Gaming Realms is eyeing new markets following a 50% increase in revenue and triple-digit earnings growth during the first half of this year.
The London-listed licensing and gaming developer ranked in an impressive £7.7m, during the first 6 months of the year. Although a large portion of the growth can be attributed to the COVID-19 lockdowns, the company has stressed that it has remained consistent, giving the board confidence in its future performance. This included content licensing revenue growing 39% to £4.1m driven by an increase in distribution from an expanded games portfolio.
Additionally, the company’s elevated brand licensing portfolio led to a 298% increase within that segment to £1.7m. Social revenue also experienced a significant boost with a 7% growth due to new Slingo content along with improved player management and additional player engagement features.
Gaming Realms’ impressive profit swing comes after the group’s lucrative Italian market debut earlier this year. The mobile-focused gaming content developer is now hoping to capitalize on its recent success, preparing to launch in additional markets during the second half of the year.
Gaming Realms executive chairman, Michael Buckley commented, “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 the full year will be in line with market expectations and remains confident in the strategic outlook for the business”.
“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,” He added.
Following the success of its three operators in Michigan, Gaming Realms plans to feed the growing demand by focusing on further US expansion as new states announce their intention to regulate iGaming. The company is also in the process of obtaining a license in Ontario, Canada as the country moves to legalize iGaming. Gaming Realms will also focus on adding new distributors, operators and licensors to its ever-growing portfolio in a bid to continue penetrating its existing markets.
Buckley concluded, “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.”