Gaming Realms on track for profitable year
Gaming Realms said it is on track for a profitable year and will extend its deferment with RealNetworks to December.
Gaming Realms entered into an Asset Purchase Agreement with RealNetworks in 2015. Under the agreement, a final payment was to be made to RealNetworks of $4m (£3m) by August 10.
A new deal has been struck, in which the company will provide a final payment of $4.5m by December 15. Gaming Realms will be negotiating suitable longer term debt financing to settle this sum in advance.
In a trading update, Gaming Realms reported a significant reduction in its H1 2017 adjusted income loss to £0.9m. Its board has said it remains confident in its strategy and is on track to achieve expectations for the year as a whole.
In a statement it said: “The board anticipates the company will achieve significant positive EBITDA in the second half of the financial year with increased revenues, seasonal marketing costs reduced, and a full period of benefits from the integration of the social business.”
The company is looking to raise £1m from investors to support its growth in the short term.
This year, the company has added new B2B content licences for its Slingo Original portfolio of games in New Jersey, USA, including Caesars Interactive Entertainment, GVC, Resorts casino.com, Pala Interactive and Rush Street Interactive.
It also launched ‘white label’ real money gambling sites, such as Dealornodealcasino.com and Loveislandgames.com in partnership with ITV and Storm games.
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