Gaming Realms reports a 51% increase in pre-tax profits for the first half of 2024, reaching £3.5 million ($4.5 million).
The company's interim results for the six months ending June 30, 2024, also show a total revenue increase of 18%, reaching £13.6 million.
The growth was primarily due to a 28% increase in content licensing revenue, which reached £11.2 million. In contrast, brand licensing revenue significantly decreased by 67% to £300,000, as the company did not secure any major brand deals during this period unlike the first half of 2023.
Adjusted EBITDA grew by 21% to £5.8 million, benefiting from operational efficiencies and an adjusted EBITDA margin of 43% (up from 41% last year). The company also reported a 28% increase in net cash, amounting to £9.6 million by the end of June 2024.
During the reporting period, Gaming Realms continued to expand its operations in North America and Europe. New partnerships were established with FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey, and the Atlantic Lottery Corporation in Canada.
In Europe, the company formed partnerships with Solverde in Portugal, DAZN in the UK, and LiveScore in the Netherlands. Additionally, Gaming Realms obtained a comprehensive iGaming supplier license in West Virginia.
In the first half of 2024, Gaming Realms released 7 new games, increasing its total product portfolio from 75 in December 2023 to 82. The company also reported a 24% increase in the number of unique players in its content licensing business, reaching 3.5 million.
Following the end of the reporting period, Gaming Realms continued its strong growth momentum, with licensing revenue increasing by 33% within two months. The company also expanded its operations in Canada, having obtained an iGaming supplier license in British Columbia.
At the beginning of 2024, Gaming Realms expanded into Denmark through a partnership with Danske Licens Spil, allowing Danish players access to its Slingo games. The company also established partnerships with NetBet in Denmark and Hardrockcasino.nl, broadening its content reach to a wider European audience.
