continue in this regard as well as taking our first measured steps in entering the Italian market.”
Revenue rose 25.4 percent year-on-year in September 2020 in Italy’s regulated online gambling market. Third-quarter revenue has not been posted by Kindred but it has posted an 8 percent climb in H1 revenue. The firm’s gross gaming revenue for the period was £484.8m.
