Gaming Realms reports a 29% bump in revenue during 2021
The company attributes the recent growth to its licensing strategy.
Gaming Realms Plc has published its financial report for the first quarter and for the fiscal year ending December 31, 2021. The company reported a 29% increase in overall revenue for 2021, generating a total of $18.7m.
Adjusted EBITDA for 2021 reached $7.2m, reflecting a 71% increase.
Other highlights for the year include a 48% spike in licensing revenue, something the company credits to its growth throughout the year. Gaming Realms has launched in several newly regulated markets. During 2021, the company expanded its US presence by launching in both Pennsylvania and Michigan.
Licensing revenue climbed to $14.1m for the fiscal year.
Figures for Q1 also reflected company growth. Gaming Realms reported $3.8m in licensing revenue for the first quarter, rising 43% from the previous period.
Gaming Realms is a licensor and developer of mobile-focused gaming content. The first quarter brought with it the release of four new Slingo games titles, including Slingo Superspin, Slingo Fire & Ice and Slingo Racing.
The company launched in Spain with Gamesys and Yo Bingo, which is part of Rank Group. It recently obtained a supplier license in Ontario and has also launched with Loto-Québec.
The Ontario commercial market went live on April 4 and is the first Canadian province to offer iGaming to its residents. Up to now, local lotteries have traditionally dominated Canada’s gambling sector.
According to H2 Gambling Capital, Canada’s combined online sports betting and iCasino markets in 2022 are estimated at more than $2bn.
Ontario is projected to become one of North America’s largest iGaming markets.
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