Gaming Realms set for further investment in Spin Genie after revenue hike

Gaming Realms set for further investment in Spin Genie after revenue hike

Friday, December 5, 2014

Gaming Realms is set to build on significant revenue growth during the six months through to September 30 by investing more in its new feature-led Spin Genie platform.

The online gaming business achieved revenue of £4.6m (€5.5m/$7.2m) during the period, which represents a massive growth of 421 per cent on the £900,000 posted in the corresponding period last year.

The company was also able to end the period with a strong balance sheet of £3.8m cash and cash equivalent. This figure is up significantly from the £1.8m recorded in H1 2014.

However, Gaming Realms did note that it accumulated a loss before taxation of £3.1m. The company put this down to costs associated with its £10.5m acquisition of Blueberra Holdings, marketing spend of £3.6m, building a new gaming platform and gaining licenses from the Alderney Gambling Control Commission and the UK Gambling Commission regulatory bodies.

Speaking to TotallyGaming.com about the mainly positive results, a Gaming Realms spokesperson said the company now plans to further invest in its key platforms as it chases more success in 2015.

"In September 2014 Gaming Realms launched its new feature-led platform with Spin Genie,” the spokesperson said.

"The first three months’ trading looks very positive on the platform with cost per acquiring new players as we have forecast, as well as seeing good comparative player value.

"We have an exciting road map of development for Spingenie.com starting with the launch of Slingo. We are really excited with this exclusive licensing deal with RealNetworks, which sees one of the most popular social games ever in its first incarnation as a real money gambling game.

"Our major focus for the first quarter of 2015 is to see more investment in product and marketing in Spin Genie where we expect to see good growth in terms of revenues and daily active players."

 

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