Gaming Realms PLC (LON:GMR) said it has extended its licensing and revenue share agreement with 888 Holdings PLC (LON:888) by launching its Slingo Originals portfolio on 888casino.com.
"Today's announcement reaffirms our strategy to continue developing and expanding our partnerships with the world's leading gaming brands”, Gaming Realms executive chairman Michael Buckley said in a statement.
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“As one of the world's most popular online gaming providers with an established global user base, 888 provides the perfect fit for Gaming Realms as we focus on creating new and exciting games and bringing these to a greater international audience. We are extremely pleased to have extended our agreement and look forward to continuing to work closely with the team at 888", he added.
In a note to clients, the company’s house broker Peel Hunt retained its ‘buy’ rating and 16p price target on the company, saying the extension of the deal with 888 “greatly increases the revenue potential for Gaming Realms and reflects revenue growth continuing to pick up steam”.
“The extent to which Gaming Realms has successfully executed a pivot from UK-facing gaming operator to international content supplier has not yet been reflected in the share price. Today's announcement may help to make the change more evident to investors”, the broker added.
Gaming Realms' shares jumped 7.6% to 9.9p in early deals on Tuesday.