Gaming Realms Casinos

Gaming Realms Company

Before Gaming Realms acquired Slingo in 2015, the company was primarily focused on developing and operating online gaming platforms and social gaming products. Founded in 2013 by a team with deep experience in the online gaming sector, including the founders of Cashcade (the company behind the popular Foxy Bingo brand), Gaming Realms was well-positioned to tap into emerging trends in mobile and social gaming.

One of their notable ventures was launching the Spin Genie brand, which offered both real-money and social gaming products. Spin Genie featured various slot games, table games, and other casino-style entertainment, all designed for seamless play on desktop and mobile platforms. This brand helped establish Gaming Realms as a key player in the rapidly expanding mobile gaming market at the time.

In addition to Spin Genie, Gaming Realms operated under the Grizzly Gaming brand, which focused on creating innovative mobile casino products. The company aimed to provide engaging and unique gaming experiences tailored specifically for mobile users, reflecting the growing importance of mobile gaming in the industry.

Before the Slingo acquisition, Gaming Realms was also involved in forming partnerships and licensing deals with other companies in the gaming industry. These strategic alliances helped the company build a strong foundation and expand its market presence. The acquisition of Slingo in 2015 was a strategic move that significantly boosted Gaming Realms' growth, leveraging the established popularity of Slingo to enhance its portfolio and market reach.

The Origins of Slingo

Slingo, a unique game that blends the mechanics of slots and bingo, was originally created in 1994 by New Jersey-based real estate developer Sal Falciglia. Falciglia's idea was to create a simple, engaging game that combined the excitement of slot machines with the familiar bingo format. The game was initially developed as a free online offering. It quickly gained a loyal following due to its easy-to-understand gameplay and the potential for winning real cash prizes.

Slingo's Growth and Popularity

Throughout the late 1990s and early 2000s, Slingo grew in popularity. It was licensed to various online gaming platforms and adapted for different formats, including standalone apps and social media games. Its appeal was largely due to its hybrid nature, which attracted both slots and bingo fans. The game’s social aspect, where players could compete against each other for top scores, further contributed to its success.

Slingo's popularity was also bolstered by partnerships with major brands and the introduction of themed game versions. These variations featured popular characters and themes, making them more appealing to a broader audience. The game’s versatility and wide appeal helped it establish a strong presence in the online gaming market.

Acquisition by Gaming Realms

In 2015, Gaming Realms, a London-based company founded in 2013 by a team of online gaming veterans, acquired the Slingo brand and its associated intellectual property for approximately $18 million. This acquisition was a strategic move for Gaming Realms, allowing it to expand its portfolio with a well-established and popular gaming format.

The acquisition of Slingo marked a significant milestone for Gaming Realms, positioning the company as a key player in the mobile gaming market. With the Slingo IP under its belt, Gaming Realms focused on further developing and innovating the game. They introduced new Slingo titles, combining the traditional Slingo gameplay with elements from other popular games and entertainment brands, such as Slingo Rainbow Riches and Slingo Deal or No Deal.

These new versions of Slingo retained the core elements that made the original game popular and introduced fresh mechanics and features that appealed to modern gamers. Incorporating licensed brands into Slingo titles allowed Gaming Realms to reach new audiences and strengthen its market position.

Slingo's Impact on Gaming Realms

Slingo's success under Gaming Realms has been substantial. The game has become a flagship product for the company, driving significant revenue and growth. Gaming Realms has continued to innovate within the Slingo franchise, expanding its reach into new markets and platforms, including mobile and social gaming.

Slingo's continued popularity and Gaming Realms' strategic use of the brand has made it a cornerstone of the company's success. The game remains a key part of Gaming Realms' strategy as they continue to develop new Slingo titles and expand into new markets. Slingo's journey from a simple online game to a key asset for Gaming Realms highlights the enduring appeal of its hybrid gameplay and the strategic acumen of Gaming Realms in leveraging this iconic brand.

Finances

In 2023, Gaming Realms reported a fantastic financial year, with revenue jumping by 23% to around £23 million and adjusted EBITDA increasing by 28% to over £10 million. This growth was driven by expanding their content licensing deals and adding 44 new partners across different markets. They also secured licenses to operate in new areas like West Virginia in the US and Greece, helping them reach more players worldwide.

Pre-close trading update for the half-year ending 30 June 2024 shows further encouraging numbers for Gaming Realms. The company expects to report revenue of approximately £13.5 million for H1 2024, with adjusted EBITDA* projected at around £5.8 million. These figures represent year-on-year growth of 18% in revenue and 21% in EBITDA. Notably, when excluding a one-off £600,000 item related to brand licensing from H1 2023, the adjusted EBITDA* for H1 2024 shows a significant year-on-year increase of over 45%.

This strong performance was primarily driven by the company's core content licensing business, which saw a 28% increase in revenue year-on-year. During this period, Gaming Realms further strengthened its market presence by securing partnerships with 22 new clients and launching 7 new Slingo games.

The company achieved significant milestones in North America by launching the Slingo portfolio with FanDuel in Pennsylvania and Connecticut, the Atlantic Lottery Corporation in Canada’s Maritime provinces, and Fanatics in New Jersey, Michigan, and Pennsylvania.

In Europe, Slingo games went live with PokerStars in Italy and Romania, DAZN in the UK and Spain, Livescore in the Netherlands, Solverde in Portugal, VirginBet in the UK, and Entain in Spain.

Future

Looking ahead, the company plans to release more high-quality games and expand its portfolio to attract a broader audience. They’re also focusing on localising their games to suit specific market preferences, ensuring they offer something for everyone. By continuing to innovate and explore new markets, Gaming Realms aims to stay at the forefront of the mobile gaming industry.