Gaming Realms reports 224% profit increase for 2022
The developer hopes to establish further partnerships complete more launches in 2023.
Gaming Realms, an international developer, licenser and distributor, has released its full-year 2022 results. Revenue for 2022 increased 27% to $23.1m.
Adjusted EBITDA for 2022 increased 34% to $9.7m. Profit before tax for the year increased 224% to $4.3m. The group also posted a year-on-year revenue increase of 50% for the first quarter of 2023.
The company went live in new North American markets, Connecticut, Quebec and Ontario in 2022, expanding on existing operations in Michigan, Pennsylvania and New Jersey. Its total portfolio of proprietary games increased to 65, and it partnered with 56 new companies for Slingo Originals.
Gaming Realms CEO Mark Segal said, “2022 was another exceptional year for the Group as we continue with our proven strategy of expanding our Slingo portfolio with new titles and entering new iGaming jurisdictions alongside our operating partners.
“As we look ahead to 2023, the year is already off to an exciting start with 13 new launches implemented and new Slingo games, such as Slingo Cleopatra and Slingo Golden Envelope, already proving popular amongst fans.
“With our strong foundation built in 2022 already proving fruitful in 2023, we are excited to continue delivering further game launches, new partner deals and expanding our global footprint even further.”
Executive Chairman Michael Buckley’s statement confirmed that North America remains Gaming Realms’ largest territory for licensed content, where revenues increased by 112%.
Buckley said, “We now have contracts in place with operators in the US that represent 95% of the market.” He later added, “It is highly likely that additional states within America will commence the process to regulate iGaming within the next two years.
“This process, coupled with the development of other new markets, will lead to increased distribution of group products.”
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