Gaming Realms had documented “exceptional progress” during the first half of the year, as the group continues to pursue global growth opportunities, with the US reaffirmed as a key priority once more.
Total revenue during the period ending June 30, 2021, increased 50 per cent from £5.2m to £7.7m, with adjusted EBITDA up 144 per cent £3.1m (2020: £1.28m).
Licensing revenue recorded a 73 per cent uptick to £5.8m (2020: £3.4m) due to an increase in distribution from an expanded games portfolio, with social revenue up seven per cent to £1.9m (2020: £1.8m) driven by a rise in new Slingo content, as well as improved player management and new player engagement features.
Michael Buckley, executive chair of Gaming Realms, explained: “The group has delivered an excellent first half both in terms of significant earnings growth and new licensing and distribution agreements. 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.
“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 US states that have regulated so far.
“In addition, we will also pursue further licensing opportunities within the US as new states announce their intention to regulate igaming.
“This is an exciting time for the company and we intend to continue to deliver further value by scaling our platform and bringing innovative content to new audiences worldwide.
“With more material impact expected from Michigan and Pennsylvania in the second half of this year, the board is confident in the future performance of the business.”
The company adds that “momentum is set to continue into the second half of the financial year,” buoyed by launches, and growth, within Michigan and Pennsylvania.
“Despite being live with just three operators to date in Michigan, early appetite for Gaming Realms’ full Slingo portfolio has been promising, and the group will be launching imminently with additional operators across all its US territories to fulfil strong market demand,” the group stated.
Furthermore, Gaming Realms also anticipates a fresh wave of launches across European markets, following on from a successful debut in the Italian regulated gaming market earlier in the year.
“With a strong game development pipeline, a clear strategy to continue expanding its distribution internationally and with demand from the group’s customers expected to continue, the board expects trading for FY21 to be in line with market expectations and remains confident in the strategic outlook for the business,” Gaming Realms added.
Licensing revenue increased 28 per cent in the two months post period-end compared to the same period in 2020.