Gaming Realms, the developer and licensor of real money games, grew its revenues by two-thirds during the first six months of 2020.
Revenues were up 66 per cent from £3.1m in H1 2020 to £5.2m. The group, which owns Slingo, saw its adjusted EBITDA grow from £0.1m to £1.24m, while adjusted EBITDA margin for the period stood at 23.9 per cent.
Licensing revenue grew 104 per cent to £3.4m (H1 19: £1.7m) due to an increase in distribution and an expanded games portfolio. Social revenue increased 29 per cent to £1.8m (H1 19: £1.4m) due to an increase in new Slingo content being produced and also improved player management and new player engagement features.
Gaming Realms’ Slingo games are licensed by operators including DraftKings, Sky Betting and Gaming and GVC.
During H1 of 2020, 56 per cent of revenues were generated in the US with the balance generated in other markets. Gaming Realms already licenses its games in the regulated New Jersey market, which year-on-year grew 94.7 per cent with the company maintaining its market share of 3.5 per cent of total gross gaming revenues. Subject to regulatory approvals, the company expects to be licensing its games in Pennsylvania by the start of 2021, followed by Michigan.
The company stated: “Gaming Realms has made considerable progress during the first half of the year in delivering on its long-term growth strategy of developing and licensing games using its proprietary Slingo IP. The group added four new games to its Slingo Originals portfolio, taking the total number of games to 40. This momentum is expected to continue into the second half with the roll-out of additional proprietary content to take advantage of an increasing number of players globally.
“The company has strategically expanded its network of distribution partners in order to bring its Slingo Originals content to a greater international audience. Recent partnership agreements with DraftKings and Oryx Gaming have consolidated and expanded Gaming Realms' presence in the US and Europe respectively, and the business continues to increase its US footprint with planned launches in Pennsylvania and Michigan over the next 18 months. The group will make further license applications in the US as more states move to regulate online casinos.”
