Gaming Realms maintains track record of hitting targets
A 43% increase in licensing revenue was not a function of soft comparatives, broke Peel Hunt said.
Company
LON:GMR
Gaming Realms PLC is a B2B developer, licensor, and distributor of mobile-focused real money and social gaming content. The company owns the unique Slingo IP, one of the world’s most well-known gaming formats. Its innovative, mobile-focused content encompasses in-game player defined choice and strategy to augment a fun and engaging player experience.
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A 43% increase in licensing revenue was not a function of soft comparatives, broke Peel Hunt said.
"Whilst still early in the year, the company is currently trading ahead of management expectations and therefore is confident in the outlook for the year."
Thirteen deals have been signed for the province so far, said chairman Michael Buckley
“2022 is set to be an exciting time for the company as we move to establish a strong foothold in the Canadian market," said CFO Mark Segal
Broker gives group 140% upside after iGaming approval for appealing Ontario population
Its start to 2022 in terms of revenues has exceeded expectations, giving its management team confidence for the future
Revenues of roughly £14.5mln are expected to be reported for last year, up 27% on the year before
The company continues to be encouraged by the performance of its games across its North American and European markets
The broker has a 60p price target and “buy” recommendation, which it said is underpinned by the trading prospects
“We are very excited to be adding a new revenue line to our business," executive chair Michael Buckley said
"This is an exciting time for the company and we intend to continue to deliver further value by scaling our platform and bringing innovative content to new audiences worldwide"
Chair Michael Buckley highlighted that Pennsylvania is one of three leading states which have seen gambling revenue increase over 60% year-on-year
Michigan has grown quickly to be the third-largest state in terms of GGR
Gaming Realms also has agreements with other operators in Michigan
Under the terms of the deal, Gaming Realms said it will produce Slingo games based on some of the highest-performing slots brands within IGT’s game library
iGaming revenues in Pennsylvania surged 574% in 2020
SLINGO has been featured in the Scientific Games licensed products portfolio since 2000, and it is consistently a top-performing brand globally
The company will trade on the OTCQX Best Market under the ticker PSDMF after being upgraded from the Pink market
Gaming Realms launched its Slingo content in the Italian regulated market this year and will launch in Michigan, its second US State in May.
Following its successful international licensing deals, the company said it now intends to enter regulated markets and in Europe and US states