The Armchair Trader pick Gaming Realms LON:GMR the developer and licensor of mobile-focused gaming content, has announced a pre-close trading update for the half year to 30 June 2023, telling investors that it expects to report H1 2023 revenue of c.£11.4 million and adjusted EBITDA of c.£4.6 million.
These numbers are up 34% and 32% respectively, year-on-year. Gaming Realms said the strong performance was driven by the continued growth of its licensing business, it consolidated its market share by going live with 25 new partners and launching five new Slingo games.
Mark Segal, Chief Executive Officer of Gaming Realms, said strong performance in the first half of 2023, demonstrates Gaming Realms’ ability to deliver consistent growth from its ever-expanding games portfolio across existing and new markets. “As we advance into the second half of 2023, we believe the momentum will continue, backed by our strong commercial pipeline, and that we will meet our full year targets,” he said.
Continued expansion into important US market
In North America, highlights included the launch of the Slingo Originals portfolio with Betway, OLG (Provincial Lottery) and LeoVegas in Ontario, Pokerstars in New Jersey and Stardust Casino in Pennsylvania.
In Europe, Slingo went live with Bet365 in the UK, 888 in Romania and Spain, Betflag in Italy and Betsson and Mr Green Casino in Denmark. Gaming Realms was also granted its Swedish Gaming Authority licence, allowing the company to continue to supply its games to the Swedish market.
Five reasons we picked Gaming Realms for our portfolio
- Experienced management team with strong track record in the gaming sector
- Exposure to the fast growing global online gaming market
- End clients – e.g. casinos – do well during economic slowdowns historically
- Targeting the opening up of the massive US online gaming market
- Strong brand and IP which is being constantly enhanced
New licensing agreements
Early in the year, Gaming Realms secured brand licensing agreements for two internationally renowned games: Tetris and TAITO’s SPACE INVADERS, expected to launch in the fourth quarter of this year. Gaming Realms also signed a licensing deal with Entain to launch Slingo Bingo. The game was developed in-house by Entain exclusively for UK customers and went live with Entain Bingo Products in May 2023.
The board told investors this week that strong momentum in the period gives it confidence that the Gaming Realms is on track to meet its full-year targets. It expects to report its 2023 interim results during the week commencing 11 September 2023.
