London-listed online gaming operator 32Red has seen its first half profit slump 94 per cent as its bottom line was hit by a £2.0m point of consumption (PoC) tax charge in the UK and a loss of £1.0m from its investment into Italy.

Profit for the six month period fell to just £0.1m, despite the operator posting record revenue of £18.6m, an increase of 22 per cent compared to the same period in 2014. Approximately 85 per cent of revenue was generated in regulated and taxed markets.

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