Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF) has announced a record-breaking financial performance for the year 2023, with a 26% increase in revenue, totaling £23 million. This growth was significantly propelled by a 33% rise in the company's content licensing business, which contributed £19 million to the overall revenue. The expansion in this sector was attributed to Gaming Realms' strategic entry into new markets and the addition of 44 new partners throughout the year, alongside the introduction of innovative gaming titles.
The company's Slingo portfolio, a unique combination of slots and bingo, played a pivotal role in this success. Additionally, Gaming Realms diversified its offerings by licensing games based on classic video game intellectual properties, including a Tetris-themed game and Space Invaders. By the end of 2023, the company's proprietary games portfolio had expanded to 75, offering a wide variety of options for players.
Geographical expansion was another key factor in Gaming Realms' growth, with the company entering new territories such as West Virginia, Sweden, Greece, and Portugal. The launch in Portugal during the last quarter of the year yielded positive results. The United States emerged as the top market for Gaming Realms, with a 22% growth rate, and the company is planning further expansion into West Virginia.
The company also reported a significant increase in unique users, surpassing 5 million, with a notable 33% rise in licensing revenue. A substantial portion of this revenue came from existing partners at the beginning of 2023. The UK and Canada were identified as key markets, with significant growth observed, especially in Canada's newly regulated Ontario market and in Italy.
Looking ahead to 2024, Gaming Realms' CEO Mark Segal expressed optimism, citing a 20% increase in licensing income in the first two months of the year. The company's turnaround from a loss in 2019 to over £10 million in adjusted EBITDA in 2023 is expected to continue, fueled by the compounding effect of new partnerships and market expansions. For more information, visit https://www.gamingrealms.com.
