Gaming Realms has set an ambition of continued Slingo development and US-based expansion, as the firm distributes its annual results for last year and outlook for the period moving forward.
Due to a difficult UK environment the company shed its affiliate marketing business and part of its B2C real-money operation, of which River iGaming agreed to buy the remaining shares earlier in the year, with Gaming Realms stressing that its focus is to now shift on to development and licensing of games for third party real money and social gaming operators.
Continuing on from New Jersey-based success, where its games account for approximately 3.5 per cent of sales from slot products, Gaming Realms is also currently applying for a license in Pennsylvania, as well as continuing to pursue direct opportunities outside the UK to distribute its titles.
Providing a further future outlook, the company also lauds recent deals signed alongside Scientific Games, giving access to up to 200 new customers worldwide, and Relax Gaming, with approximately 80 new customers across the Nordic markets opened up.
Patrick Southon, CEO of Gaming Realms, explained: “We began our licensing business in 2017 as part of the strategy to fully capitalise on the strength of our games development operations.
“In a period of 24 months we have developed, licensed and launched 34 games via major gaming partners such as GVC and 888, and captured over 3.5 per cent market share in New Jersey.
“As a result, and post the imminent completion of the sale of the remaining B2C RMG business, we are looking forward to focusing solely on increasing the cadence of game development and licensing delivery as more B2B partners come online.
“The success to date in licensing our Slingo content illustrates a clear market opportunity to grow our revenue and profitability on an international level. This view has been further reinforced by the recent deal with Scientific Games to distribute of all our Slingo games via its global platform, which we expect to start contributing revenue in the latter part of 2019.”
In its latest financial figures a total profit of £900,000 was reported, swinging from a £8.2m 2017 loss, with continuing revenue down by 19 per cent to £6.2m (2017: £7.6m) and adjusted EBITDA going from a profit of £800,000 in 2017 to a half a million loss last year.
Providing a further outlook for the rest of the year, Michael Buckley, Gaming Realms chairman, commented: “The operating plan for 2019 adopted by the board, is to continue the development and licence of mobile focused games using our unique Slingo brand, with increased income from our game portfolio through international distribution. Capitalising on our success in New Jersey, we intend to enter any new states in America which regulate online gaming.”