Gaming Realms Achieves Record 25.6% Revenue Growth in 2023 Due to International Demand

Gaming Realms saw its revenue increase by 25.6% in 2023, a record high, driven by growing demand from international markets.

In 2023, Gaming Realms made a lot more money than before, with a 25.6% increase in sales. The company earned more than the predicted £23.0m, up from last year’s £18.65m, because more people from different countries bought their games.

Key Growth Figures

• Licensing revenue jumped by 33.3% reaching £19.92m.
• Despite a 5% drop in social publishing to £3.50m, the company saw overall revenue growth.
• Adjusted EBITDA improved by 29%, up to £10.06m from £7.80m.
• Pre-tax profits surged by nearly half to £5.17m, a 46.9% increase.
• The year-end cash balance rocketed by 158%, coming in at £7.5m.

The company did well mainly because of its Slingo game, which mixes elements of slots and bingo. CEO Mark Segal pointed out that their games are now licensed in 20 different regulated markets, showing how big their licensing activities have become.

Forming alliances with other companies and buying the rights to use certain products or technology.

Gaming Realms has added 10 new games, now offering a total of 75. They've secured important licenses to supply online games in places such as West Virginia, Sweden, and Greece. The company has also started selling their games in regulated markets like Portugal, increasing their presence.

They started offering their Slingo Originals games through partnerships with big companies like Bet365 and Penn Entertainment. Their presence is growing in Europe and North America, especially in important European areas.

Growth Amid Rising Costs

Gaming Realms had higher expenses, including operating costs that rose by a third and marketing costs that more than doubled. Nonetheless, the company saw its revenues increase and its earnings before interest, taxes, depreciation, and amortization go up, indicating they managed their money well.

New Initiatives to Start 2024

At the end of the first quarter in 2024, Gaming Realms finalized several licensing agreements, including one with Tetris, and began working with 14 new game platforms. The company also released three new Slingo games and agreed to have Playtech distribute their games.

The company has seen its main licensing business grow by 20% in the first two months of 2024, indicating that it is on track to meet its growth goals for the period.

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Gaming Realms is growing its international presence and plans to enter more new markets soon.