Gaming Realms swings back to profit

Finance News

Gaming Realms expects full-year results will be in line with expectations after it made “exceptional progress” in the first half of the year.

Revenue grew 50% in the first half of 2021 to £7.7mln from £5.2mln in the same period of 2020. Licensing revenue jumped 73% to £5.8mln from £3.4mln the year before while social media revenue increased by 7% to £1.9mln from £1.8mln. Adjusted underlying earnings (EBITDA) leapt 116% to £2.68mln from £1.24mln the year before. Profit before tax was £803,928 compared to a first-half loss last year of £692,578.

“Having recently launched in Michigan and Pennsylvania, the Group is now working to capitalise on the significant opportunities in these markets. We are also looking to strengthen our position in Europe through launches in other regulated markets following the encouraging response we have seen from players in Italy for our Slingo content,” said Michael Buckley, the executive chairman of Gaming Realms.

“Looking further ahead, we are about to start the process for obtaining a license in Ontario, Canada. Ontario has announced its intention to regulate iGaming and has the potential to be a bigger market for Gaming Realms than any one of the U.S. states that have regulated so far. In addition, we will also pursue further licensing opportunities within the U.S. as new States announce their intention to regulate iGaming,” he added.