Gaming Realms rides upwards curve with 55% revenue rise

The share price of Gaming Realms has risen more than 3% in early trading after the firm issued a trading update predicting full-year revenue of £10.7m. The prediction would see revenue come in 55% ahead of 2019 figures, with adjusted EBITDA of no less than £2.75m for the period to 31 December 2020. In September, Gaming Realms reported a 66% uptick in H1 revenue to £5.2m and the strong growth has continued due to the international expansion of its partners and the release of new Slingo titles, combined with improvements to the group’s technology stack. In the second half of H2, Gaming Realms has gone live with five new partners, including Paddy Power Betfair in Europe. It launched four new Slingo games, including Slingo Fluffy Favourites. The London-listed supplier is also eyeing US expansion and has applied for licences in Pennsylvania and Michigan and expects to launch in the two states during the first half of 2021. Peel Hunt analyst Ivor Jones said: “In H1 20, US revenue accounted for over 30% of licensing revenue, with the majority coming from just New Jersey. “We believe that the US will have continued to grow in importance through the current year. “Launch in Pennsylvania and Michigan is expected in H1 21 and market-leading commercial partners are already lined up. “The commercial value of Slingo becomes clearer each time Gaming Realms reports and we upgrade our target price to 40p from 30p,” he added.