Gaming Realms plc, a leading developer and licensor of mobile-focused gaming content, has announced its annual results for the year ended 31 December 2023 and Q1 highlights for 2024. The companys strategic focus on content licensing has driven strong revenue growth and high margins, expanding in both existing and new markets.
Mark Segal, CEO
“We are now licensing our games into 20 regulated markets and have launched with 44 partners in the year and have 75 live games which demonstrates the scale of our content licensing business.”
Financial Performance
In 2023, the company saw a 26 percent increase in revenue to ?23.4 million, up from ?18.7 million in 2022. This growth was largely driven by a 33 percent increase in licensing revenue to ?19.9 million. Despite a 5 percent fall in social publishing revenue to ?3.5 million, the companys adjusted EBITDA increased by 29 percent to ?10.1 million. The profit before tax for the year also increased by 47 percent to ?5.2 million. By the end of the year, the companys cash balance had increased to ?7.5 million, with the Group remaining debt-free.
The companys portfolio of proprietary games on the Groups remote game server (RGS) grew to 75, up from 65 in 2022. The company was granted iGaming Supplier Licenses in West Virginia, Sweden, and Greece and launched in the regulated market in Portugal.
Gaming Realms launched with 44 new partners for Slingo Originals content, including Bet365, Beltclic, OLG (Provincial Lottery in Ontario), and PENN Entertainment in New Jersey, Michigan, and Pennsylvania. The company also signed licensing deals with Tetris, Relax Gaming for Money Train, and WMG for Fowl 바카라, a leading slot game in the Italian market.
Q1 2024 highlights
The first quarter of 2024 has started promisingly, with revenue in line with management expectations. The core content licensing business showed a 20 percent increase in the first two months of the year compared with the same period in 2023. The company launched with 14 new operators and released three new Slingo games, including China Shores Slingo and Slingo Capital Gains.
With a strong pipeline of upcoming games and operator partnerships, Gaming Realms expects continued growth in 2024. The companys strategic initiatives in North America yielded a 26 percent increase in content licensing revenues in 2023, underscoring the popularity of its Slingo games with partners and players. This growth mirrors the companys achievements outside North American markets, where it experienced a 33 percent growth in content licensing last year, highlighting its global appeal.
