driven

Gaming-Realms-Reports-18_-Revenue-Growth-and-Strong-H1-2024 Gaming Realms plc, a leading developer and licensor of mobile-focused gaming content, has published its interim results for the six months ending June 30, 2024. The company reported significant growth in both revenue and profitability, driven largely by its successful content licensing business and key partnerships across North America and Europe.

The Board remains confident that Gaming Realms is well-positioned to capitalize on its growth trajectory and deliver further value to shareholders by continuing to expand into regulated markets and launching new content.

Financial Performance Highlights

For the first half of 2024, Gaming Realms achieved total revenue growth of 18%, reaching £13.6 million, compared to £11.5 million in the same period last year. This revenue increase was supported by strong growth in the content licensing segment, which saw a 28% rise to £11.2 million, making it the primary driver of the company’s growth.

By contrast, brand licensing revenues fell by 67%, contributing only £0.3 million due to the absence of major deals that had been completed during the same period in 2023.

Adjusted EBITDA also saw a robust increase of 21%, rising to £5.8 million and representing an adjusted EBITDA margin of 43%, up from 41% in the previous year. Excluding brand licensing, the company’s adjusted EBITDA grew by 46%, reflecting the operational leverage and efficiency within its core business.

Gaming Realms also reported a 51% increase in profit before tax, which reached £3.5 million, up from £2.4 million in H1 2023. The company’s net cash position increased by 28% to £9.6 million, underlining its strong cash generation capabilities.

Expanding Global Partnerships and Game Portfolio

During the first half of 2024, Gaming Realms launched with 22 new partners in key markets, including FanDuel in Pennsylvania and Connecticut, Fanatics in New Jersey and Michigan, and the Atlantic Lottery Corporation in Canada.

In Europe, new partnerships were formed with Solverde in Portugal, DAZN in the UK, and LiveScore in the Netherlands. These partnerships have solidified the company’s presence in regulated markets and supported its expansion goals.

Additionally, the company secured a full iGaming Supplier License in West Virginia, further enabling its North American expansion. A new distribution agreement with Playtech is expected to open up additional opportunities in Switzerland and the U.S.

Gaming Realms also released seven new games in the first half of 2024, increasing its total portfolio to 82 titles, up from 70 games in June 2023. Notable new releases include Slingo Capital Gains and Slingo Gold Cash, which have been well received by players. Unique players in the content licensing business grew by 24%, reaching 3.5 million, further highlighting the popularity of the company’s offerings.

Positive Post-Period Developments

After the reporting period, Gaming Realms has continued to experience positive momentum. Licensing revenues increased by 33% in the two months following the end of June compared to the same period in 2023. The company also launched content in West Virginia, its fifth regulated U.S. state, and received an iGaming Supplier License in British Columbia, Canada.

Gaming Realms expanded its presence in the European market by launching Slingo Originals content with Danske Spil in Denmark, and Betclic in Italy. Additionally, the company released new titles such as Slingo Press Your Luck and Slingo Phillies in partnership with BetMGM.

Outlook for FY24

Looking ahead, Gaming Realms is optimistic about its financial performance for the full year 2024. The company plans to build on its strong first-half performance by expanding into new international markets and strengthening its presence in existing ones.

CEO Mark Segal commented on the company’s performance, stating:

“We are delighted with our strong performance in the first half of 2024, with total revenue increasing by 18% to £13.6 million. Our focus on expanding our content licensing business has led to a 28% revenue growth and the successful launch of seven new games. These results reflect our commitment to innovation and solidify our position in the gaming industry.”

New game releases, including Slingo Fowl Play and Slingo Press Your Luck, are expected to drive further growth in the second half of the year.

Source:

“Gaming Realms announces its interim results for the six months to 30 June 2024”, gamingrealms.com, September 11, 2024

The post Gaming Realms Reports Strong Interim Results for H1 2024, Driven by Content Licensing Growth appeared first on Casino News Daily.

Macaus-gaming-tax-income-jumps-58-YoY-between-Jan-July The Macau government reported a significant increase in gaming tax revenue for the first seven months of 2024, highlighting the region’s strong economic rebound. The income from gaming taxes surged by nearly 58% year-on-year, reaching MOP51.6 billion ($6.4 billion) as the Special Administrative Region (SAR) continued its post-COVID recovery.

Macau’s Gaming Tax Revenue Boost

The increase in gaming taxes contributed to a 49.7% rise in overall government revenue, totaling MOP61.1 billion ($7.5 billion). This is the highest revenue figure recorded since the onset of the COVID-19 pandemic in 2020, signaling a robust recovery for Macau’s economy.

Gross gaming revenue (GGR) also experienced a significant jump, increasing by 36.7% year-on-year to MOP132.2 billion ($16.4 billion) between January and July 2024. The surge in GGR is attributed to the region’s thriving gaming sector, which continues to play a pivotal role in Macau’s economic resurgence.

Under Macau’s 10-year gaming concession system, which was implemented in January 2023, the effective tax rate on casino gross gaming revenue is set at 40%. This taxation model has proven beneficial for Macau, as it allowed the government to collect 60% of its projected 2024 revenue within the first seven months of the year. The region’s budget anticipates a total revenue of MOP102 billion ($12.7 billion) for 2024.

Increased Public Spending and Budget Surplus

Alongside the rise in revenue, public spending in Macau increased by 9.6% to MOP52.2 billion ($6.5 billion). However, infrastructure investment saw only a modest growth of 1.1%, totaling MOP9.69 billion ($1.2 billion). Current expenditure, on the other hand, rose significantly by 10.2% to MOP41.9 billion ($5.2 billion). This increase was driven primarily by an 11.7% rise insocial support and subsidies, as well as a 4.4% increase in civil servant expenses.

Despite the increase in spending, Macau’s 2024 budget predicts a return to surpluses in public accounts, marking a recovery after three years of economic challenges due to the pandemic. Between January and July 2024, Macau recorded a surplus of MOP9.27 billion ($1.2 billion), more than doubling the surplus from the same period in 2023.

The substantial rise in gaming tax revenue and the subsequent budget surplus show Macau’s resilient recovery and the vital role that the gaming industry continues to play in the region’s economy.

Source:

“Macau’s Gaming Tax Income Jumps 58% YoY Between Jan-July.”, agbrief.com, 16 Aug. 2024.

The post Macau Sees 58% Surge in Gaming Tax Revenue, Driven by Economic Recovery appeared first on Casino News Daily.

Gaming Realms Reports Strong Interim Results for H1 2024, Driven by Content Licensing Growth