Listen To Article
Supplier Gaming Realms has announced a pre-close trading update for the first half of 2024, detailing an expected revenue of £13.5m ($17.4m) for the period – an increase of 18% year-on-year.
Adjusted EBITDA for the period is also expected to settle at £5.8m, marking a 21% yearly increase when compared to the first half of 2023. Although this increase makes for positive reading for Gaming Realms stakeholders, the adjusted EBITDA for the period has been offset by a sizeable one-off payment of £600,000 – without which EBITDA for H1 2024 would have seen a 45% increase year-over-year.
The ps included as part of this pre-close trading update place Gaming Realms on track to surpass its annual financial ps from full-year 2023 – in which the developer generated £23.4m in revenue.
Gaming Realms’ core content licensing business was the primary driver for the group in the initial half of 2024, with the company sector’s revenues seeing 28% growth.
It has been a busy start to the year for the developer, which announced European partnerships with NetBet in Denmark and Hardrockcasino.nl in Holland in May and July respectively. The organisation has also set its sights on North American expansion, brokering deals with FanDuel in Pennsylvania and Connecticut, as well as with Fanatics in New Jersey, Michigan and Pennsylvania.
Commenting on this latest development, Mark Segal, Gaming Realms CEO, said: “We are delighted with our strong performance in the first half of 2024, driven by the growth in our core content licensing business.
“Our expansion into new markets and the successful launch of new games with new and existing partners underscore the strength of our strategy. Looking ahead, we are confident in our ability to maintain this momentum and meet our full-year targets.”
