Gaming Realms has dramatically raised its FY 2020 performance forecast and expects continued growth and expansion in 2021.
Gaming Realms Expects Revenue Jump for 2020
Gaming Realms expects a dramatic 62% full-year revenue jump to £11.2 million ($13.58 million) for 2020. Furthermore, the company predicts that its full-year EBITDA will reach £3.1 million ($3.76 million).
These forecasts are notably higher compared to the ones that the company offered back in December. Gaming Realms explained that its exceptional performance in December inspired it to boost its 2020 forecast even further.
According to the UK-based mobile gaming market leader, the strong financial results are carried primarily by its growing content licensing business. The business arm more than doubled in size over the course of 2020, which was reflected in Gaming Realms’ December results.
Gaming Realms Expands Partnerships and Market Presence
Another strong contributing factor is the company’s rapidly expanding roster of business partnerships. During 2020, Gaming Realms inked partnerships with 26 new partners in Europe and the UK. This includes Tier 1 players such as DraftKings, Paddy Power Betfair and Sky Betting and Gaming
But that’s not all: Gaming Realms has also made significant progress in the US as well. This year, the company received a provisional supplier license in Michigan. Just last month, the state legalized online gambling and has already attracted several big players looking to establish themselves in the fledgling market.
Gaming Realms has also recently applied for an operational license in Pennsylvania. The state’s gaming market is experiencing a surge in growth, despite the somber state of its casino industry.
Continued Internal and External Growth in 2021
Gaming Realms Chair Michael Buckley said that he was delighted with the company’s 2020 performance. According to him, the online gambling leader’s successful year is indicative of the popularity of its games as well as its ability to license multiple different partners.
At the same time, Buckley emphasized that the company has taken decisive steps toward becoming a global platform business with multiple games. This is a testament to Gaming Realms’ talented and motivated team, he explained.
In regard to the future of the company, Buckley said he was optimistic about the new and significant opportunities ahead. According to him, the combination of Gaming Realms’ excellent gaming portfolio, its existing distribution agreements and its strong pipeline of additional partnerships will allow the company to focus on its continued expansion and internal growth.
Gaming Realms will reveal its preliminary results for the 2020 financial year in April.