Gaming Realms enjoys 66% increase in 2020 revenue

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Gaming Realms enjoys 66% increase in 2020 revenue

Gaming Realms has revealed its financial results for the year ended 31 December 2020 and for the first quarter of 2021.

The company showed that its revenue had increased by 66% in 2020, up to £11.4m ($15.8m), from the £6.9m earned the year before.

Last year, Gaming Realms added 10 games to its portfolio, launched with 26 new partners including DraftKings and Paddy Power and also signed licensing deals with companies like NetEnt and Playtech.

Gaming Realms confirmed licensing and social publishing revenue had increased by 81% and 41% and these segment’s adjusted EBITDA also rose.

In 2020, overall adjusted EBITDA from continuing operations was £2.9m, an improvement from the £0.3m loss it made the year before.

Gaming Realms additionally managed to reduce office costs by £0.2m, which meant the company reduced its losses to £1.5m, when in 2019 it lost £5.4m.

The positive numbers continued into this year, as licensing revenues increased by 60% for the first quarter in 2021.

Gaming Realms was able to enter the Italian gaming market with Goldbet and Sisal Group and obtained a licence in Michigan, with a launch on the horizon.

Executive chairman, Michael Buckley, said: “We remain committed to the expansion of our global footprint, particularly in the US and European regulated markets, through increasing and strengthening our network of distributors, operators and licensors.

“With further planned launches in the USA, Denmark, Spain, Canada and Portugal, and a strong pipeline of new and exciting branded Slingo games, the board is confident in the future prospects of the business and looks forward to keeping its shareholders updated on progress.”