Gaming Realms Sees Major Growth in Revenue for 2023
Gaming Realms has published its financial results for the year ending 2023 together with key figures from Q1 2024.
The company reported that revenue grew by 26% in 2023 to reach £23.4 million, up from £18.7 million in 2022. The growth was largely due to a 33% increase in licensing revenue, which hit £19.9 million.
LISTEN TO THIS ARTICLE:However, there was a small decline of 5% in social publishing revenue to £3.5 million. Gaming Realms also saw a 29% increase in adjusted EBITDA to £10.1 million and the EBITDA grew to £9.2 million.
Related: Gaming Realms Announces Suki Sandhu Joins as New CPO
New Products and Licenses
In 2023, Gaming Realms increased the number of proprietary games on its remote game server from 65 titles to 75. Furthermore, the company also received supplier licenses in West Virginia, Sweden and Greece, bringing its games to a larger audience.
Gaming Realms also went live in the Portuguese market and it signed 44 new operator partnerships for its Slingo Originals content, including with major industry players such as bet365, Betclick and OLG.
This trend has continued this year, and in Q1, revenue met expectations. The company has also continued to sign new partnerships, a total of 14 so far, with operators including bet365 in Ontario, Entain in Spain, and Livescore and Dazn in the UK. The company has also launched a number of new Slingo games including China Shores Slingo and Slingo Capital Gains.
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A Record Year for Gaming Realms
The 2023 financial results were welcomed by Gaming Realms’ CEO Mark Segal, who described it as a “record year”.
I am delighted to present another record year for Gaming Realms. Driven by the growing demand for our Slingo portfolio in the international iGaming markets, revenue grew by 26% with adjusted EBITDA growing 29%. This demonstrates the operational leverage driven by our content licensing business.
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