Gaming Realms rides high on record results as Slingo success soars
Gaming Realms PLC has posted its strongest financial results to date, reporting a 22 percent rise in annual revenue and a 30 percent leap in Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortisation) for 2024.
The UK-listed mobile content developer and licensor credited its core content licensing model for the surge in performance, as international expansion and fresh partner deals propelled growth across North America, Europe, and newly regulated markets such as Brazil.
With licensing revenue up 23 percent to £24.5 million and group revenue climbing to £28.5 million, the London-headquartered group has now achieved year-on-year growth for the fourth consecutive year. Adjusted EBITDA rose from £10.1 million in 2023 to £13.1 million in 2024, driven by expanding Slingo game releases, robust market traction, and an expanded global footprint.
“I am thrilled to share that 2024 has been another record-breaking year for Gaming Realms,” said CEO Mark Segal. “Our performance, including a 22 percent increase in revenue and a 30 percent lift in Adjusted EBITDA, is strong evidence of the effectiveness of our content licensing strategy, as well as the rising popularity of our Slingo portfolio.”
Licensing-led model delivers results
Licensing continues to be the group’s powerhouse. It accounted for £14.2 million in EBITDA, over 85 percent of the total, and saw a 59 percent surge in North American revenue, which reached £12.9 million. North America now represents over half of Gaming Realms’ licensing revenue at 54 percent.
During the year, the company released twelve new Slingo titles, among them branded hits such as Slingo Press Your Luck and Slingo Fowl Play. The company also doubled its distribution of third-party titles, reaching 14 compared to seven the previous year. ReelPlay became the second third-party slot developer to feature on Gaming Realms’ platform, underlining the group’s commitment to diversifying its portfolio.
The group also launched with 44 new partners globally in 2024. Big names keep joining the party. In the U.S., Gaming Realms rolled out with FanDuel in Pennsylvania and Connecticut and with Fanatics across four states. FanDuel recently reported that nearly half of its customers used the ‘My Spend’ responsible gaming (RG) dashboard during the 2024/25 NFL season. Over in Europe, new launches landed with Danske Spil in Denmark, Betclic in Italy, and Solverde in Portugal.
New licences, fresh ground
Gaming Realms expanded its regulatory coverage, securing full iGaming supplier licences in West Virginia and British Columbia. The West Virginia launch marked its fifth operational U.S. state. Meanwhile, the group is eyeing further expansion in 2025, with new launches expected in British Columbia and South Africa.
Brazil’s regulation of iGaming in January 2025 has already borne fruit. Gaming Realms swiftly moved into the newly regulated market, launching with four operators and expanding its LatAm reach. It also began 2025 with a bang, onboarding nine new operators in Q1, including BetMGM and Superbet in Brazil and PENN Entertainment in West Virginia.
Early revenue indicators for 2025 remain promising. Core content licensing revenue increased 22 percent in the first two months of the year compared to the same period in 2024. Three new Slingo games, Slingo Genie Gemstones, Slingo Honey Crew, and another yet to be revealed, were released to bolster the brand’s momentum.
Strong balance sheet and confident outlook
Profit before tax increased by 61 percent to £8.3 million, while the group ended the year debt-free with £13.5 million in cash reserves, up from £7.5 million the year prior. Operating costs, excluding share-based charges, remained tightly controlled at £2.6 million.
With a £6 million buyback approved, the message is clear: Gaming Realms is backing its own hand. The team’s feeling upbeat, especially with momentum building in well-established and brand-new markets.
“As we move through 2025, we look forward to sharing updates on our continued expansion into new markets, the growth of our exciting game portfolio and upcoming partner launches,” Segal added.
By blending its game formats with mobile-first design, Gaming Realms has built something that stands out in a crowded market. Slingo isn’t just sticking around — it’s still turning heads. The mash-up of slot and bingo keeps players hooked and partners coming back for more.
More games, more ground
Gaming Realms has gone beyond building games. It’s growing a network and teaming up with outside studios to bring in a richer, more exciting mix of content. It’s a variety that clicks for players and partners. Operators get more variety, players get more choice, and the ecosystem gets stronger with every new title that joins the line-up.
Meanwhile, increased player engagement, up 22 percent in the licensing segment, highlights the growing appeal of Gaming Realms’ content. With Brazil, Canada, and South Africa all set to become growth markets in 2025, the group is preparing to scale operations further.
Investors listening, analysts watching
Executive Chairman Michael Buckley, CEO Mark Segal, and CFO Geoff Green continue to lead the way, backed by joint brokers Peel Hunt and Investec.
As 2025 unfolds, Gaming Realms looks set to build on its current momentum. With a healthy balance sheet, expanding international footprint, and continued innovation across its Slingo portfolio, the business appears well-placed to ride the next wave of iGaming growth.
