Gaming Realms PLC (AIM:GMR, OTCQX:PSDMF) has announced a record-breaking financial performance for the year 2023, with a significant 26% increase in top-line revenue, culminating in £23 million. This growth was largely attributed to a 33% rise in the company's content licensing business, which contributed £19 million to the total revenue. The expansion into new markets and the addition of 44 new partners throughout the year, coupled with the introduction of innovative games, were key factors behind this success.
The company's Slingo portfolio, a unique combination of slots and bingo, played a pivotal role in driving growth. Additionally, Gaming Realms licensed games featuring iconic video game IPs such as Tetris and Space Invaders, further enriching its diverse game offerings. By the end of 2023, the company's proprietary games portfolio had expanded to 75, offering a wide variety of gaming options to players worldwide.
Gaming Realms also made significant strides in expanding its global footprint, entering new territories including West Virginia, Sweden, Greece, and Portugal. The launch in Portugal during the last quarter of the year was met with positive outcomes. The United States emerged as the company's leading market, showcasing a 22% growth rate, with operations active in several states and plans to extend into West Virginia.
The company reported a substantial increase in unique users, surpassing 5 million, with a notable 33% rise in licensing revenue. A significant portion of this revenue was generated from existing partners at the beginning of 2023. The UK and Canada were identified as key markets, with remarkable 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 trajectory since 2019, transitioning from a loss to over £10 million in adjusted EBITDA in 2023, is expected to persist, fueled by the compounding effect of new partnerships and continued market expansion.
