Gaming Realms appointed Mark Segal as its new chief executive and revealed that it expects to report a 27% year-on-year increase in revenue for its 2022 financial year.
Segal takes on the role with immediate effect following a spell as chief financial officer and acting chief operating officer of the business.
Geoff Green, previously finance director at Gaming Realms, will now replace Segal as chief financial officer, with the two having worked together for more than three years.
Gaming Realms said that the management changes will enable the business to continue the progress of the last three years and support its ongoing expansion into more countries and regions around the world.
The new appointments came as Gaming Realms also published a training update for its 2022 financial year, with the online slots developer saying it expects revenue for the 12 months to 31 December to reach £18.7m (€21.2m/$23.0m).
This would represent an increase of 27% on the previous year, while the business also said that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is likely to climb 36% to £7.7m.
This performance, Gaming Realms said, was driven by the continued growth of its licensing business that launched in two new North American regulated igaming markets – Connecticut and Ontario – in 2022, and with 58 new partners internationally.
A significant proportion of this activity took place in Q4, including the launch in Connecticut with DraftKings, making the state its fifth in which it is active. Outside of the US during Q4, launches took place in the UK, Italy and Belgium.
In addition, Gaming Realms noted that it repaid its outstanding loan to JPJ Group Holdings, a wholly owned subsidiary of Bally’s Corporation, leaving the business debt free.
“The company has delivered another strong, full-year performance with growth coming from both existing and new markets,” said Michael Buckley, who remains as executive chairman amid the management chinches.
“This growth has been supported by the new partnerships signed with igaming operators as well as the extension of our Slingo catalogue, with the release of new Slingo formats during the period, which have proven to be very popular. We are seeing good momentum, and backed by an exciting commercial pipeline and new games, we are confident that we will achieve further progress in 2023.
“We are also delighted to announce that Mark and Geoff have been appointed CEO and CFO respectively. They have developed a strong working partnership in recent years whilst the business has achieved excellent growth.
“The board is excited to be working with them in their new roles and supporting the company’s ongoing commercial objectives.”
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