Stride Gaming has reported net revenues of £44m (€50.7m/$56.6m) for the six months ended February 28, up 21% from £36.5m for the same half-year period ending in 2016.
The bingo operator’s adjusted EBITDA was up 20% to £9.6m for the half year ending in 2017 from £8m for the first half of 2016. Stride Gaming’s Real Money Gaming vertical net sales increased by 55%, to £23.8m for the six-month period ending 2017 from £15.4m in 2016. However, social gaming net revenues were down 24% to £4.7m.
Mobile growth was a key driver in the Real Money Gaming vertical representing 58% of gross gaming revenue for the period ending February 2017, up from 43% for the same six months in 2016.
Nigel Payne, non-executive chairman of Stride Gaming, said: “Our strong overall financial results in the first half have been driven by the accelerated organic growth of our Real Money Gaming vertical, which accounts for 89% of total Group revenues offsetting a disappointing performance in our social gaming vertical. Overall, we have made considerable progress against our strategic objectives and targets by focusing on strengthening our foundations and proprietary platform.
“During the first half of the year we have invested in our Real Money Gaming vertical and focused on the successful integration of the transformational acquisitions of 8Ball, Netboost Media and the Tarco Assets, which propelled Stride Gaming to be the fourth largest online bingo operator in the UK.”
Stride Gaming has also just launched a new B2B division, Stride Together, which it will use to license its gaming platform to gaming operators, media partners, and retailers worldwide. The company says this will allow other businesses to create an ‘omni-channel gaming space’.
The first joint venture has been established, by the company, with UK-based gaming operator Aspers Group which is set to launch its online business in the fourth quarter of 2017.
Chief executive of Stride Gaming, Eitan Boyd, said: “In launching Stride Together, we have created a vehicle to license our proprietary platform to enable gaming operators, media groups and retailers to capitalise on their databases and establish an online presence.
“Stride Together now provides Stride Gaming with the structure to expand into new verticals and territories and adds another exciting revenue stream to the group. We will be highly selective with whom we partner with and will look to work with established gaming operators, media partners and retailers both in the UK and overseas.”