Gaming Realms Reports Record Revenue and EBITDA Growth in Annual Results

2023 Financial Highlights:

• Revenue Growth: Gaming Realms reported a 26% increase in revenue, reaching £23.4m, up from £18.7m in 2022.
  • Licensing revenue saw a 33% increase to £19.9m, compared to £14.9m in 2022.
  • However, social publishing revenue experienced a 5% decrease, settling at £3.5m from £3.7m in 2022.
• Adjusted EBITDA Growth: The company achieved a 29% rise in adjusted EBITDA, amounting to £10.1m up from £7.8m in 2022.
• Profit Before Tax: There was a 47% surge in profit before tax for the year, which rose to £5.2m from £3.5m in 2022.
• Cash Balance and Debt Status: Gaming Realms ended the year with a cash balance of £7.5m, an increase from £2.9m in 2022, and remains debt-free.

2023 Operational Highlights:

• The portfolio of proprietary games on the Group’s remote game server (RGS) expanded to 75, up from 65 in 2022.
• Gaming Realms was granted iGaming Supplier Licenses in West Virginia, Sweden, and Greece.
• The company made its debut in the regulated Portuguese market.
• 44 new partnerships were established for Slingo Originals content with notable names like Bet365 and PENN Entertainment across New Jersey, Michigan, and Pennsylvania.

Q1 2024 Highlights:

• The first two months of 2024 showed a promising start with a 20% increase in revenue from the core content licensing business compared to the same period in 2023.
• 14 new operators were launched, including Livescore and DAZN in the UK, Bet365 in Ontario, and Entain in Spain.
• Three new Slingo games were released, enhancing the Slingo game portfolio.

Outlook for 2024

Gaming Realms is well-positioned for further growth in both new and existing markets. The company’s expansion into the regulated Portuguese market, along with the acquisition of licenses in West Virginia and Greece, reflects its commitment to broadening its distribution and diversifying its market presence.

With 14 new partners already onboard in 2024 and the introduction of three new Slingo games, the Board remains confident in the company’s strategic direction and future prospects.

Our Comment on the Article

Gaming Realms’ record-breaking annual results for 2023 and the positive start to 2024 highlight the company’s successful strategy in content licensing and global market expansion. The significant growth in revenue and EBITDA demonstrates the company’s operational efficiency and its ability to adapt to changing market dynamics. As Gaming Realms continues to innovate and expand its Slingo game portfolio, its strategic partnerships and market entries position it for sustained growth and success in the competitive iGaming industry.