Gaming Realms PLC Announces Interim Results
Core content licensing and margins improved, offsetting a sharp decline in prior-period brand licensing and keeping full-year expectations unchanged.
Rhea-AI Summary
Gaming Realms (PSDMF) reported H1 2026 interim results showing mixed top-line trends but strong core growth. Total revenue slipped 3% to £15.5m, mainly due to a 71% drop in non-core brand licensing revenue after a large multi-year renewal was fully recognised in H1 2025. Excluding brand licensing, revenue grew 9%, driven by a 12% rise in content licensing to £13.0m and international expansion.
Adjusted EBITDA fell 12% to £6.6m, but excluding brand licensing increased 16% to £5.9m, with a 40% margin, and profit before tax on the same basis rose 47% to £2.7m. Net cash was £13.5m versus £17.8m at December 2025 after £6.0m of buybacks. Operationally, the Group entered four new regulated markets, released 11 games, grew UK revenue 3% despite higher Remote Gaming Duty, lifted North American content revenue 16%, and increased unique players 88%. Post period, core content revenue grew 23% in two months and launches extended reach to Alberta and Buenos Aires Province.
Positive
- Content licensing revenue up 12% to £13.0m in H1 2026
- Adjusted EBITDA excl. brand licensing up 16% to £5.9m with 40% margin
- Profit before tax excl. brand licensing up 47% to £2.7m
- North America content licensing revenue up 16% year-on-year
- Unique players in content licensing business increased 88%
- Core content revenue post-period up 23% over same two months of 2025
Negative
- Total revenue down 3% to £15.5m in H1 2026
- Brand licensing revenue down 71% to £0.7m
- Adjusted EBITDA (total) down 12% to £6.6m
- Profit before tax (total) down 21% to £3.4m
- Social publishing revenue down 9% to £1.7m
- Net cash reduced to £13.5m from £17.8m at Dec 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strong growth in core content licensing business; revenue up
UK revenues return to growth despite near doubling of Remote Gaming Duty
Core content licensing revenue increased
LONDON, UK / ACCESS Newswire / September 8, 2026 / Gaming Realms plc (AIM:GMR), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 June 2026 (the "Period" or "H1'26").
Financial highlights:
H1'26 | H1'25 | Change | |
£m | £m | % | |
Content licensing revenue | 13.0 | 11.7 | + |
Brand licensing revenue | 0.7 | 2.4 | - |
Social publishing revenue | 1.7 | 1.9 | - |
Total revenue | 15.5 | 16.0 | - |
Adjusted EBITDA (excl. brand licensing) | 5.9 | 5.1 | + |
Adjusted EBITDA (total) | 6.6 | 7.5 | - |
Profit before tax (excl. brand licensing) | 2.7 | 1.8 | + |
Profit before tax (total) | 3.4 | 4.2 | - |
Total revenue of £15.5m (H1'25: £16.0m), with the period-on-period movement driven by a reduction in non-core brand licensing revenue following a significant multi-year brand renewal recognised in full in the prior period
Total licensing revenues reduced
2% to £13.8m (H1'25: £14.1m), consisting of:Content licensing revenue increased
12% to £13.0m (H1'25: £11.7m)Brand licensing revenue reduced
71% to £0.7m (H1'25: £2.4m), as a result of the impact of the significant non-core brand deal in the prior period as noted above
Adjusted EBITDA excluding brand licensing grew
16% to £5.9m (H1'25: £5.1m), representing a40% Adjusted EBITDA margin (H1'25:37% ), demonstrating continued operating leverage in the core content licensing businessProfit before tax excluding brand licensing increased
47% to £2.7m (H1'25: £1.8m)Net cash at period end of £13.5m (Dec'25: £17.8m) after £6.0m returned to shareholders through the Group's ongoing share buyback programme
Operational highlights:
Launched content in four new regulated markets during the period: Nigeria, Ghana, Kenya and Peru
Released 11 new games into the market (H1'25: 6 games); eight unique Slingo titles along with three games from the Company's newly established Lucky Lunar studio
UK revenues up
3% versus the comparative period, with gross gaming revenue now above levels seen prior to the staking limit changes introduced in 2025North America content licensing revenue up
16% over H1'25, reflecting continued market expansion across the regionLaunched with 22 new partners globally (H1'25: 19 partners):
In North America with Fanduel in West Virginia and Resorts in Pennsylvania
In South America with Kaizen in Peru
In Europe with William Hill in Spain and Entain in Portugal
In Africa with Betway in South Africa and Sportybet in South Africa, Nigeria, Ghana and Kenya
Increased unique players in the content licensing business by
88% Launched a further five third-party slot games, bringing the total number of third-party games distributed to 28 (Dec'25: 23)
Post period-end:
Core content licensing revenue increased
23% in the two months post period-end compared to the same period in 2025Launched in two further regulated markets; Alberta, Canada, and Buenos Aires Province, Argentina
Launched content with 13 partners including Hard Rock in Ontario and LiveScore in South Africa
Released a further five unique games across our Slingo and Lucky Lunar studios
1 EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure. The Group uses EBITDA and Adjusted EBITDA to comment on its financial performance. Adjusted EBITDA is EBITDA excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the Group's ordinary activities. See Note 4 for further details.
Summary:
Gaming Realms has delivered continued growth in its core content licensing business through the first half of 2026, executing on its strategy of developing and licensing innovative games globally to market-leading partners.
Total Group revenue of £15.5m (H1'25: £16.0m) reflects a reduction in brand licensing revenue following the prior-period recognition of a significant multi-year brand licensing renewal, the consideration for which was recognised in full at inception. Excluding brand licensing, revenue grew
Adjusted EBITDA of £6.6m (H1'25: £7.5m) reflects the same brand licensing dynamic. On a comparable basis, excluding brand licensing, Adjusted EBITDA grew
In the UK, the increase in Remote Gaming Duty to
The Group continued to expand its international footprint during the period, launching in Nigeria, Ghana, Kenya and Peru, and taking the total number of regulated markets to 32 as at 30 June 2026. Post period-end, the Group also became one of the first content providers live in Alberta, Canada, on the opening day of the province's newly regulated iGaming market and also launched in the regulated market of Argentina.
During the period, the Group released 11 unique new games, including three titles from its newly established Lucky Lunar slot studio. The Lucky Lunar studio marks an important step in broadening the Group's content portfolio beyond the Slingo mechanic and into traditional slot formats, expanding the addressable opportunity with existing and new operator partners.
Outlook for FY26:
Trading in the first half of 2026 was in line with the Board's expectations, and the Board remains confident that the Group will deliver full year results in line with market expectations.
Looking ahead, the Group is well positioned to build on its momentum and deliver further growth across both new and existing markets. The Alberta launch post period-end strengthens the Group's North American position, adding to an established base across six U.S. regulated iGaming states and three Canadian provinces.
Our strategic focus for the remainder of the year is to continue broadening our international footprint by entering additional regulated markets, while deepening our presence with existing partners to capture further growth opportunities.
These market expansions will be underpinned by:
The continued release of new Slingo titles and the expansion of the Lucky Lunar slot portfolio in H2 2026;
The deepening of third-party content distribution through our aggregation platform; and
Continued investment in platform technology and data analytics to support scalable, efficient growth.
Commenting on the first half performance, Mark Segal, Chief Executive Officer, said:
"The first half results reflect the continued execution of our strategy and the early benefits of the increased investment we made in content and platform capability in the second half of 2025. Core content licensing grew
"Our UK business demonstrated real resilience, growing revenues despite the near-doubling of Remote Gaming Duty. We are now live in 34 regulated markets following our post-period launches in Alberta, Canada and Buenos Aires Province, Argentina, and we expect that investment to convert into an increased games release volume in the second half.
"The Board is confident in the Group's outlook for the future, and for the remainder of the year."
An analyst briefing will be held virtually at 9.30am today. To attend, please contact Yellow Jersey at gamingrealms@yellowjerseypr.com.
Enquiries
Gaming Realms plc | 0845 123 3773 |
Peel Hunt LLP - NOMAD and Joint Broker | 020 7418 8900 |
Investec Bank plc - Joint Broker | 020 7597 4000 |
Yellow Jersey | 07747 788 221 |
About Gaming Realms
Gaming Realms creates and licenses innovative games for mobile, with operations in the U.K., U.S., Canada and Malta. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. As the creator of a variety of SlingoTM, bingo, slots and other games, we use our proprietary data platform to build and engage global audiences. In 2026, Gaming Realms launched Lucky Lunar, a new studio focused on creating innovative slot titles that combine familiar casino mechanics with unique SlingoTM features. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.
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SOURCE: Gaming Realms PLC
View the original press release on ACCESS Newswire
FAQ
Why did total revenue decline despite growth in core content licensing?
Total revenue fell 3% to £15.5m because brand licensing revenue dropped 71% to £0.7m. In H1 2025, the Group recognised in full the consideration from a significant multi-year brand licensing renewal, which did not repeat in 2026, reducing non-core brand licensing income even though core content licensing grew.
How did higher UK Remote Gaming Duty affect Gaming Realms in H1 2026?
The Remote Gaming Duty in the UK increased to 40% from 1 April 2026, adding a further headwind on top of staking limit changes introduced in 2025. Despite this, UK revenues grew 3% versus H1 2025 and gross gaming revenue is now above pre-staking-limit levels, which the company attributes to the Slingo brand and recent product innovations.
In how many regulated markets is Gaming Realms currently live?
As of 30 June 2026, Gaming Realms was live in 32 regulated markets. Post period-end, launches in Alberta, Canada and Buenos Aires Province, Argentina increased this to 34 regulated markets.
What is the role of the new Lucky Lunar studio in Gaming Realms' strategy?
Lucky Lunar is a newly established slot studio that released three titles in H1 2026. It is intended to broaden the content portfolio beyond the Slingo mechanic into traditional slot formats, expanding Gaming Realms' addressable opportunity with both existing and new operator partners.
What guidance has the Board given for full-year 2026 performance?
The Board stated that trading in the first half of 2026 was in line with its expectations and that it remains confident the Group will deliver full-year results in line with market expectations. The company plans to continue expanding into new regulated markets and deepening relationships with existing partners.
How is Gaming Realms expanding its partner and game distribution network?
In H1 2026, Gaming Realms launched with 22 new partners globally, including operators in North America, South America, Europe and Africa. It also launched five additional third-party slot games, bringing total third-party titles distributed through its aggregation platform to 28 as of December 2025, and plans to deepen third-party content distribution further.