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Gaming Realms PLC (LSE:GMR) has capitalized on the surge in sports betting in the US, securing several significant agreements with American operators. The company, known for creating mobile content for the gaming industry, has entered into partnerships with Fanatics and FanDuel and obtained an iGaming license in West Virginia. Additionally, Gaming Realms has secured new business in the US with Playtech and expanded its operations into Switzerland.
In its interim results for the six months ending June 30, the company reported an 18% increase in total revenues to £13.6 million. Underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 21% to £5.8 million. When excluding brand licensing, EBITDA saw a notable increase of 46%, and pre-tax profit grew by 51%. The company’s cash reserves at the end of the reporting period amounted to £9.6 million, reflecting a £2.1 million rise compared to the same period last year.
Although there was no revision to the company’s expectations, there is a noted optimism regarding the outcome for the full year. Mark Segal, CEO, highlighted that the results underscore the company's commitment to innovation and affirm its position within the gaming industry. He emphasized that the achievements of the first half of the year showcase the team's dedication and the growing appeal of Gaming Realms' unique gaming offerings.
The company remains well-positioned for further growth, with plans to continue expanding into new markets, launching new partnerships, and strengthening existing relationships.
