SBC News Voice of the Sports Betting Industry
London AIM-listed mobile casino and social games operator Gaming Realms Plc is confident of achieving its year-end corporate targets and expectations having reported a solid H1 2017 opening (period ending 30 June).
Presenting its H1 2017 (unaudited) trading update, Gaming Realms recorded increased group revenues of £15.7 million, up from £14.9 million reported a year ago.
A busy period for Gaming Realms has seen the company sign and launch a number of new content partnerships for its ‘Slingo Games’ Catalogue with US New Jersey operators including; Pala Interactive, Rush Street and Caesars Entertainment.
Furthermore, the company has launched two new ‘white label’ gambling sites; Dealornodealcasino.com and Loveislandgames.com in partnership with ITV and Storm games.
Closing its H1 2017, Gaming Realms governance would detail adjusted losses of £900,000, a marked improvement on the £3.6 million loss reported from corresponding H1 2016.
Updating investors, Gaming Realms detailed that it had been able to undertake cost savings by restructuring its internal divisions, with its Social business integrated resulting in significant savings during the period.
Detailing its current trading outlook, Gaming Realms governance issued the following statement
“With the H1 2017 adjusted EBITDA loss significantly reduced to £0.9m, the Board remains confident in its strategy and is on track to achieve the Board’s expectations for the year as a whole. The Board anticipates the Company will achieve significant positive EBITDA in the second half of the financial year with increased revenues, seasonal marketing costs reduced, and a full period of benefits from the integration of the social business. To support this growth, the Company anticipates raising approximately £1m from investors in the relatively short term”
