Gaming Realms, a notable player in the gaming industry, has recently shared a pre-close trading update for the first half of 2024. The company’s financial performance showcases robust growth, with key figures illustrating an impressive rise in revenue and EBITDA.
Revenue Growth
Gaming Realms anticipates a revenue of £13.5 million ($17.4 million) for the first half of 2024. This represents an 18% increase compared to the same period last year. The growth underscores the company’s strong market performance and strategic positioning in the gaming sector.
Adjusted EBITDA Performance
The adjusted EBITDA for H1 2024 is projected to reach £5.8 million, marking a 21% increase year-on-year. Despite this positive growth, it is important to note that this figure has been impacted by a substantial one-off payment of £600,000. Excluding this payment, EBITDA would have shown an even more impressive increase of 45% compared to H1 2023.
Annual Outlook
The current figures suggest that Gaming Realms is on track to surpass its full-year 2023 financial results. In 2023, the company achieved a total revenue of £23.4 million. With the first half showing strong growth, the company is well-positioned to exceed this figure for the full year 2024.
Core Content Licensing
The primary driver of Gaming Realms’ growth in the first half of 2024 has been its core content licensing business. This segment saw a substantial revenue increase of 28%, reflecting the growing demand for the company’s gaming content and its successful partnerships.
Expansion into New Markets
Gaming Realms has made significant strides in expanding its market presence. In May and July 2024, the company announced partnerships with NetBet in Denmark and Hardrockcasino.nl in Holland. These European expansions highlight Gaming Realms’ commitment to broadening its footprint in key markets.
North American Expansion
The company is also focusing on North American growth. It has secured deals with major players such as FanDuel in Pennsylvania and Connecticut, and Fanatics in New Jersey, Michigan, and Pennsylvania. These agreements signify Gaming Realms’ strategic push into the lucrative North American market.
European Partnerships
Gaming Realms’ partnerships with NetBet and Hardrockcasino.nl are notable achievements. These alliances not only enhance the company’s presence in Europe but also position it to capitalize on the growing demand for online gaming content in these regions.
North American Market Strategy
The company’s expansion into North America is a significant aspect of its growth strategy. By aligning with established brands like FanDuel and Fanatics, Gaming Realms is tapping into one of the most dynamic and rapidly growing markets in the gaming industry.
CEO’s Commentary
Mark Segal, CEO of Gaming Realms, expressed his satisfaction with the company’s performance in the first half of 2024. He highlighted the success of the core content licensing business and the positive impact of new market expansions. Segal emphasized the company’s confidence in sustaining its momentum and achieving its full-year targets.
Quote from Mark Segal
“We are delighted with our strong performance in the first half of 2024, driven by the growth in our core content licensing business. Our expansion into new markets and the successful launch of new games with new and existing partners underscore the strength of our strategy. Looking ahead, we are confident in our ability to maintain this momentum and meet our full-year targets.”
The pre-close trading update from Gaming Realms illustrates a period of substantial growth and strategic advancement. The company’s revenue and EBITDA increases, coupled with its expansion into new markets, underscore its strong performance and future potential. As Gaming Realms continues to leverage its partnerships and explore new opportunities, stakeholders can anticipate further progress and achievements in the coming months.