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Gaming Realms rises as it secures supplier licence in Michigan

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Gaming Realms PLC (LON:GMR) said it has been awarded a provisional iGaming supplier licence by the Michigan Gaming Control Board (GCB) as it focuses on efforts to expand its presence in the US.


The developer and licensor of mobile bingo games said the licence will allow it to provide its Slingo Originals game content to online casino operators in the state once iGaming is approved to go live by the GCB, which is expected to happen imminently.


READ: Gaming Realms boosted as strong trading continues through second half of 2020


“We are delighted to have obtained our provisional iGaming license in Michigan, which presents a larger player market than New Jersey, where the Group operates at present”, Gaming Realms executive chairman Michael Buckley said in a statement.


“We already have a number of deals signed with operators licensed in Michigan and we are confident that it will be a strong market for us, given the awareness of Slingo as a successful gaming brand. We look forward to being amongst those helping to launch its new iGaming market”, he added.


In a note on Wednesday, house broker Peel Hunt reiterated their ‘buy’ rating and 40p target price on the stock, saying the company was “growing to the scale where it can exploit a global market opportunity”.


“We forecast 2021 will be a year of material profitability and cash generation and there is upside to forecasts if the group can enter more markets more quickly than we currently expect”, the broker added.


Shares in Gaming Realms jumped 12.6% to 25p in early trading.


–Adds broker comment and share price–

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