Gaming Realms: revenue climbs 65.9% in first half
The online gaming developer and distributor’s revenue hit £5.2m for H1.
UK.- Online gaming content developer Gaming Realms reduced losses in H1 after revenue grew 65.9 per cent year-on-year.
Revenue for the six months ending June 30 reached £5.2m (€5.8m/$6.8m). Content licensing to third parties accounted for £3.4m, an increase of 103.5 per cent. Social gaming accounted for £1.8m, up 29.4 per cent.
Net losses for the period fell 80.3 per cent year-on-year to £629,697.
The growth was driven by new partnerships, with five major operators rolling out Gaming Realms content during the period.
Gamesys, Sky Betting & Gaming and 888 Casino began running the developer’s content in the UK, while DraftKings added its games to its New Jersey online casino and Caliente launched them in Mexican market.
Gaming Realms also released four new games in the first half to take its portfolio to 40 titles.
New releases included its Inspired Entertainment collaboration Slingo Centurion. Slingo has been licensed for verticals outside of online casino such as lottery and social, which also helped boost results.
The supplier also benefited from increased play on online casinos during periods of lockdown due to the Covid-10 pandemic.
The US accounted for 56.1 per cent of H1 revenue (£2.9m, all from New Jersey). Next year, Gaming Realms hopes to expand into Pennsylvania and then Michigan, subject to regulatory approval.
However, diversification saw Isle of Man-licensed partners contribute a larger share in the last half, up 115.2 per cent to £1.3m. The rest of the world segment contributed £753,269 (up 154.9 per cent).
Gaming Realms says licensing revenue has continued on an upward trend since the end of H1, up 140 per cent year-on-year in July and August.
This means the supplier can expect to see positive earnings for the full-year, with the growth offsetting development costs.
Gaming Realms executive chairman Michael Buckley said: “Our exceptional performance in the first half of this year is testament to the strength of the company’s strategy of developing and licensing games to market-leading brands and gaming operators using our Slingo IP, which continues to deliver high margin revenues.
“Whilst our results were enhanced during the Covid-19 period of self-isolation, I am pleased to say revenues in the second half are holding onto levels achieved during the first six months.
“We are delighted to report that our innovative Slingo Originals content continues to gain momentum, reaching new international audiences thanks to our global network of distribution partners.
“We remain committed to building on this, and growing our global reach during the second half of the year by investing in our unique content and securing further strategic partnership deals.”
In other recent iGaming results, Latvia’s Enlabs last month reported a 9.9 per cent drop in revenue.
