Mobile gaming-focused developer Gaming Realms has reported record annual profits on the back of a boom in demand for its products.
For the year ended December 31, 2023, the UK headquartered listed company reported a revenue increase of 26 per cent year-on-year to £23.4m supported by a growth in its licensing revenue by 33 per cent to £19.9m
Its profit before tax for the year increased by 47 per cent to £5.2m with its year-end cash balance rising to £7.5m, up from £2.9m in 2022, with the Group remaining debt free. Its EBITDA stood at £9.2m.
Gaming Realms added that its portfolio of proprietary games on the Group’s remote game server (RGS) grew to 75 and it was granted iGaming Supplier Licenses in West Virginia, Sweden and Greece last year. Also, it launched in Portugal.
Additionally, it launched with 44 new partners for Slingo Originals content including Bet365, Beltclic, OLG (Provincial Lottery in Ontario) and PENN Entertainment in New Jersey, Michigan and Pennsylvania.
It even signed licensing deals with Tetris, Relax Gaming for Money Train and WMG for Fowl Play, a slot game in the Italian market. It even launched Slingo Space Invaders and Tetris Slingo.
One of its most important markets, North America, yielded a 26 per cent increase in content licensing revenues in 2023.
“Despite the challenges posed by a dynamic market environment, our company has demonstrated resilience, innovation, and strategic foresight, cementing our position as a leading games studio in the international regulated igaming market,” said Michael Buckley, executive chairman of Gaming Realms.
“The investments we have made in technology, talent, and market expansion set a solid foundation for growth. We remain committed to innovation, with several exciting new products in the pipeline that promise to redefine the gaming experience for our users. Our strategic focus for the coming year will be on expanding our international presence, while growing in our existing markets, as well as delivering an innovative Slingo roadmap.”
