Supplier Gaming Realms announced a pre-close trading update for the first half of 2024, expecting revenues of £13.5 million ($17.4 million), an 18% increase year-over-year.
The adjusted EBITDA for the period is also expected to stabilize at £5.8 million, a 21% increase compared to the first half of 2023. Although this growth is positive news for stakeholders of Gaming Realms, the adjusted EBITDA for the period has been offset by a one-time payment of £600,000—if not for this payment, the EBITDA for the first half of 2024 would have increased by 45%.
The data included in this pre-close trading update suggests that Gaming Realms is poised to surpass its annual financial data for the full year of 2023—where the developer generated £23.4 million in revenue.
The core content licensing business of Gaming Realms was the main driver for the group in the first half of 2024, with revenue in this division growing by 28%.
This year has been a busy start for the developer, which announced partnerships in Europe with Denmark's NetBet and the Netherlands' Hardrockcasino.nl in May and July, respectively. The company also set its sights on North American expansion, securing deals with FanDuel in Pennsylvania and Connecticut, as well as with Fanatics in New Jersey, Michigan, and Pennsylvania.
Regarding this latest development, Gaming Realms CEO Mark Segal stated, "We are very pleased with the strong performance in the first half of 2024, which is due to the growth of our core content licensing business.
"Our expansion into new markets and the successful launch of new games with both new and existing partners highlight the strength of our strategy. Looking forward, we are confident in maintaining this momentum and achieving our full-year targets."
