Gaming Realms chases international growth amid flurry of Q1 deals
Slingo games specialist plans to save costs by leaving chief executive position vacant
Gaming Realms is eyeing growth outside of the UK having launched games with six new partners in the first quarter of 2020.
Q1 licensing revenue for 2020 increased by 90% to £1.3m, up from £0.7m in 2019, after the supplier sold its B2C business last year to focus on licensing strategy.
The six B2B partners included Sky Betting & Gaming (SBG) in the UK, leading US operator DraftKings in New Jersey and Caliente in Mexico, while two new Slingo games were launched in the period.
The supplier has also applied for a licence in Pennsylvania, insisting its dependence on the highly regulated UK gaming market will be reduced as it enters more international territories.
Executive chairman Michael Buckley confirmed Gaming Realms had certified its games for the regulated market of Sweden and is currently undergoing testing for launching in Italy.
“With reference to current trading, I am pleased to inform shareholders that our licensing revenues for the first quarter of 2020 were 90% ahead of the same period of 2019, and we are operating ahead of the board’s forecast,” said Buckley.
“These operating results, together with new deals already announced and the pipeline of additional distribution partners to come, give the board confidence in the strategy being pursued, and our expectations for this year and beyond,” he added.
The London-listed supplier revealed it would seek to maintain control over group costs which have already been significantly reduced to move towards profitability.
These measures include leaving the chief executive position vacant indefinitely after former boss Patrick Southon quit the business in February.
“The board believes the skills and experience of the two executives and four non-executives are appropriate for the size and strategy of the company going forward,” Gaming Realms confirmed.