Gaming Realms core earnings rise despite UK gambling tax increase
Published: 03:01 28 Jul 2026 EDT
Gaming Realms PLC (LSE:GMR, OTCQX:PSDMF, FRA:RNE1) said its core licensing business continued to grow in the first half, despite a sharp increase in UK gambling tax and a decline in non-core brand licensing revenue.
The mobile gaming content developer expects group revenue of about £15.5 million and adjusted EBITDA of £6.6 million in the first six months of 2026, versus £16 million and £7.5 million a year ago.
Excluding brand licensing, revenue increased by around 9%, or £1.2 million, while adjusted EBITDA rose 16%, or £800,000. Gaming Realms said the improvement demonstrated continued growth and operating leverage in its core content licensing business.
Non-core brand licensing revenue was £700,000 in the half, compared to last year when a large multi-year renewal led to licensing revenue of £2.4 million.
UK revenue increased 3% despite Remote Gaming Duty rising to 40% from 21% in April. Gross gaming revenue has also moved above the level recorded before staking limits were introduced in 2025.
Chief executive Mark Segal said the UK performance demonstrated "the strength of our content and the effectiveness of our recent product innovations".
Gaming Realms released 11 games, including three from its new Lucky Lunar studio, while launching in Nigeria, Ghana, Kenya and Peru during the half and expanding its Spanish presence through William Hill.
After the period ended, the company entered Alberta on the first day of the Canadian province's newly regulated online gaming market. This increased its presence to 33 regulated markets.
Net cash stood at £13.5 million after Gaming Realms returned £6 million to shareholders through its buyback programme.
"We remain confident in the group's growth strategy and our ability to continue delivering value for shareholders in the second half of the year and beyond," Segal said.
