Gaming Realms 2020 Revenues Set to Exceed Forecasts
Gaming Realms (LON: GMR), the online gambling content developer and distributor, has announced expected revenues of roughly £11.2 million and EBITDA (earnings before interest, taxes, depreciation, and amortization) of £3.1 million for 2020. The company said that it enjoyed a “record” financial month in December, which has boosted the figures. In its December forecast, the company suggested revenue would hit £10.7 million.
In its latest trading update, Gaming Realms explained that its content licensing division grew by more than 100% over the past year, singing 26 new partners including a number of tier-one operators such as Sky Betting & Gaming and PaddyPower Betfair (LON: FLTR) in the UK and DraftKings (NASDAQ: DKNG) in the US.
The update revealed that this growth has continued into the start of this year together with its developing US strategy, which has seen it sign a number of important contracts such as a multi-state deal with BetMGM (NYSE: MGM). It has also been awarded a provisional supplier license by the Michigan Gaming Control Board.
We are delighted with last year’s performance, which illustrates both the popularity of our games and our ability to licence multiple different partners. At the same time, we have taken a significant step forward to becoming a global platform business with multiple games, all of which is testament to our talented and motivated team.
Buckley went on to say the company is optimistic about the growth opportunities ahead thanks to the strength of its games portfolio, existing agreements with international partners, and forthcoming partnerships.
Already this year, the company has seen its Slingo content launch in Italy with Goldbet and Sisal, and it is in the process of applying for an operating license in Pennsylvania.