Gaming Realms records 421% jump in revenues
Gaming company Gaming Realms has seen revenue grow by 421% year-on-year after posting its interim results for six months through to September 30, 2014.
Revenue was recorded at £4.6 million (€5.8m/$7.2m), compared to £900,000 a year ago, while the balance sheet showed £3.8 million cash, compared to £1.8 in H1 2014.
Gaming Realms, which produces and licenses casino, poker and social games, saw daily active players up 14% to 5,205 compared to the first half of the year.
However, costs associated with the £10.5 million purchase of Blueberra Holdings, marketing spend of £3.6 million, building its new gaming platform and gaining licenses from the Alderney Gambling Control Commission and the UK Gambling Commission meant Gaming Realms posted a loss before taxation of £3.1 million.
Chief executive Patrick Southon, said: “We are pleased to report the completion and launch of our platform which is showing good initial growth.
"We believe the acquisitions of QuickThink Media and Blueburra Holdings, coupled with the monetisation ability of our exciting new 'feature led' gambling platform, will enable us to grow revenues even more quickly in 2015.”
Gaming Realms is an online gaming business formed in 2012 to “develop a new generation of social bingo and slot machine gaming concepts”.
It was founded by the team behind Cashcade, which created the leading online bingo brand, Foxy Bingo, before being bought by Bwin for £96 million in 2009.
Related article: Gaming Realms experiences huge revenue jump in first half