Gaming Realms awarded licence for large Ontario market

9th Mar 2022 14:09

(Sharecast News) - Mobile gambling content developer Gaming Realms announced on Wednesday that its subsidiary Alchemybet has been awarded an iGaming supplier licence to supply games within the Canadian province of Ontario, ahead of the opening of the province's regulated market on 4 April.

The AIM-traded firm said its entry into the Canadian market would be a "significant milestone", presenting a long-term growth opportunity as it focussed on providing its 'Slingo Originals' content to Ontario's licenced online casino operators.

With a population of 15 million, Ontario is larger than any US state currently licensed for iGaming.

Gaming Realms said it was "reasonable" to expect revenues would be higher than New Jersey, Michigan or Pennsylvania, where the company was currently supplying its Slingo Originals content.

It said it would launch its full games portfolio in Ontario, and was now preparing for launch as the market opened.

Looking at its current trading, Gaming Realms said that while it was still early in the year, 2022 had started "well" with revenues ahead of management expectations, giving it confidence in its outlook.

"Ontario should be a bigger market for Gaming Realms than any of the US states that have regulated so far, so we are very excited to have been awarded our supplier licence in this territory," said executive chairman Michael Buckley.

"Our approval marks an important step in the group's growth trajectory as we focus on expanding and strengthening our global presence and bringing our hugely popular and innovative Slingo content to new audiences."

At 1338 GMT, shares in Gaming Realms were up 18.1% at 28.7p.