Gaming Realms had made “exceptional progress” in the first half of the year, as the company pursues global expansion prospects, with the United States reiterated as a top target.
Total revenue climbed 50 percent from £5.2 million to £7.7 million in the fiscal year ending June 30, 2021, with adjusted EBITDA growing 144 percent to £3.1 million (2020: £1.28 million).
Licensing revenue increased by 73 percent to £5.8 million (2020: £3.4 million) due to increased distribution from an expanded games portfolio, while social revenue increased by 7 percent to £1.9 million (2020: £1.8 million) thanks to new Slingo content, improved player management, and new player engagement features.
Michigan and Pennsylvania
Gaming Realms’ executive chair, Michael Buckley, 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.”
“Momentum is set to continue throughout the second half of the financial year,” according to the company, which is supported by launches and expansion in Michigan and Pennsylvania.
The group said: “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.
Furthermore, following a successful debut in the Italian regulated gaming market earlier this year, Gaming Realms expects a new wave of debuts across European countries.
“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.
When compared to the same period in 2020, licencing revenue climbed by 28 percent in the two months after the conclusion of the period.