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A London listed developer of casino games has spent much of the past year proving that a licensing model can keep growing even when the top line does not tell the whole story. Gaming Realms plc (OTCQX: PSDMF, LSE: GMR) designs and licenses mobile focused gaming content to online casino operators around the world, and it is best known for its Slingo franchise, a hybrid of slots and bingo that has become a recognizable brand across regulated betting markets. The company also runs a newer studio called Lucky Lunar, launched in 2026 to push further into traditional slot formats.
The business Gaming Realms operates in, real money iGaming content licensing, works a bit like a music publisher renting out songs. Instead of running its own casino, the company builds games and licenses them to operators such as Fanduel, Entain and Betway, earning a fee each time a player spins a reel or clicks a Slingo tile. That model tends to scale efficiently once a game catalog is established, because the cost of adding a new operator partner or entering a new country is small relative to the revenue it can generate.
For the six months ended June 30, 2026, that scaling effect showed up clearly in the numbers, even as the company’s total revenue slipped. Content licensing revenue, the core of the business, rose 12% to $17.6 million (£13.0 million). Adjusted EBITDA from that core business increased 16% to $8.0 million (£5.9 million), giving a 40% margin, and pretax profit excluding brand licensing climbed 47% to $3.7 million (£2.7 million). Total Group revenue, however, fell 3% to $21.0 million (£15.5 million), and total Adjusted EBITDA dropped 12% to $8.9 million (£6.6 million). The reason for that gap is a one-off item from a year earlier: in the first half of 2025, Gaming Realms recognized the full value of a large, multi year brand licensing renewal, and that boost did not repeat this year. Brand licensing revenue fell 71% to $0.9 million (£0.7 million) as a result, while pretax profit including that category fell 21% to $4.6 million (£3.4 million).
Beyond the headline figures, the operational picture points to a company still adding scale. Unique players using its content licensing games grew 88% during the period, and the Group launched in four newly regulated markets, Nigeria, Ghana, Kenya and Peru, while adding 22 new operator partners globally. North American content licensing revenue rose 16% year on year. Since the period ended, core content revenue has grown a further 23% over the same two months in 2025, and the company has since entered Alberta and Buenos Aires Province, extending its regulated footprint to 34 markets.
The UK remains Gaming Realms’ home market, and it delivered a modest bright spot despite a tax headwind. The country’s Remote Gaming Duty nearly doubled to 40% starting the beginning of April, yet UK revenue still grew 3%, with gross gaming revenue climbing back above the levels seen before 2025’s staking limit changes. Net cash fell to $18.3 million (£13.5 million) from $24.1 million (£17.8 million) at the end of 2025, largely because the company returned $8.1 million (£6.0 million) to shareholders through an ongoing buyback program.
Chief Executive Mark Segal pointed to new operator partnerships and an expanding game portfolio as drivers of the first half, and the Board said trading was in line with expectations heading into the second half of the year. Whether that momentum continues will likely depend on how quickly new markets like Alberta and Argentina start contributing meaningful revenue, and on how much further the core licensing business can grow once the brand licensing comparison from 2025 fully cycles out of the numbers.
