Gaming Realms PLC slots another piece of strategic puzzle into place

Gaming Realms PLC slots another piece of strategic puzzle into place

Gaming Realms PLC's (LON:GMR) launch of three Slingo games in Michigan with BetMGM, the joint venture between Entain and MGM is another piece of the strategic puzzle slotting into place as expected, says Peel Hunt.

“With continued solid underlying growth in online gambling markets and a bow wave for Gaming Realms from relatively recent client wins,” buy is its recommendation with a 60p target price.

Michigan, which legalised both sports betting and online gaming in January 2021, has grown quickly to be the third-largest state in terms of GGR, much faster growth than was expected prior to launch.

BetMGM is the iGaming market leader in Michigan and Gaming Realms has signed agreements with other leading operators in the state.

“It appears that Gaming Realms has fewer competitors in terms of content suppliers in Michigan and there is therefore the potential for the revenue contribution from the state to exceed the £0.7m we have pencilled in for FY21E.”

betcompanies betcompanies 4 days
@betcompanies

Content licensing powers Gaming Realms to revenue rise in H1 Thursday 22 September 2022 - 9:57 am Gaming Realms has reported revenue of £8.5m (€9.6m/$9.7m) for the first half of 2022, up by 9.8% year-on-year. In total, £6.4m of the revenue came f...

Content licensing powers Gaming Realms to revenue rise in H1
Thursday 22 September 2022 - 9:57 am


Gaming Realms has reported revenue of £8.5m (€9.6m/$9.7m) for the first half of 2022, up by 9.8% year-on-year.

In total, £6.4m of the revenue came f...
Gambling Insider Gambling Insider 25 days
@G_Insider

News: Greentube launches in Michigan with BetMGM