Mobile gaming specialist Gaming Realms has sold its affiliate portals, bingoport and freebingohunter, for £2.4m to a company called 1st Leads.
The sale comes as the company aims to focus its resources on its real money gaming and content development businesses. The company has also seen the affiliate segment become more competitive, with revenue from the affiliate business declining by 25 per cent in 2017.
1st Leads has paid £2m on closing and a maximum of £400,000 will be payable on 31 December 2018, subject to the achievement of performance targets.
Following a trading update for the full year of 2017, Gaming Realms CEO Patrick Southon is optimistic about operations in 2018.
"2017 was a year of significant developments, with the company delivering maiden positive EBITDA and successfully focusing resources towards real money gaming and licensing our Slingo Originals content to improve margins," he said. "The disposal of the affiliate portals marks the completion of this transition, and with further licensing opportunities to follow, we believe that the company is in line for improved bottom line growth in 2018."
