Gaming Realms rises as it secures supplier licence in Michigan
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.
“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.
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