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£7.8 Million loss for Gaming Realms but revenue increases

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Gaming realms have recorded a £7.8 million pre-tax loss for 2014, the online gaming company that operate bingo sites such as Iceland Bingo and Bubble Bonus Bingo contribute the loss to a rise in marketing costs.  Gaming Realms logo Marketing costs increased from £1.1 million to £10.2 million for a 15 month period ending 31st December 2014. 

Acquisition of marketing companies

 Last year Gaming Realms acquired online marketing companies QuickThink Media and Bleberra Holdings. This has pushed the company’s daily player numbers up to 4,198 per day from 1,102 for the previous accounting period. Gaming Realms announced the sale of Bingo Godz and Castle Jackpot this month, the sites are both powered by Bede Gaming software and were sold for £500,000 to the company European Domain Management. Michael Buckley the chairman of Gaming Realms said: “With our heavy investment in player acquisition and platform development, the board believe Gaming Realms is well placed to continue growth throughout 2015. We have seen very positive results in the first quarter of 2015, with net gaming revenue from real money on our platform increasing 80% quarter on quarter to GBP1.8 million.” “Revenue has grown 23% in the first quarter of 2015 as we focus on growing our new platform where 68% of our gambling revenues are coming from mobile and tablet play.” Shares for Gaming Realms are currently 34.50p which is a 2.99% rise. 

Growth for Gaming Realms

 Chief Executive Patrick Southon released the following statement: “We are pleased to report the completion and launch of our platform which is showing good initial growth. We believe the acquisitions of QuickThink Media and Blueburra Holdings, coupled with the monetisation ability of our exciting new ‘feature led’ gambling platform, will enable us to grow revenues even more quickly in 2015.The launch of Spin Genie, delivery of the proprietary platform; and exciting licence deals such as Slingo, gives the board confidence there are significant market opportunities ahead to achieve further progress in 2015 and beyond,” he added.