Gaming Realms has completed the sale of its real money gaming subsidiary, Bear Group, to River iGaming PLC.

Gaming Realms has received an initial cash sum of £7.35mln, with a deferred consideration of £1.5mln due before 31 December 2020. River, meanwhile, had also assumed £2.65mln of liabilities associated with Bear, taking the total value of the deal to £11.5mln.

Patrick Southon, chief executive, said that the completion of the sale was “a major step change” for the business, which would now focus on delivering “higher margin” gaming content for licensing.

“With a number of new licensing agreements in the pipeline and a much stronger balance sheet, the Company looks forward to updating the market on further progress in due course”, he added.