Gaming Realms said its core licensing business kept growing in the first half of 2026 even as UK gambling tax rose sharply in April. The company expects group revenue of about £15.5 million and adjusted EBITDA of about £6.6 million for the period.
That compared with about £16.0 million of revenue and £7.5 million of adjusted EBITDA in the first half of 2025. Excluding brand licensing, revenue rose about 9%, or £1.2 million, while adjusted EBITDA increased 16%, or about £800,000.
The company said that improvement showed continued growth and operating leverage in its core content licensing business. Non-core brand licensing revenue fell to £700,000 from £2.4 million a year earlier, when a large multi-year renewal lifted licensing income.
UK revenue still increased 3% despite the rise in remote gaming duty to 40% from 21% in April. HMRC says the duty is charged on profits from remote gaming with UK customers on a place-of-consumption basis, and the Commons Library said the 2025 Budget changes are expected to raise £810 million in 2026/27, rising to £1.16 billion by 2030/31.
Gaming Realms also said UK gross gaming revenue had moved above the level recorded before staking limits were introduced in 2025. Chief executive Mark Segal said the UK performance demonstrated “the strength of our content and the effectiveness of our recent product innovations”, and said he remained confident in the group’s growth strategy.
The half included 11 new game releases, including three from the newly established Lucky Lunar studio. The company launched content in Nigeria, Ghana, Kenya and Peru, and expanded further into Spain through William Hill.
After the period ended, Gaming Realms entered Alberta on the first day of the Canadian province’s newly regulated online gaming market. The company said that took its presence to 33 regulated markets.
Net cash stood at £13.5 million after £6 million was returned to shareholders through the buyback programme. In its 2025 annual report, Gaming Realms said revenue rose 10% to £31.4 million, licensing revenue rose 13% to £27.6 million, adjusted EBITDA rose 15% to £15.0 million and year-end cash was £17.8 million; it also said UK revenues had recovered to previous levels by the end of the year.
