Gaming Realms has reported a 51% increase in profit before tax for the first half of 2024, reaching £3.5m ($4.5m).
The company’s interim results for the six months ending 30 June 2024 also showed an 18% increase in total revenue, which rose to £13.6m.
Growth was primarily driven by a 28% rise in content licensing revenue, which reached £11.2m. By contrast, brand licensing revenue saw a significant decline, decreasing by 67% to £0.3m, as the company did not close any major brand deals during this period, unlike in the first half of 2023.
Adjusted EBITDA increased by 21% to £5.8m, supported by operational efficiency and a 43% adjusted EBITDA margin, up from 41% last year. The company also reported a 28% increase in net cash, which stood at £9.6m at the end of June 2024.
Gaming Realms continued to expand its presence in North America and Europe during the reporting period. New partnerships were launched with FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey and the Atlantic Lottery Corporation in Canada.
In Europe, the company secured partnerships with Solverde in Portugal, DAZN in the UK and LiveScore in the Netherlands. Additionally, Gaming Realms was granted a full iGaming Supplier licence in West Virginia.
During the first half of 2024, Gaming Realms released seven new games, bringing its total portfolio to 82 titles, up from 75 in December 2023. The company also reported a 24% increase in unique players within its content licensing business, rising to 3.5m.
Following the reporting period, Gaming Realms has continued to see strong growth, with licensing revenue increasing by 33% in the two months post-period. The company has also expanded its presence in Canada, having been granted an iGaming Supplier licence in British Columbia.
Earlier in 2024, Gaming Realms expanded in Denmark through a partnership with Danske Licens Spil, giving Danish players access to its Slingo games. The company has also formed partnerships with NetBet in Denmark and Hardrockcasino.nl to offer its content to a wider audience in Europe.
