How Mark Segal is driving expansion at Gaming Realms plc

February 9, 2025

How Mark Segal is driving expansion at Gaming Realms plc

Mark Segal, CEO of Gaming Realms plc, is approachable and does not hide behind rehearsed marketing clichés or corporate jargon. Pragmatic yet confident, he has earned the respect of both investors and employees. I crossed paths with him in Barcelona last month.

“I’ve been at Gaming Realms since the very beginning in 2013,” Segal told me. “Originally, I was part of a team that included one of the directors of a UK company that owned a very big bingo brand called Foxy Bingo. We sold that to PartyGaming in 2009, and Gaming Realms was really about bringing bingo to mobile back then.” Before stepping into the CEO role in February 2023, Segal (pictured above) had already spent years shaping the company’s financial backbone as Chief Financial Officer and later as Chief Operating Officer. This familiarity with Gaming Realms’ inner workings has made him a leader who understands the business in meticulous detail, from product innovation to the financial levers that drive growth. From the outset, Gaming Realms was about capitalising on the mobile gaming boom, and Segal has been instrumental in steering the company toward its current dominance in the iGaming space.

Under Segal’s leadership, Gaming Realms has delivered remarkable financial performance. The company’s 2023 annual report revealed a 26 percent increase in revenue, hitting £23.4 million, up from £18.7 million in 2022. Adjusted EBITDA climbed 29 percent to £10.1 million, while profit before tax surged by 47 percent to £5.2 million. These aren’t just growth figures, they’re a clear signal that Segal’s vision is paying off.

Beyond product innovation and market expansion, Gaming Realms’ financial discipline under Segal is a major competitive advantage. The company closed 2023 with a cash balance of £7.5 million and remains debt-free. In an industry where over-leveraged competitors often struggle with long-term sustainability, this is a position of power.

“We have the flexibility to invest in new opportunities without the burden of debt,” Segal says. This prudence has enabled the company to focus on organic growth rather than risky acquisitions, a strategy that could prove crucial as market conditions fluctuate.

Slingo, the moneymaker

At the core of Gaming Realms’ success is Slingo, its flagship product. A hybrid between slots and bingo, Slingo has carved out a niche in an industry saturated with predictable slot titles and uninspired rebrands. Segal understands the value of differentiation. “Slingo is what we do best,” he says. “We don’t need to chase trends. We own our lane.”

Content licensing has been the engine of growth. Gaming Realms’ 2023 report showed the release of seven new games. “The strategy is simple: partner with major operators, build great games, and expand into regulated markets,” Segal explains. And it’s working. Gaming Realms is now active in more than 200 operator sites worldwide.

Scaling in the US, success in Italy, and localisation

One of the shrewdest moves under Segal’s tenure has been Gaming Realms’ aggressive push into the U.S. market. While many European gaming firms have struggled to break into the labyrinthine world of American state-by-state regulation, Gaming Realms got in early. “We launched in New Jersey back in 2017,” Segal notes. “That head start allowed us to build relationships and credibility.” The results speak for themselves. Gaming Realms is now live in several U.S. states, including Michigan, Pennsylvania, and Connecticut, with more on the horizon. As major operators expand across the U.S., Gaming Realms has positioned itself as a go-to content playbook that is proving immensely profitable.

Segal sees Italy as more than just another market. It’s a proving ground for Gaming Realms’ ability to tailor content for local audiences. “We had a very successful launch of a game in Italy, which we worked on with a brand called Foul Play there,” he explained. “It was Italian-focused, but we think it can be super successful in our other markets.” This localisation strategy isn’t just about translation; it’s about understanding player behaviour, cultural preferences, and the nuances that drive engagement. Italy’s success is now shaping Gaming Realms’ broader strategy, pushing the company to refine its mechanics, experiment with new formats, and expand third-party distribution. If the Italian model can be replicated elsewhere, Segal may well have found a formula for sustainable global expansion.

“Competition keeps us sharp,” he says. “We’re not trying to be everything to everyone. We’re doubling down on what we do best.” Segal’s approach to innovation is what will sustain Gaming Realms in the long run. Instead of blindly following industry trends, the company is meticulously selective. “We’re not throwing money at every new tech trend,” he explains. “We’re focused on what enhances gameplay and player retention.”

A key initiative has been partnerships with other slot developers to integrate their IP into the Slingo format. This collaboration-first model has already yielded successful releases in key European markets, including a standout launch in Italy. “We’ve started to look at markets in a much more localised way,” Segal notes. “It’s not just about translation, it’s about cultural relevance.”

Financial strength and a debt-free future

Segal is bullish on the company’s future. Expansion into new regulated markets is high on the agenda, with Canada and Latin America presenting ripe opportunities. “We’ve barely scratched the surface in some regions,” he points out. “The goal is to scale responsibly, ensuring our content resonates in every market we enter.”

At the same time, strengthening existing partnerships remains a priority. Major operators increasingly see Gaming Realms as a must-have supplier. “We’re not just a niche content provider anymore,” Segal states. “We’re becoming a core part of operator portfolios.”

Our conversation wraps up. “At the end of the day, it’s about making great games and putting them in front of players,” he says simply. That clarity of vision, combined with a razor-sharp business mind, makes him a formidable force in gaming.

Gaming Realms plc is trading at 40.70 GBX on the London Stock Exchange, marking a +0.90 (2.26%) increase as of 7 February 2025.