Gaming Realms sells third-party bingo websites for ?2.9m
Operator disposes of assets including Iceland Bingo as it reaffirms its commitment to building products on its proprietary platform
Gaming Realms has sold its portfolio of third-party platform-driven bingo websites for ?2.9m, as the operator looks to focus on its proprietary gaming platform strategy.
The AIM-listed operator yesterday announced it had conditionally sold the Iceland Bingo IP to Black Spark for ?1.2m in cash and an additional ?500,000, as well as a number of white label sites including Lucky Charm Bingo and Cupcake Bingo for ?1.2m to Silverspin Media.
Gaming Realms said the decision to sell the bingo assets reaffirmed its commitment to its so-called “Grizzly” proprietary platform which helped the company record a 116% year-on-year increase in revenues in 2015.
“Focusing on higher margin investment in our new mobile platform and achieving significant success within our own mobile content development is delivering stronger returns for Gaming Realms,” Patrick Southon, Gaming Realms chief executive, said.
“Having end-to-end control of our offering has created a set of exciting opportunities in the UK, and more recently in the US, and these have become our strategic priority,” Southon added.
Last year Gaming Realms also sold its Bingo Godz and Castle Jackpot brands to European Domain Management (EDM) as part of a ?500,000 year deal, with the money used to ramp up investment in its in-house developed platform.
The move followed the launch of its now-flagship Spin Genie online casino brand on the new platform just a few months previously.