River iGaming looks to boost underperforming Gaming Realms assets
Operator says recently-acquired Gaming Realms B2C brands have not grown as expected
River iGaming is looking for new ways to spark growth in the online casino assets it recently purchased from Gaming Realms after GGR fell by 8% between Q3 and Q4.
The brands, including Spin Genie, Pocket Fruity and X-Factor games, saw gross gaming revenue dip 8% to £2.4m, with NDCs down 24% between Q3 and Q4.
“The company’s performance has not experienced the level of growth expected,” River said in its FY18 financial report on Thursday.
“Initial marketing spend did not yield corresponding growth. The marketing strategy is being adjusted to achieve a more efficient and optimal return.”
River initially bought 70% of the Gaming Realms B2C business back in June, and acquired the remaining 30%, including the Grizzly platform, last week.
“The full control of all the brands in River UK will further strengthen Rivers ability to optimize and capitalize the combined portfolio of brands and technology assets,” the firm said.
The firm also acquired online marketing firm MediaFusion last year, and said it had successfully inserted itself in all part of the igaming value chain.
The business reported a €5.9m loss in 2018 as it acquired brands and set up the business, but said its revenue generating operations had increased following the completion of the acquisitions and would provide a “foundation for growth and sustainability throughout 2019”.