Gaming Realms said its core content licensing business continued to grow during the first half of 2026, even though lower brand licensing income reduced overall reported revenue and earnings compared with the same period last year.
The company expects to report revenue of about £15.5 million for the six months ended June 30, down from £16.0 million a year earlier. Adjusted EBITDA is forecast at around £6.6 million versus £7.5 million in H1 2025. The decline reflects brand licensing revenue falling to £0.7 million from £2.4 million after a large multi-year licensing renewal recognized in the prior-year period.
Growth in Main Operations Continues
Excluding brand licensing, Gaming Realms said revenue from its core operations increased by about 9%, while adjusted EBITDA rose about 16%. The company also ended the period with net cash of £13.5 million after returning £6.0 million to shareholders through its share buyback program.
In the UK, revenue increased 3% despite the Remote Gaming Duty rising from 21% to 40% on April 1. The company added that gross gaming revenue has recovered to levels above those recorded before the 2025 staking limit changes.
New Markets Support Second-Half Outlook
Gaming Realms expanded into Nigeria, Ghana, Kenya and Peru during the period and widened its presence in Spain through William Hill. It also released 11 new games, including three developed by its Lucky Lunar studio.
After the reporting period, the company launched its content in Alberta on the opening day of the Canadian province's regulated iGaming market. That expansion increased the total number of regulated markets where Gaming Realms distributes its content to 33.
Chief Executive Officer Mark Segal said: "We are pleased with our continued progress in the first half of 2026. Our core business delivered strong underlying growth, with revenue up around 9% and Adjusted EBITDA up around 16% on a comparable basis, excluding the prior-period recognition of a multi-year brand licensing renewal. It has been particularly encouraging to see UK revenues grow and gross gaming revenue return above pre-staking-limit levels, despite the increase in Remote Gaming Duty from April, demonstrating the strength of our content and the effectiveness of our recent product innovations."
Segal said the company's international expansion remained on track, with new launches across Africa and Peru increasing its presence to 32 regulated markets by the end of the reporting period.
He also pointed to the debut of the Lucky Lunar studio and the release of 11 new games as signs of the company's growing content lineup. Segal said the company remained confident in its growth plans and expected to continue creating value for shareholders during the second half of 2026 and beyond.
Expanding Branded Content Portfolio with SIS Deal
Beyond its H1 performance, Gaming Realms continued to grow its branded content portfolio through new partnerships.
In July 2026, the company signed a licensing agreement with SIS to develop Slingo 49's, a game based on SIS's long-running 49's fixed-odds live numbers draw. The title combines Gaming Realms' Slingo gameplay with the 49's brand, including its familiar theme, identity and live presenters.
The game will be distributed through Gaming Realms' global operator network, with the company expecting strong interest in markets such as the UK and Africa. The agreement also marks the first time SIS has licensed the intellectual property behind its 49's brand for use in another gaming format.
Source:
H1 2026 Pre-Close Trading Update, Gaming Realms PLC, otp.investis.com, 28 July 2026.
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