Gaming Realms records 18% H1 revenue increase with strong North American performance
Slingo supplier also reports 21% leap in adjusted EBITDA as content licensing arm’s gains offset by a significant decline across brand licensing
Gaming Realms has reported revenue of £13.6m for the first half of 2024, representing an 18% year-on-year (YoY) increase compared to H1 2023, as North America helped drive gains for the supplier.
The Slingo supplier’s main revenue driver was its content licensing arm which accounted for £11.2m in H1, up 28% YoY from £8.8m in H1 2023.
For this vertical, the US was the biggest revenue contributor with £5.6m, followed by Malta with £2.2m and Gibraltar with £1.5m.
The strong performance in North America in H1 saw revenue from the region jump 46% YoY, as Gaming Realms expanded into Pennsylvania and Connecticut with FanDuel.
The supplier also entered New Jersey, Michigan and Pennsylvania with Fanatics, as well as striking a deal with Atlantic Lottery Corporation.
Heading into H2, North American momentum has continued as the company also launched in West Virginia, as well as gaining an igaming supplier licence in British Colombia. Partnerships have also been struck with bet365 and BetMGM.
The UK and Channel Islands added £593,404, the Isle of Man contributed £791,493, while the Rest of the World added £778,827.
Social revenue for H1 2024 amounted to £2.1m, an increase of 17% YoY from £1.8m, while brand licensing revenue slumped 67% YoY to £300,000 from £1m.
Bosses said brand licensing’s revenue decline was due to “two brand deals completed in the same period of the previous year” which skewed the YoY comparison.
Adjusted EBITDA for H1 came to £5.8m, up from the £4.8m recorded in 2023, while pre-tax profit increased 51% YoY to £3.5m.
In total, H1 saw 22 partner launches alongside seven new games while the number of unique players across the content licensing business rose 24% to 3.5 million.
Looking to the remainder of the year, management confirmed the first two months of H2 has seen licensing revenue land 33% above the corresponding period in 2023, with bosses “optimistic” over the full-year 2024 outlook.
Gaming Realms CEO Mark Segal said: “We are delighted with our strong performance in the first half of 2024, with total revenue increasing by 18% to £13.6m.
“Our focus on expanding our content licensing business has led to a 28% revenue growth and the successful launch of seven new games. These results reflect our commitment to innovation and solidify our position in the gaming industry.
“The achievements of the first half demonstrate the dedication of our team and the appeal of our unique gaming offerings.
“We are poised for further growth as we continue to expand into new markets, launch with new partners and strengthen our existing partnerships.”
Gaming Realms’ share price is down slightly by 1.5% at the time of writing to 37.1p. The supplier’s stock has grown 2.7% in the year-to-date.