Gaming Realms (GMR) H2 2024 earnings summary

Executive summary

• Achieved record revenue and adjusted EBITDA growth in 2024, with strong cash generation and operational leverage.

• Revenue increased 22% to £28.5 million, driven by content licensing and expansion in North America, especially the US and Canada.

• Core business is developing and licensing Slingo-branded casino games across 21 regulated markets, with recent expansion into Brazil and partnerships with over 200 brands.

• Growth driven by both organic expansion with existing partners and new partner launches, especially in North America.

• U.S. and Canada content licensing revenues grew 57% and 71% respectively, with North America now representing 54% of content licensing revenue.

Financial highlights

• Revenue increased 22% year-over-year to £28.5 million; adjusted EBITDA rose 30% to £13.1 million.

• Profit before tax up 61% to £8.3 million; closing cash balance at £13.5 million, up from £7.5 million in 2023.

• Net assets increased to £34.0 million from £24.4 million, reflecting business growth and investment.

• Content licensing revenue grew 28% year-over-year, with organic and new partner growth contributing.

• 5.7 million unique players in 2024, up 22% from the previous year.

Outlook and guidance

• U.S. online casino market forecast to grow 92% from 2024 to 2028, supporting further expansion.

• Continued strong momentum into 2025, with content licensing revenues in Jan-Feb up 22% year-over-year.

• US and Canada expected to remain key growth drivers, with further market launches and new content planned.

• Ongoing investment in game and platform development to drive future growth.

• Anticipates growth in Canada as Alberta regulates, and further US state openings could accelerate expansion.