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It's £18.9m coming over the next few years as £4.2m already received, and £14.7m of that £18.9m is on an earn out basis, but still at 6.7p a share the market cap is ~£20m. That's crazy.
"Licensing revenue increased by 175% to £0.6m (H1/17: £0.2m), & Licensing revenue increased 88% in the 9 weeks post period end."
With a shift to licensing those numbers look great. Admittedly it's from a small base so may require some more patience but 6 new deals signed this year should see that accelerate over the next few years.
I think it could easily hit that price with the next set of financial results. All of the B2B deals from the start of the year and end of last year will have been hitting the bottom line for months.
The slingo games are obviously performing great if GCV signed a bigger deal and rolled them out worldwide. On coral 6 of their 24 top games are slingo, 3/6 in the top row, and one in the top banner. They wouldn't be taking up that space if they weren't performing well.
Market may have overreacted to the drop in revenue but the B2B side will have a much bigger margin so the next results could be the catalyst we've been waiting on
all true... unfortunately, this news is known and already accounted for in the spike price last rns. think it's going to take some news about what the money will be used for to push the sp up to 10s... but will be happy to see it happen sooner.
Proactive Investors article 10th July 2018. Highlights:
"That two-year licensing and revenue share agreement will see GVC roll out the “Slingo Originals” content worldwide and distribute it across its sites – Slingo is not part of the River UK casino sale. GVC has a six-week exclusive period hosting a new 'BlackJack X-Change' casino game."
In the longer-term, there is the prospect of the US market opening to casino games in the wake of the relaxation of sports betting rules.
Southon is not expecting it to happen quickly but if it does it will ‘transform’ the business.
“We can then offer content where casino games are legal.”
In the meantime, the focus will be on making the most of its games nous and content.
“In a mature business model, if you become a niche provider, a specialist in something that has international demand you can become very successful.”
Stew, one of our directors, Simon Collins, is on the board. Presumably this could be of future benefit to GMR. Someone on here a while back mentioned that GMR could get involved with cryptocurrency and I think it relates to that.
EGR Intel: What were your primary motivations for concluding this deal?
Patrick Southon (PS): We’ve chosen to sell 70% of our B2C business to allow us to focus on our licensing and B2B business. Even though the licensing arm of our business is very small at present, it’s a significant growth area for us at this stage.
For us there is a conflict of interest in being both a B2C operator while also being a licenser of content as well. So, what we are trying to do is deliver resources so that we can speed up growth in our licensing arm while also simplifying our messaging to the market and getting rid of any perceived conflicts of interest with our B2B partners. It’s a strategic move to simplify our offering. We are a small operator and as a result we can’t do everything but what we are trying to focus on is areas which have the potential to generate maximum profit.
EGR Intel: Who are River iGaming and why have you chosen them as a business partner?
PS: River iGaming are a new company who were only listed on the Oslo stock exchange last year. They are pursuing a strategy of investing in acquisitions in the gaming market, as they have done in the UK with Gaming Realms. As a part of the deal, a new business, River UK casino has been created which will be jointly owned with Gaming Realms.
River iGaming has an investment focused team and is backed by some prominent industry names, such as Morten Klein, the Chairman of Cherry AB. This deal will see a unique combination of UK market focused brands and experience fused with expertise in the Norwegian and wider Scandinavian market. They have operations in Malta and they are actively recruiting as the operations develop. That is important for us because our marketing team can very much become part of that growth story. Their business model also mirrors that of Gaming Innovation Group, which is a very successful business.
EGR Intel: You’ve chosen to sell 70% of your B2C business but retain the Slingo brand, what was the rationale there?
PS: Slingo is very much linked to our strategy of licensing, because we wanted to have a small site which we can launch games on and test how they go before rolling them out. In addition, it was more difficult to include Slingo and the Slingo brands as part of the deal because of the extensive links that it has to our other products.
EGR Intel: What’s next on the horizon for Gaming Realms?
PS: Obviously, we are primarily invested in growing our licensing business and are hoping to announce more licensing deals in the future. In addition, we have retained our social gaming business which we are hoping to do something with either commercially or strategically, so I think our activity over the coming months will be in these two areas.