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Shares in 32Red are up by 18 per cent on the first half and up 8 per cent on the same period from the year before.

32Red was set up by former Ladbrokes executive Ed Ware who believes the turnaround in business is a direct result of the removal of the 32Vegas online casino website from rivals William Hill who faced a legal suit for brand infringement.  32Red are still optimistic that they can recover significant damages from its larger competitor over the issue.

The group’s flagship 32Red online casino generated gross win of £11.5m for the year, 1.7% down on the £11.7m recorded in 2008. The casino led the company's second half recovery in 2009, with revenues from the vertical 21% up on the first half.

32Red is now in a strong position for 2010 and has plans to develop supporting products including 32Red Bet – its sports betting business – which is running on Global Betting Exchange’s iBroker platform.

Ed Ware said: “Our strong recovery in the second half of the year and, in particular, the strong recruitment of new players at reduced cost per acquisition rates has been pleasing and leaves the Company well positioned for 2010 and beyond. The withdrawal of the 32Vegas site in early August was a key factor and the Directors remain committed to protecting our trade marks.

“We will now increase marketing investment in 2010 and, while focus remains on the core 32Red casino product, we will also look to develop supporting products, including the newly launched sports betting service, 32Red Bet. The Board continues to monitor regulatory developments in Europe and the Rest of the World with a view to expanding into new markets should an attractive opportunity arise.”