Supplier Gaming Realms has published its annual financial results for the year ending 31 December 2021, as well as Q1 2022 highlights.
Overall for 2021, revenue increased by 29% to £14.7m ($18.7m) which is up from £11.4m in 2020. Similarly, licensing revenue grew by 48% to £11.1m in 2021. Conversely, social publishing revenue dropped to £3.6m, a decrease of 8%.
EBITDA increased 146% to £5m, with the licensing segment generating £6.4m EBITDA, contrasting with £3.5m in 2020. Additionally, the social publishing segment generated £1.1m EBITDA compared to £1.4m in 2020.
Head office overall costs reached £2.5m, down from £2.9m in 2020. This is due largely to an increase in share options and charges related to business development activities.
Gaming Realms reached an after-tax profit for the year of £1.3m, which compares positively to the loss of £1.5m in 2020.
Operationally, Gaming Realms increased its portfolio to 53 proprietary games on the company’s remote game server. It also launched its services in two regulated iGaming markets in the US, Michigan and Pennsylvania.
In addition, the company expanded in Europe, entering the regulated iGaming markets of Italy, Romania and the Netherlands.
New partnerships were formed with 35 companies for distribution of Slingo Original content, including Wynnbet, Sisal, Aspire Global and Goldbet.
Q1 saw a 43% increase in licensing revenue to £3m. There have also been new launches in Spain with Gamesys and Yo Bingo, which is part of Rank Group. Following this, Gaming Realms has expanded into Quebec with Loto-Quebec as well as obtained an iGaming supplier licence for Ontario.
The company sees its 2021 success as part of its licensing strategy which has enabled a growth in revenue. It believes the additional launch in newly regulated iGaming markets will provide continual growth in the coming year.
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