An Evolution  
in Gambling
Gaming Realms plc  
Annual Report & Accounts 2014
Gaming Realms plc Annual Report & Accounts 2014  
The Group hopes to 
become a market leader 
in the mobile-led casual 
gambling market forecast 
to be worth $100bn 
worldwide in 2 years.
www.gamingrealms.com
Strategic Report
01 Highlights
02 Gaming Realms at a Glance
04 Chairman’s Statement
06 Market Positioning
08 Our Strategy
10 Chief Executive’s Review
12 Principal Risks and Uncertainties
Corporate Governance
14  Board and Executive 
Management
16 Directors’ Report
17  Statement of Directors’ 
Responsibilities
18 Corporate Governance 
Financial Statements
19 Independent Auditors’ Report
20  Consolidated Statement of  
Profit and Loss and Other 
Comprehensive Income
2 1  C o n s o l i d a t e d S t a t e m e n t  
of Financial Position
2 2  C o n s o l i d a t e d S t a t e m e n t  
of Cash Flows
23  Consolidated Statement of 
Changes in Equity
24   Notes to the Consolidated 
Financial Statements
47 Parent Company Balance Sheet
48  Notes to Parent Company 
Financial Statements
52 Company Information 01 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Highlights
Operational highlights
 › Increase of 635% in new real money 
gambling depositors compared to the 
previous financial period.
 › Increase of 338% in average daily players 
compared to previous financial period.
 › Acquisition of QuickThink Media Limited 
and Blueburra Holdings Limited.
 › Completion of new in-house scalable 
platform which includes a feature set  
to enhance conversion, retention and 
monetisation of real money gambling 
players.
 › Obtained licences from the Alderney 
Gambling Control Commission and  
the UK Gambling Commission.
Q4 14
Q3 14
Q2 14
Q4 13
Q1 14
3,086,617
2,608,330
1,980,334
2,195,110
1,356,815
Q1 15 3,757,269
Financial highlights
£11.2m
Revenue (2013: £0.9m)
138,852 
New depositing players  
(2013: 18,881)
6,003
December average daily players 
(2013: 1,370)
Q1 15
Q4 14
Q3 14
Q2 14
Q4 13
Q1 14
14,564
23,731
47,174
29,291
24,092
35,857
Q4 14
Q1 15
Q3 14
Q2 14
Q4 13
Q1 14
6,003
5,205
3,852
4,576
3,503
7,233
Revenue £’s First time depositors Average daily players 02 Gaming Realms plc  Annual Report & Accounts 2014
Gaming Realms is exploiting two major industry 
trends. Firstly; the much talked about switch by 
consumers to mobile devices and secondly; the 
increasing use of features derived from social 
games designed to increase player lifetime  
and revenues. 
The Group has built its own platform and is showing 
up to 68% of players using mobile and tablet 
devices. The existing gambling industry has been 
slow to adapt to this change, with research showing 
historic use of mobile at only 17%. With this 
strategy the business hopes to expand the current 
1.73m online UK slot market into the relatively 
untouched 12m adult UK social games market.* 
* Source: Kadence sizing online bingo market Great Britain May 2014
Gaming Realms at a Glance
AlchemyBet
AlchemyBet has now developed its 
social gaming platform acquired 
from Bejig into the real money 
gaming platform which is now 
operated by Bear Group Limited  
in Alderney. AlchemyBet has now 
licensed its brand, PocketFruity,  
to Bear Group to operate. 
AlchemyBet’s strategy is to 
continue the development of the 
platform with new unique content 
as well as grow its user base in  
the UK via effective marketing  
of the PocketFruity brand, along 
with establishing a number of  
B2B game licensing and/or 
distribution agreements.
Operating Divisions
Revenue (by product)
 66% Marketing Services
 24% Desktop
 10% Social Gaming
Revenue (by geography)
  88% UK, including 
Channel Islands
 8% USA
  4% Rest of the World
Significant Shareholders
At
31.03.2015
Michael Buckley 9.22%
Patrick Southon 5.58%
Simon Collins 5.30%
Other Directors and 
management team 10.70%
Rich Ricci 8.51%
Helium Rising Stars Fund 
Limited 7.79%
Artemis Alpha Trust plc 6.52%
Others 46.38% 03 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
0
5
QuickThink Media
QuickThink Media Limited (“QTM”)  
is a specialist online gaming 
marketing agency, with particular 
expertise in online bingo and casino 
products. QTM was acquired in 
December 2013 and supports  
the Group’s strategy to establish 
itself within the bingo and casino 
segments of the real money  
and the social gaming markets.  
QTM enhances Gaming Realms’ 
activities by capturing new users 
across emerging digital channels 
including Facebook, as well as  
cross promoting players to its own 
databases and vice versa. QTM also 
provides marketing for other clients 
such as Iceland and Macmillan 
Cancer Support. 
Blueburra Holdings
Blueburra Holdings Limited (“BBH”) 
is a specialist E-Gaming affiliate 
company with an award winning 
portal, bingoport.com. BBH was 
acquired in September 2014 in 
order to further enhance the 
Group’s marketing capabilities and 
complement the acquisition and 
player data within QTM.
Bear Group
Bear Group is an Alderney 
registered real-money gambling 
company which owns and 
operates a number of gambling 
products powered by its 
proprietary gambling platform.  
It holds a category 1 and 2 licence 
from the Alderney Gambling 
Control Commission as well as  
a licence with the UK Gambling 
Commission and, as a result, it  
is ideally positioned to take the 
Group’s innovative gambling 
products both to the UK and other 
regulated markets. Its first brand 
SpinGenie, has already gained a  
lot of traction with a large TV and 
online marketing campaign.
Our Brands
Real money Gambling
This is operated by Bear Group  
on our new in-house platform.  
The leading brands are SpinGenie 
and PocketFruity, which are both 
casinos targeted at the UK casual 
gambling market. The platform 
has been built for mobile and web 
and we are seeing over three 
times more sessions on mobile 
than desktop. SpinGenie also has 
social levels which are used to 
appeal to a more female, casual 
audience. The levels create 
enhanced engagement for the 
players on the site. 
White label Bingo
QTM and BBH market ten white 
label bingo sites, most notably 
Iceland Bingo, Diva Bingo and 
LuckyCharm Bingo. We use the 
multiple sites in order to increase 
player acquisition and increase 
retention among the portfolio  
of brands.  04 Gaming Realms plc  Annual Report & Accounts 2014
Chairman’s Statement
I am pleased to announce strong  
growth in the 15 month period ended  
31 December 2014.
Gaming Realms has delivered solid 
growth in 2014 with revenue rising  
to £11.2m (2013: £0.9m) with an 
adjusted EBITDA loss to £7.8m (2013: 
£2.3m) reflecting the Group’s investment 
in player acquisition and platform 
development.
Acquisitions
In December 2013 Gaming Realms 
acquired QTM, an award winning 
specialist online gambling marketing 
agency for £2.3m. The addition of the 
QTM team has enhanced the Group’s 
strategy of acquiring players across 
its brands. 
On 5 September 2014 Gaming Realms 
acquired BBH for up to £10.5m. Voted 
best Bingo Affiliate (bingoport.com) this 
has enhanced the marketing capabilities 
of the Group even further. 
These two businesses are important 
building blocks in both marketing and 
data acquisition support of the Group’s 
overall strategy.
Strategy
Gaming Realms strategy has remained 
focussed on delivering real money 
gambling to the casual gaming market 
through new content and social elements 
across multi-platforms. We have built 
our new proprietary platform on which 
we launched SpinGenie and to which we 
migrated PocketFruity. We have been 
very successful in acquiring new players 
with 138,852 new depositing players 
acquired across the Group’s brands in 
the period (2013: 18,881). 
The new platform is delivering very 
strong growth on mobile. We are seeing 
68% of our players using a mobile device 
with over 60% of new users registering 
and depositing on mobile. 
Our objective is to offer a more fun 
entertainment based approach to 
gambling, which we will offer to a wider 
audience using modern methods of 
delivery and analysis. We are quite 
literally... playing a new game. 05 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
We are looking to add new unique 
content onto the platform and 
announced in December 2014 the 
exclusive licence for a real money 
gambling version of Slingo from 
RealNetworks which is an exciting format 
for the platform. At its peak, Slingo 
achieved 52 million unique monthly 
active players worldwide and it lends 
itself very well to the mobile gaming 
market. We have added social gaming 
features into the player experience which 
have increased player retention and 
ultimately player lifetime values. 
Source: RealNetworks October 2014.
Financial review
In line with the trading update issued 
on the 23 March 2015, Gaming Realms 
is pleased to announce solid growth 
throughout 2014 with revenue rising 
to £11.2m (2013: £0.9m) and a 
corresponding increase of adjusted 
EBITDA loss to £7.8m (2013: £2.3m)  
as the Group has invested heavily  
in player acquisition and platform 
development. Investment in player 
acquisition has led to an increase in 
average daily active depositing players 
to 4,198 (2013: 1,012). As at 31 
December 2014 the Group had no debt 
and held £4.0m (2013: £5.2m) in cash. 
Details of the risks facing the Group and 
its policies to manage these risks can be 
found on page 12. The Group’s KPI’s of 
net revenue, EBITDA, cash at year end, 
new depositing players and active 
depositing players can be found below.
Outlook
With our heavy investment in player 
acquisition and platform development, 
the Board believes Gaming Realms is well 
placed to continue growth throughout 
2015. We have seen very positive results 
in the first quarter of 2015, with net 
gaming revenue from real money on our 
platform increasing 80% quarter on 
quarter to £1.8m (Q4 2014: £1.0m).
Michael Buckley
Chairman
21 April 2015
August 2013
AIM admission
Admission onto AIM by a reverse 
takeover
December 2013
Acquisition of QuickThink Media
Buys marketing firm QuickThink Media 
for £2.3m
July 2014
Awarded Alderney licence
Alderney licence granted to Bear  
Group
September 2014
Completion of acquisition 
of Blueburra Holdings
Buys Blueberra Holdings for £10.5m
Proprietary platform launched
November 2014
Slingo
Signs exclusive deal for Slingo
March 2015
PocketFruity migrates onto  
SpinGenie platform
April 2015
Launch of Slingo
Our history
Financial key performance indicators
2014 
£000s
2013
£000s
Revenue 11,227 881
Adjusted EBITDA (7,818) (2,323)
EPS from continuing operations (pence) (5.90) (9.34)
Total assets 23,298 12,563
Cash and cash equivalents at the period end 4,014 5,185
Average monthly depositing players (number) 9,257 9,153
Average daily active depositing players (number) 4,198 1,012 06 Gaming Realms plc  Annual Report & Accounts 2014
312,000 203,000 200,000 184,000 124,000 107,000 101,000
18%
12% 12%
11%
7%
6% 6%
Source: Kadence – active players in 12 months May 2013-14.
Market Positioning
UK market consists of 
only 1.73m online slot 
players and 2.48m online 
bingo players as at  
May 2014.
Source: Kadence Online Bingo Market sizing May 2014.
Most played sites
After only six months of operations 
SpinGenie now accounts for 1.2% of the 
1.73m UK slot market; management 
believes this is not only indicative  
of good growth to-date but also 
demonstrates the size of the 
opportunity as yet untapped by the 
Group’s products.
Prior to the launch of SpinGenie the  
UK gambling landscape was roughly 
92% playing on desktop which  
contrasts starkly with the 68% mobile 
and tablet devices which SpinGenie  
exhibits, again further evidence of the 
opportunity that the Group has within 
the UK market place.
We are well placed to 
meet the intense change 
that the market is going 
through... 07 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Market Snapshot
2.48m
online bingo players
1.73m
online slot players
30
%
  of players are already  
playing via mobile compared  
to 68% on SpinGenie
“We have seen this before”
4G was introduced to the UK two 
and a half years ago. Since then  
the number of subscribers has 
exceeded 15 million growing at 
more than double the rate of 3G 
subscriptions*. The proliferation of 
4G will result in mobile data usage 
growing 70% year on year with 
average data use on 4G being  
three times more than 3G average 
per user**.
 
Ad network InMobi asserts mobile 
media time spent by consumers 
now exceeds TV usage and also PC 
internet usage with 25% of this 
time spent playing games or 
listening to music***.
 
* Source: wired.co.uk January 2015
** Source: digitalspy December 2014
*** Source: InMobi February 2015
The newly developed Gaming 
Realms platform and products, 
such as SpinGenie, are built to take 
advantage of the uptake in 4G and 
mobile media time. The platform 
and brand are designed for mobile 
play which will be the preferred 
consumption touch point from 
2015. Encouragingly we are already 
seeing increased registrations  
and deposits on the latest devices 
and screens. The Board believes 
that Gaming Realms is well 
positioned to capitalise on these 
market factors. 08 Gaming Realms plc  Annual Report & Accounts 2014
Gaming Realms will grow its business by offering its 
products to a substantial and growing customer base; 
through a unified technology platform which deploys 
the latest customer acquisition, retention and 
monetisation techniques.
Our Strategy
Acquisition
›  Ne w p l a t f o rm s
›  New marketing channels
›  New “fun” brands
›  T a r g e t e d c o r po r a t e 
acquisition
How are we doing this?
›  Multiple brands designed to achieve 
low CPAs for different marketing 
channels.
›   New platforms which allow players 
to play across any device.
›  Selected acquisition such as 
QTM and BBH which enhances 
understanding of the latest 
customer acquisition methods.
Progress
›  Developed new proprietary platform in  
order to acquire through mobile and add  
in attribution models. 
›  Launch of SpinGenie brand has had positive 
effect on acquisition, driving more new 
depositing players to the platform.
›  Acquisition of QTM and BBH has increased 
marketing power for our platform.
Retention
› In game levels
› Collections
› Unified notifications
›  A l g o r i t h m i c c u s t o m e r 
relationship management 
(“CRM”)
How are we doing this?
›  Where appropriate use of the tools 
developed for social games which 
enhance the player lifetime.
›  One-to-one consumer marketing 
which allows for a more in-depth 
relationship with the player.
›   Deeper segmentation of player 
segments in order to “personalise” 
CRM to various player habits.
Progress
›  SpinGenie has been built with in-game levels and for players 
to achieve targets. This has increased retention to 50% in 
their second month.
›  We have implemented Algorithmic CRM across all platforms 
with increased retention and monetisation of players.
›  We have built in-game notifications for players to increase 
retention on the site.
›  We have built engaging mobile proposition with almost 
four times more sessions on this device versus traditional 
desktop.
The Group’s work on delivering a platform which is 
scalable, mobile focussed and with built in social 
gaming elements is at the centre of the strategy.  
The platform and its unique content, such as  
Slingo, are deployed for this purpose in order to:
› target the casual gambling market;
›  shared distribution via web, tablet and mobile  
platforms; and
›  deploy common success factors in customer 
acquisition and retention, design and monetisation.
This strategy is attractive by virtue of:
›  The platform is now scaling rapidly with 80% 
month on month growth in deposits to March 2015;
›  an experienced management team with a strong 
track record;
› a well-defined market; and
› strong potential for growth in shareholder value.
Monetisation
› Freemium games
› Database management
› New payment methods
How are we doing this?
›  As wide a selection of games  
as possible.
›  Cross promotion via “cohorts” into 
the most appropriate product.
›  New simplified methods of payment 
to allow for a seamless entry into 
the gaming experience.
Progress
›  We have built a strong team for VIP management to build 
relationships to increase revenues and retention from the 
player segment.
›  We have implemented payment via mobile phone to attract 
a wider base of players. This accounts for c. 20% of deposits 
on the platform. 09 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Acquisition
›  Ne w p l a t f o rm s
›  New marketing channels
›  New “fun” brands
›  T a r g e t e d c o r po r a t e 
acquisition
How are we doing this?
›  Multiple brands designed to achieve 
low CPAs for different marketing 
channels.
›   New platforms which allow players 
to play across any device.
›  Selected acquisition such as 
QTM and BBH which enhances 
understanding of the latest 
customer acquisition methods.
Progress
›  Developed new proprietary platform in  
order to acquire through mobile and add  
in attribution models. 
›  Launch of SpinGenie brand has had positive 
effect on acquisition, driving more new 
depositing players to the platform.
›  Acquisition of QTM and BBH has increased 
marketing power for our platform.
Retention
› In game levels
› Collections
› Unified notifications
›  A l g o r i t h m i c c u s t o m e r 
relationship management 
(“CRM”)
How are we doing this?
›  Where appropriate use of the tools 
developed for social games which 
enhance the player lifetime.
›  One-to-one consumer marketing 
which allows for a more in-depth 
relationship with the player.
›   Deeper segmentation of player 
segments in order to “personalise” 
CRM to various player habits.
Progress
›  SpinGenie has been built with in-game levels and for players 
to achieve targets. This has increased retention to 50% in 
their second month.
›  We have implemented Algorithmic CRM across all platforms 
with increased retention and monetisation of players.
›  We have built in-game notifications for players to increase 
retention on the site.
›  We have built engaging mobile proposition with almost 
four times more sessions on this device versus traditional 
desktop.
The Group’s work on delivering a platform which is 
scalable, mobile focussed and with built in social 
gaming elements is at the centre of the strategy.  
The platform and its unique content, such as  
Slingo, are deployed for this purpose in order to:
› target the casual gambling market;
›  shared distribution via web, tablet and mobile  
platforms; and
›  deploy common success factors in customer 
acquisition and retention, design and monetisation.
This strategy is attractive by virtue of:
›  The platform is now scaling rapidly with 80% 
month on month growth in deposits to March 2015;
›  an experienced management team with a strong 
track record;
› a well-defined market; and
› strong potential for growth in shareholder value.
Monetisation
› Freemium games
› Database management
› New payment methods
How are we doing this?
›  As wide a selection of games  
as possible.
›  Cross promotion via “cohorts” into 
the most appropriate product.
›  New simplified methods of payment 
to allow for a seamless entry into 
the gaming experience.
Progress
›  We have built a strong team for VIP management to build 
relationships to increase revenues and retention from the 
player segment.
›  We have implemented payment via mobile phone to attract 
a wider base of players. This accounts for c. 20% of deposits 
on the platform. 10 Gaming Realms plc  Annual Report & Accounts 2014
We have built a new range of 
products to enable users to  
gamble via new touch points  
such as mobile.
Chief Executive’s Review
Development
We are continuing to see a shift in  
player behaviour towards mobile play. 
We took the decision in November 2013 
to accelerate our expansion to exploit 
this market with the investment in our 
social gaming platform for real money 
gambling games on mobile. Our 
subsidiary, Bear Group Limited, obtained 
licences from the Alderney Gambling 
Control Commission and the UK 
Gambling Commission and launched its 
first brand SpinGenie in September 2014. 
This has been a major undertaking for 
the Group.
SpinGenie has been built to work cross 
platform and specifically for mobile 
acquisition and play. It has also 
accommodated social gaming elements 
of levels and rewards to encourage 
increased player engagement. We  
have been very pleased with the last  
six months growth on SpinGenie with 
over 22,000 new depositing players  
up to 31 March 2015. Over 60% of the 
players are registering via mobile or 
tablet devices and the easy sign up 
process has resulted in much lower  
CPA than we have been seeing in  
other casinos we have marketed. 
Such was the success that in March  
2015 we also migrated our existing real 
money gambling brand PocketFruity 
onto the new platform. This has seen 
synergies in terms of maintaining only 
one platform but also seen increased 
deposits and daily players since the 
successful migration. We are optimistic 
we can also see rapid growth from 
PocketFruity.
Marketing
A very important part of our strategy  
is being able to achieve a position  
as active market leader in terms of player 
acquisition. To this end we have acquired 
two award winning businesses; QTM is  
a specialist online gambling marketing 
agency which we have utilised to acquire 
players across our portfolio of brands. In 
the financial period, the Group marketing 
spend was £10.2m (2013: £1.75m) 
acquiring a total of 138,852 new 
depositing players at an overall CPA of 
£73.50. QTM also marketed a number of 
white label sites including a joint venture 
with Iceland Bingo.
In September 2014 the Group acquired 
BBH which brought with it a number of 
white label bingo brands and affiliate 
portal bingoport.com. With both these 
assets, the Group has gained a large 
database of valuable players who we are 
able to cross-sell effectively across all the 
sites in order to prolong activity within the 
portfolio of products. Since acquisition we 
have achieved operational synergies with 
the integration of BBH into the Group. 11 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
59% of 
registrations
61% of ﬁrst 
time depositors
from mobile
3.7x more 
sessions on 
mobile 
Licensing deals focussing on  
innovative content
Gaming Realms will to continue to  
invest heavily in marketing and grow  
the SpinGenie and PocketFruity brands. 
We will also continue to enhance the 
player experience as we add more 
unique content to the platform. We are 
excited by the potential for Slingo and 
aim to add more social elements into 
the gaming experience and further 
reduce CPA.
We believe licensing deals exemplified 
by the RealNetworks deal are of 
particular interest to our key market 
segment: the UK female market. 
This market has to date been under 
represented in the UK due to the heavy 
focus on Sports books. Early statistics 
support this hypothesis with 60% of 
players being female on SpinGenie 
as well as providing a higher revenue 
per player. 
Above all player protection is key
Lastly, as well as the focus on marketing 
and revenue, the Group remains 
focussed on providing the highest levels  
of player protection and fraud control  
as part of its ongoing UK and Alderney 
licensing obligations. We will continue to 
refine and develop this so as to preclude 
as far as possible both minors and 
persons prone to addiction.  
Patrick Southon
Chief Executive Officer
21 April 2015
Case study
SpinGenie
SpinGenie is the first brand to be launched on our new proprietary 
platform. The platform has been designed and built to target the mobile 
casual gambling market. We have seen 61% of registrations via a mobile 
device and 3.7 times more sessions on mobile than desktop. In total 68% 
of our active players have played on a mobile device. We have used the 
platform to add unique content such as Slingo and the Levels which has 
increased player engagement. 
The result has been an increase of 80% month on month for deposits and  
61% for daily active players. The cost per acquisition has been dropping 
with increased spends as we have been able to make changes to the 
product as well as optimise the overall spends per channel.
3.7x
more sessions on mobile 12 Gaming Realms plc  Annual Report & Accounts 2014
Principal Risks and Uncertainties
Dependence on third parties 
The Group’s business is dependent on 
third party gambling operators (Gaming 
Realms is marketing the products) and 
software providers (who provide various 
tools to increase efficiency in the Group). 
The Group is also dependent on mobile 
networks, mobile content providers and 
media groups, as well as other service 
providers who, for example, provide 
payment processing and customer age 
and ID verification. If there are any 
interruptions to the products or services, 
provided by other third parties, or if 
there are problems with them supplying  
the products or services, the Group’s 
business could be adversely affected.  
To mitigate this risk of interruption to 
products and services supplied, the 
Group uses reliable and established 
industry suppliers as well as ensuring 
that contractual agreements with key 
partners are adequate to offer 
protection to the Group.
Regulatory risk
During the period, the Group’s gambling 
activities have been operated under  
the jurisdictions of the UK Gambling 
Commission and the Alderney Gambling 
Control Commission, where it is licensed 
and its gambling operations are based. 
The regime under which Alderney  
and the UK permit remote gambling 
operations to be operated within their 
jurisdictions may be altered or restricted 
through legislation in the UK, which 
could render the Group’s operating base 
unusable or uneconomic. In addition, 
territories where the Group wishes to 
market its UK-based gambling services 
may impose restrictions upon remote 
gambling services which would restrict 
the Group’s ability to market to potential 
customers in that territory or to service 
existing customers by, for example, 
restricting financial transactions.
Where such restrictions exist, or come 
into existence in the future, and/or in 
each case are actively enforced, the 
Group may not be able to offer its 
gambling/gaming services, or may be 
required to seek onshore gambling/
gaming licences local to these territories. 
Restrictions on promotion and/or the 
operation of remote gambling/gaming 
services in any particular location might 
also diminish or inhibit the Group’s ability 
to secure distribution in such territories. 
It is not considered likely that such 
changes in legislation that could 
materially impact the business will  
be made at the present time.
Technological/industry  
standards change 
As a developing online business, the IT 
systems are critical to operations. The 
Group is reliant on the performance of 
these systems. Changes may render the 
Group’s existing products obsolete and 
unmarketable if the Group is unable to 
respond in a timely fashion. To mitigate 
this risk the Group continually monitors 
customer habits and technological 
advancements in order to ensure we  
are best placed to respond to industrial 
change as far as possible. The Group 
takes information technology risks 
seriously and keeps its policies under 
review in order to mitigate these risks. 13 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Operational risk
The Group’s experienced management 
team is vital in executing its strategy. As 
such we work hard to attract and retain 
the key people through investing in the 
right management and development 
programmes as well as matching the 
right skillset for a particular role.
The Group is also exposed to gaming  
risk in relation to its casino operations. 
As such the casinos and other games 
incorporate a “house edge” in order  
to maintain a profit margin over the long 
term. In the short term limits are placed 
on individual bets in order to mitigate 
against large individual losses.
Taxation risk
The Group aims to ensure that each 
legal entity within the Group is a tax 
resident of the jurisdiction in which it  
is incorporated and has no taxable 
presence in any other jurisdiction.  
While the Group’s customers are  
located predominantly in the UK, where 
customers are located elsewhere those 
jurisdictions may seek to tax such 
activity which could have an adverse 
effect on the amount of tax payable by 
the Group or on customers’ behaviour. 
The new “point of consumption” system 
for remote gaming duty came into force 
on 1 December 2014. The introduction  
of the new tax regime affected the 
profitability of our products previously  
on a non-UK licence. Furthermore, the 
UK Government has published a new 
legislation which came into force on  
1 April 2015. The Diverted Profits tax  
will impose tax at a rate of 25% on 
profits which would be attributable  
to a permanent establishment in the 
United Kingdom were such a permanent 
establishment to exist where profits are 
deemed to be “diverted” from the 
United Kingdom. 
The Group actively monitors taxation  
risk and takes such steps as it considers 
necessary to minimise such risks.
The 2014 Strategic Report has been 
approved by the Board of Directors.
On behalf of the Board
Michael Buckley Patrick Southon
Chairman Chief Executive Officer
21 April 2015 21 April 2015 14 Gaming Realms plc  Annual Report & Accounts 2014
Board and Executive Management
Michael Buckley
Chairman
Michael Buckley was Chairman of 
Cashcade, which he founded with Patrick 
Southon and Simon Collins in 2000. 
Cashcade became a leading UK based 
online gaming company prior to its 
sale to PartyGaming plc in 2009 for 
an aggregate sale consideration of 
£96 million for shareholders.
Michael has invested in and been 
Chairman of a number of public 
companies. These include SelecTv plc, a 
producer of comedy and comedy drama 
series for television such as Lovejoy, Birds 
of a Feather and The New Statesman. 
SelecTv invested in a consortium which 
in 1991 won the franchise to create 
Meridian Television of which Michael 
was a founding Director. He was also 
Chairman of Pacific Media plc, which 
invested in a number of internet 
backbone companies in Asia during the 
1990s as well as creating a chain of 
movie theatres in South East Asia in 
partnership with United Artists Theatre 
Circuit Inc. Michael has held other public 
and private company directorships, 
having obtained a professional 
qualification as a chartered accountant  
in the UK.
Mark Segal
Chief Financial Officer
Mark recently left bwin.party as Finance 
Director for the bingo vertical. Previous 
to that Mark was Finance Director of 
Cashcade until it was acquired by 
PartyGaming plc in July 2009. Mark was 
responsible for the full finance function, 
including commercial negotiations, 
business intelligence and operational 
support in the business, and was 
involved in the sale to PartyGaming plc 
and acquisition by Cashcade of 
Independent Technology Ventures in 
July 2007. Prior to joining Cashcade, in 
May 2005, Mark spent five years at the 
accountancy firm Martin Greene Ravden, 
where he qualified as a chartered 
accountant in 2003.
Atul Bali
Non-Executive Director
Atul is the President of RealNetworks 
Games business incorporating 
Gamehouse, Slingo, GPN and other 
assets in the cross platform casual,  
social casino and next generation ad 
serving businesses. He also serves on  
the board of several real money gaming 
businesses focused on lottery, casino, 
sports betting and as an adviser to two 
fin tech businesses.
Prior to RealNetworks, he served as  
the President of Aristocrat Americas,  
a leading supplier to the Casino industry; 
the CEO of XEN Group (now Disruptive 
Technologies Ltd) a social media 
investment fund; President & CEO of 
GTECH G2 (following a long career in  
M&A, Corporate and Global Business 
Development. 
He trained as a Chartered Accountant 
with KPMG in the UK, following a degree 
in Law & Economics. He lives in Seattle 
with his wife and three children.
Patrick Southon
Chief Executive Officer
Patrick has been working within the 
online gambling sectors for the last 
13 years. He is particularly focused on 
marketing, brand building and media 
buying. Patrick was Managing Director 
of Cashcade and Managing Partner of 
NewGame an investment fund focusing 
on innovation within the gambling  
sector. His marketing expertise allowed 
Cashcade to build a distinctive and 
prominent brand identity around, among 
others, its flagship “Foxy Bingo” brand 
and turned the company into one of the 
most effective advertisers on British 
television. Based on research by TNS, 
Marketing Magazine cited Foxy Bingo 
as having the best-value television 
advertising between 2008 and 2010.
Simon Collins
Executive Director
Simon was the co-founder and 
Commercial Director of Cashcade. He 
formed a range of profitable business-to-
business and affiliate relationships for 
Cashcade and was an early adopter of 
both search engine and social network 
marketing in the monetised digital 
gaming space. In 2008 and 2009, 
Cashcade featured in The Sunday Times 
Top 20 fastest growing technology 
companies and the business won 
numerous other industry awards. 
Following the sale of Cashcade Simon 
remained at bwin.party until April 2011, 
where he focused on innovation, research 
and development as well as the ongoing 
development of Cashcade’s brand in the 
social networking space. Since leaving 
bwin.party, Simon joined Patrick Southon 
in setting up NewGame an investment 
fund focusing on innovation within the 
gambling sector.
Board of Directors 15 Gaming Realms plc  Annual Report & Accounts 2014
Financial Statements Strategic Report Corporate Governance
Jim Ryan
Non-executive Director
Jim Ryan is the CEO of Pala Interactive, 
LLC a real money gaming operator 
focussed on the US regulated online 
gaming market. Prior to Pala Interactive, 
Jim was the Co-CEO of bwin.party digital 
entertainment plc. He has spent the last 
14 years of his career in leadership roles 
within the online gaming sector. Jim has 
led a number of the industry’s largest 
merger and acquisition transactions 
which include the merger of PartyGaming 
plc and Bwin, the acquisitions of 
Cashcade (Foxy Bingo) and the World 
Poker Tour and the sale of St Minver 
Limited to GTech. Jim held senior posts at 
four publicly listed companies. In addition 
to his role of CEO of PartyGaming plc  
and Co-CEO of bwin.party digital 
entertainment plc he was President  
and Chief Executive Officer of Excapsa 
Software Inc and as Chief Financial 
Officer of CryptoLogic Inc. and Chief 
Financial Officer of SXC Health Solutions 
Corp and was CEO of St. Minver Limited. 
Jim also held senior management posts 
at Procuron Inc., Metcan Information 
Technologies Inc and Epson Canada 
Limited. Educated at Brock University 
(Goodman School of Business) in Ontario, 
Canada, where he obtained a business 
degree with first class honours, Jim 
obtained professional qualifications as a 
chartered accountant and certified public 
accountant from the Canadian Institute 
of Chartered Accountants.
Mark Wilson
Non-executive Director
Mark Wilson is a strategic adviser and 
investor in media, gaming, and real 
estate. Mark has held multiple senior 
leadership positions, serving as CEO of 
Television Games Network, Executive 
Chairman of Music Choice International, 
President of Hubbard Enterprises, 
Managing Member of New Mexico 
Gaming LLC, and General Counsel and 
Corporate Secretary of Churchill Downs. 
He received a Juris Doctorate from the 
University of Louisville.
Noel Rowse
Chief Operating Officer
Originally a journalist, Noel has been in 
the gambling industry since 2000 where 
has been responsible for the launch and 
management of multiple sites across 
many platforms. Previous to Gaming 
Realms, Noel was COO and subsequently 
Managing Director of Cashcade post the 
bwin.party acquisition of the Company. 
Noel is focused on product innovation 
and player monetisation of online 
gambling sites.
David Hampstead
Chief Technology Officer
David is a J2EE, database and Amazon 
EC2 expert who has worked designing 
and implementing enterprise information 
systems since leaving university in 2001.
David is an avid casual gamer and whilst, 
as CTO, a lot of his best work is done 
“under the hood” he is highly hands-on  
in his approach to engineering, working 
closely with the game developers and is  
a major contributor to product design.
Simon Smiley
Chief Marketing Officer
Starting his career in 2004 as a Mecca 
Bingo management trainee, Simon 
became a successful licensed general 
manager for a number of high turnover 
bingo clubs in the UK. In 2008 he joined 
Ladbrokes as their head of online bingo, 
four months later he left to found 
QuickThink Media. 
Simon has extensive experience buying 
online media across multiple channels. 
Over the years Simon has spoken at  
a number of gaming industry events 
including: EIG, EGR’s Power 50 and the 
Online Bingo Summit.
Executive Management
Paul Gielbert
Managing Director of Bear Group 
Limited
Paul has 18 years’ experience within the 
Gaming Industry, in offline, online, social 
and mobile environments. Initially 
starting out working for Mecca Bingo, 
Paul has 10 years’ experience as a 
licenced manager in the retail gaming 
sector. Moving to the online side of the 
industry in 2007, Paul has since managed 
the first ever live-streaming bingo site 
and worked in management roles for 
Ladbrokes and Gala before moving to 
Gaming Realms where he is the 
Managing Director of Bear Group, running 
the Alderney licenced operation. 16 Gaming Realms plc  Annual Report & Accounts 2014
The Directors present their Annual Report together with the audited financial statements for the period ended 31 December 2014.
Principal activities
The Group’s principal activities during the year continued to be that of the provision and marketing of interactive bingo and 
casino services to customers in the UK and social gaming on Facebook to customers in the US and Europe.
These financial statements present the results of Group from 1 October 2013 to 31 December 2014.
Names of Directors and dates of any changes
The Directors who served during the period and to the date of this report were:
Michael Buckley
Patrick Southon
Mark Segal 
Simon Collins
Jim Ryan
Mark Wilson
Atul Bali (appointed 12 May 2014)
Results and dividends
The results for the period are set out on page 20. The Company will not be paying a dividend this year.
Disclosures to auditors
The Directors who held office at the date of approval of this Directors’ Report confirm that, so far as they are aware, there is no 
relevant audit information of which the Company’s auditor is unaware; and each Director has taken steps that ought to have 
been taken as a Director to make themselves aware of any relevant audit information and to establish that the Company’s 
auditor is aware of that information.
BDO LLP, who were appointed during the year as auditors of the Company by the Directors, have expressed their willingness to 
continue in office and a resolution to reappoint them will be proposed for the Annual General Meeting in accordance with Section 
489 of the Companies Act 2006.
Details of the Group’s business review, principal risks and uncertainties, key performance indicators and other matters are given 
in the Strategic Report.
Financial instruments
Details of the Group’s financial risk management objectives and policies are included in note 20 to the financial statements. 
Events after reporting date
On the 27 January 2015, the Group decided to restructure the marketing services segment by relocating its operations from the 
Isle of Man to London.
On 9 April 2015, the Group sold all associated assets in its Bingo Godz and Castlejackpot brands (including the domains) which 
are currently operated by IP&S Limited to European Domain Management Limited for a total of £500,000.
Future developments
Future developments are discussed in the Chairman’s and Chief Executive’s Statement.
Approval and signature
Patrick Southon
Chief Executive Officer
21 April 2015
Directors Report
For the period ended 31 December 2014 17 Gaming Realms plc  Annual Report & Accounts 2014
Financial Statements Strategic Report Corporate Governance
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law  
and regulations. 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have 
elected to prepare the Group financial statements in accordance with applicable law and International Financial Reporting 
Standards (“IFRSs”) as adopted by the European Union and the Parent Company financial statements in accordance with 
applicable law and UK accounting standards (UK Generally Accepted Accounting Practice). Under company law the Directors 
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of 
the Group and Company and of the profit or loss of the Group for that period. The Directors are also required to prepare financial 
statements in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative 
Investment Market (“AIM”).
In preparing these financial statements, the Directors are required to:
 › select suitable accounting policies and then apply them consistently; 
 › make judgements and accounting estimates that are reasonable and prudent; 
 › state whether they have been prepared in accordance with IFRSs as adopted by the European Union, subject to any material 
departures disclosed and explained in the financial statements; and 
 › prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will 
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to  
ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and 
other irregularities. 
Website publication
The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. 
Financial statements are published on the Company’s website in accordance with legislation in the UK governing the preparation 
and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity 
of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity 
of the financial statements contained therein.
Statement of Directors’ Responsibilities 18 Gaming Realms plc  Annual Report & Accounts 2014
Corporate Governance
Although companies traded on AIM are not required to provide corporate governance disclosure, or follow guidelines in the UK 
Corporate Governance Code (the “Code”) issued by the Financial Reporting Council (“FRC”), the Directors recognise the value and 
importance of high standards of corporate governance. 
 
The Company follows the recommendations on corporate governance from the Quoted Companies Alliance for companies with 
shares traded on AIM. 
 
Given the Company’s size and the constitution of the Board, the following is a brief summary of the main aspects of corporate 
governance currently in place. 
 
With effect from the admission to AIM in August 2013, the Board has established an Audit Committee and a Remuneration 
Committee with formally delegated responsibilities. 
 
The Remuneration Committee is chaired by Mark Wilson. Its other members are currently Michael Buckley and Jim Ryan. This 
committee reviews the performance of the Executive Directors and makes recommendations to the Board on matters relating  
to their remuneration and terms of employment. The Remuneration Committee also makes recommendations to the Board  
on proposals for the granting of share options and other equity incentives. The Board sets the remuneration and terms and 
conditions of appointment of the Non-executive Directors. 
 
The Audit Committee is chaired by Jim Ryan. Its other members are Mark Wilson and Michael Buckley. The Committee 
determines the terms of engagement of the Company’s auditors and, in consultation with them, the scope of the audit.  
It receives and reviews reports from management and the Company’s auditors relating to the interim and annual financial 
statements and the accounting and internal control systems in use by the Group. The Audit Committee has unrestricted access 
to the Company’s auditors. Under its terms of reference, the Audit Committee monitors, amongst other matters, the integrity of 
the Group’s financial statements. The Committee is responsible for monitoring the effectiveness of the external audit process 
and making recommendations to the Board in relation to the re-appointment of the external auditors. It is responsible for 
ensuring that an appropriate business relationship is maintained between the Group and the external auditors, including 
reviewing non-audit services and fees. The Committee meets with Executive Directors and management as well as meeting 
privately with the external auditors. 
 
As the Board is small, there is not a separate Nominations Committee and the Board as a whole considers recommendations  
for appointments to the Board. 
 
The Directors follow the guidance set out by Rule 21 of AIM Rules relating to dealings by Directors in the Company’s securities 
and, to this end, the Company has adopted an appropriate share dealing code. 
 
Going concern 
Under company law, the Company’s Directors are required to consider whether it is appropriate to prepare financial statements 
on the basis that the Group and Company are a going concern. As part of the normal business practice the Group prepares 
annual and three-year plans and, in reviewing this information, the Company’s Directors are satisfied that the Group and the 
Company have reasonable resources and future cash flows to enable them to continue in business for the foreseeable future.  
For this reason, the Company and Group continue to adopt the going concern basis in preparing the financial statements. 
Corporate Governance 19 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Independent Auditor’s Report to the 
Members of Gaming Realms plc
We have audited the financial statements of Gaming Realms 
plc for the period ended 31 December 2014 which comprise 
the Consolidated Statement of Profit and Loss and Other 
Comprehensive Income, the Consolidated Statement of 
Financial Position, the Consolidated Statement of Cash Flows, 
the Consolidated Statement of Changes in Equity, the 
Company Balance Sheet and the related notes. The financial 
reporting framework that has been applied in the preparation 
of the group financial statements is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted 
by the European Union. The financial reporting framework that 
has been applied in preparation of the Parent Company 
financial statements is applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice).
This report is made solely to the Company’s members, as  
a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken  
so that we might state to the Company’s members those 
matters we are required to state to them in an auditor’s report 
and for no other purpose. To the fullest extent permitted by 
law, we do not accept or assume responsibility to anyone other 
than the Company and the Company’s members as a body,  
for our audit work, for this report, or for the opinions we  
have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Statement of Directors’ 
Responsibilities, the Directors are responsible for the 
preparation of the financial statements and for being satisfied 
that they give a true and fair view. Our responsibility is to  
audit and express an opinion on the financial statements in 
accordance with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards require us to 
comply with the Financial Reporting Council’s (FRC’s) Ethical 
Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements  
is provided on the FRC’s website at www.frc.org.uk/
auditscopeukprivate.
Opinion on financial statements
In our opinion: 
 › the financial statements give a true and fair view of the 
state of the Group’s and the Parent Company’s affairs as at 
31 December 2014 and of the Group’s loss for the period 
then ended;
 › the Group financial statements have been properly 
prepared in accordance with IFRSs as adopted by the 
European Union;
 › the Parent Company’s financial statements have been 
properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
 › the financial statements have been prepared in accordance 
with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies  
Act 2006
In our opinion the information given in the Strategic Report 
and Directors’ Report for the financial period for which the 
financial statements are prepared is consistent with the 
financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if, 
in our opinion:
 › adequate accounting records have not been kept by the 
Parent Company, or returns adequate for our audit have  
not been received from branches not visited by us; or
 › the Parent Company financial statements are not in 
agreement with the accounting records and returns; or
 › certain disclosures of Directors’ remuneration specified by 
law are not made; or
 › we have not received all the information and explanations 
we require for our audit.
Kieran Storan (senior statutory auditor)
For and on behalf of BDO LLP, statutory auditor
London
21 April 2015
BDO LLP is a limited liability partnership registered in England 
and Wales (with registered number OC305127). 20 Gaming Realms plc  Annual Report & Accounts 2014
Note
1 October 2013 
to 31 December 
2014
£
2 July 2012 to  
30 September 
2013
£
As restated
(Note 26)
Revenue 11,227,206 881,060
Marketing expenses 3 (10,205,720) (1,750,777)
Operating expenses 3 (2,460,178) (348,260)
Administrative expenses 3 (6,379,613) (1,105,366)
Adjusted EBITDA* (7,818,305) (2,323,343)
Listing and acquisition costs 4 (140,773) (436,341) 
Restructuring costs 4 (80,839) –
Share-based payment arising on reverse transaction 26 – (431,392)
Share-based payment 24 (438,169) (36,471)
EBITDA (8,478,086) (3,227,547)
Amortisation of intangible assets 3 (1,277,357) (169,686)
Depreciation of property, plant and equipment 3 (41,252) (3,015)
Finance expense 10 (57,355) (3,313)
Finance income 10 14,601 1,886
Loss before tax (9,839,449) (3,401,675)
Tax expense 11 92,399 –
Loss and total comprehensive income for the financial period attributable to 
owners of the parent (9,747,050) (3,401,675)
Earnings per share 
Loss per share
 Basic and diluted (pence) 12 (5.90) (9.34)
The notes on pages 24 to 46 form part of these financial statements.
*  Adjusted EBITDA is a non-GAAP measure and excludes listing, acquisition, restructuring and other expenses as described in Note 4 and share based payment 
charges as described in Note 24
Consolidated Statement of Profit and Loss 
and Other Comprehensive Income
For the period 1 October 2013 to 31 December 2014 21 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Note
31 December
2014
£
30 September
2013
£
As restated
(Note 26)
Assets
Non-current assets
Property, plant and equipment 13 143,164 59,640
Goodwill 14 13,543,905 4,810,187
Intangible assets 14 3,213,519 1,105,471
Other assets 15 158,500 57,598
17,059,088 6,032,896
Current assets
Trade and other receivables 17 2,224,741 1,344,776
Cash and cash equivalents 16 4,013,894 5,185,323
6,238,635 6,530,099
Total assets 23,297,723 12,562,995
Liabilities
Current liabilities
Trade and other payables 18 2,750,136 1,890,331
Loans and borrowings 19 14,504 24,000
Contingent consideration 25 2,500,000 –
5,264,640 1,914,331
Non-current liabilities
Deferred tax liability 39,288 –
Contingent consideration 25 2,387,648 –
Loans and borrowings 19 – 20,504
2,426,936 20,504
Total liabilities 7,691,576 1,934,835
Net assets 15,606,147 10,628,160
Equity
Share capital 21 19,517,049 14,633,369
Share premium 22 78,119,547 70,437,354
Merger reserve 22 (69,334,935) (71,077,359)
Retained earnings 22 (12,695,514) (3,365,204)
Total equity attributable to owners of the parent 15,606,147 10,628,160
 
The notes on pages 24 to 46 form part of these financial statements. The financial statements were approved and authorised for 
issue by the Board of Directors on 21 April 2015 and were signed on its behalf by:
Patrick Southon
Chief Executive Officer
Consolidated Statement of Financial 
Position 
As at 31 December 2014 22 Gaming Realms plc  Annual Report & Accounts 2014
Note
2014
£
2013
£
As restated
(Note 26)
Cash flows from operating activities
Loss for the period (9,747,050) (3,401,675)
Adjustments for:
Depreciation of property, plant and equipment 13 41,252 3,015
Amortisation of intangible fixed assets 14 1,277,357 169,686
Finance income 10 (14,601) (1,886)
Finance expense 10 57,355 3,313
Fair value adjustment to equity interest held 26 – 38,187
Income tax credit 11 (46,431) –
Loss on disposal of property, plant and equipment 13 30,243 –
Share-based payment arising on reverse transaction 26 – 431,392
Share-based payment expense 24 438,169 36,471
Decrease/(increase) in trade and other receivables 39,776 (658,500)
Decrease in trade and other payables (22,760) (408,507)
Increase in other assets (99,402) (2,000)
Net cash flows from operating activities (8,046,092) (3,790,504)
Investing activities
Acquisition of subsidiary, net of cash acquired 25,26 (3,290,311) 119,622
Investments 26 – (533,842)
Purchases of property, plant and equipment 13 (107,240) (34,706)
Purchase of intangibles 14 (583,364) (410,206)
Interest received 10 14,601 1,886
Net cash from investing activities (3,966,314) (857,246)
Financing activities
Acquisition of Gaming Realms plc, net of cash acquired – 3,838,539
Proceeds of Ordinary Share issue 11,938,999 5,910,010
Issuance cost of shares (130,702) (30,016)
Payment of deferred consideration 25 (825,000) –
Repayment of other loans 19 (30,000) (4,000)
Interest paid 10 (10,035) (3,313)
Net cash from financing activities 10,943,262 9,711,220
Net (decrease)/increase in cash and cash equivalents (1,069,144) 5,063,470
Cash and cash equivalents at beginning of period 5,063,470 –
Cash and cash equivalents at end of period 16 3,994,326 5,063,470
The notes on pages 24 to 46 form part of these financial statements.
Consolidated Statement of Cash Flows
For the period 1 October 2013 to 31 December 2014 23 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Share 
capital
£
Share 
premium
£
Shares to be 
issued
£
Merger 
reserve
£
Retained 
earnings
£
As restated
(Note 26)
Total equity
£
As restated
(Note 26)
2 July 2012 – – – – – –
Loss for the period – – – – (3,401,675) (3,401,675)
Issue of share capital 223,750 2,276,250 – – – 2,500,000
Adjustments in respect of reverse 
transaction 8,262,661 67,404,195 – (72,134,521) – 3,532,335
Shares issued as part of the 
consideration in a business 
combination (Note 26) 3,523,873 – – 1,057,162 – 4,581,035
Shares issued as part of the capital 
raising 2,623,085 786,925 – – – 3,410,010
Cost of issue of Ordinary Share capital – (30,016) – – – (30,016)
Share-based payment on share options 
(Note 24) – – – – 36,471 36,471
30 September 2013 (as restated) 14,633,369 70,437,354 – (71,077,359) (3,365,204) 10,628,160
Loss for the period – – – – (9,747,050) (9,747,050)
Shares issued as part of the 
consideration in a business 
combination (Note 25) 757,576 – – 1,742,424 – 2,500,000
Shares issued as part of the capital 
raising 4,126,104 7,812,895 – – – 11,938,999
Cost of issue of Ordinary Share capital – (130,702) – – – (130,702)
Shares to be issued (Note 25) – – 803,571 – – 803,571
Settlement of shares to be issued  
(Note 25) – – (803,571) – (21,429) (825,000)
Share-based payment on share options 
(Note 24) – – – – 438,169 438,169
31 December 2014 19,517,049 78,119,547 – (69,334,935) (12,695,514) 15,606,147
The notes on pages 24 to 46 form part of these financial statements.
Consolidated Statement of Changes  
in Equity 
For the period ended 31 December 2014 24 Gaming Realms plc  Annual Report & Accounts 2014
1. Accounting policies
General information
Gaming Realms plc (the “Company”) and its subsidiaries (together the “Group”).
The Company is admitted to trading on AIM of the London Stock Exchange. It is incorporated and domiciled in the UK.  
The address of its registered office is One Valentine Place, London SE1 8QH.
Basis of preparation
The principal accounting policies adopted in the preparation of both the Company and the consolidated financial statements are 
set out below. 
The consolidated financial statements are presented in sterling.
These financial statements have been prepared in accordance with International Financial Reporting Standards, International 
Accounting Standards and Interpretations (collectively IFRSs) as adopted by the EU. 
The preparation of financial statements in compliance with adopted IFRSs requires the use of certain critical accounting 
estimates. It also requires Group management to exercise judgement in applying the Group’s accounting policies. The areas 
where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed 
in Note 2.
Basis of consolidation 
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at 31 December 
2014 and the results of all subsidiaries for the period then ended. 
Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of 
the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the 
investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that 
there may be a change in any of these elements of control.
In the prior period, the Company (formerly known as Pursuit Dynamics plc) acquired 100% of the share capital of Bingo Realms 
Limited. Gaming Realms plc issued 57,692,309 shares to the original shareholders of Bingo Realms Limited.
The issue of shares resulted in Bingo Realms Limited’s original shareholders holding a majority share in the Company. 
This transaction did not meet the definition of a business combination in IFRS 3 ‘Business Combinations’. The transaction has 
therefore been accounted for in the consolidated financial statements in accordance with IFRS 2 ‘Share-based payment’ and has 
been accounted for as a continuation of the financial statements of Bingo Realms Limited, together with a deemed issue of 
shares, equivalent to the shares held by the former shareholders of the Company. Bingo Realms Limited was incorporated on the 
2 July 2012, no accounts have been produced since its incorporation therefore the consolidated statement of profit and loss and 
other comprehensive income included in these financial statements is for the period 2 July 2012 to 30 September 2013.
As detailed in Note 26 the results for the period ended 30 September 2013 have been restated for adjustments arising from the 
reverse acquisition accounting.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. 
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. 
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by  
the Group.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the 
statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised  
at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement  
of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which  
control ceases.
Notes to the Consolidated Financial 
Statements
For the period ended 31 December 2014 25 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Revenue
Revenue comprises net gaming revenue derived from online gambling operations, commissions on marketing services and  
social gaming.
Net gaming revenue derived from real money gaming
Net gaming revenue derives from online gambling operations and is defined as the difference between the amounts of bets placed 
by the players less amounts won by players. It is stated after deduction of certain bonuses, jackpots and prizes granted to players.
Net gaming revenue is recognised to the extent that its probable economic benefits will flow to the Group and the revenue can 
be reliably measured. Revenue is recognised in the accounting periods in which the transactions occur.
Marketing services
Revenue is derived from marketing services provided in relation to online bingo and casino products. The commission revenue is 
calculated either as a percentage of net gaming revenue from the operators or in line with contracts (typically based on fixed 
price per player). Commission revenue is recognised to the extent that the probable economic benefits will flow to the Group  
and the revenue can be reliably measured. Revenue is recognised in the accounting periods in which the transactions occur.
Revenue is also derived from digital marketing services provided to both gaming and non-gaming clients. The revenue is 
calculated as a percentage of marketing spend and is recognised when the advertising has been satisfactorily completed.
Social gaming revenue
Social gaming revenue derives from the purchase of credits and awards on the social gaming sites. Social gaming revenue is 
recognised to the extent that it is probable economic benefits will flow to the Group and the revenue can be reliably measured. 
Revenue is recognised in the accounting periods in which the transactions occur.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure and excludes adjusting items from EBITDA. Adjusting items are non-recurring material 
items which are outside the normal scope of the Group’s ordinary activities. These items are separately disclosed in order to 
enhance the reader’s understanding of the Group’s profitability and cash flow generation. Adjusting items include costs arising 
from a fundamental restructuring of the Group’s operations, listing and acquisitions costs and share-based payment charges. 
Goodwill
Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable 
assets, liabilities and contingent liabilities acquired. 
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any  
non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing 
equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and in the case of 
contingent consideration classified as a financial liability, re-measured subsequently through profit or loss. 
Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement 
of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of 
consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date.
Impairment of non-financial assets (excluding inventories, investment properties and deferred tax assets)
Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the 
financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances 
indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable 
amount (ie the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the 
smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units 
(“CGUs”). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from a business 
combination that gives rise to the goodwill.
Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other 
comprehensive income. An impairment loss recognised for goodwill is not reversed.
1. Accounting policies continued 26 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
Foreign currency
Transactions entered into by Group entities in a currency other than the currency of the primary economic environment in  
which they operate (their “functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency 
monetary assets and liabilities are translated at the rates ruling at the reporting date. Exchange differences arising on the 
retranslation of unsettled monetary assets and liabilities are recognised immediately in statement of comprehensive income.
On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the 
transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those 
operations, are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net 
assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and 
accumulated in the foreign exchange reserve.
Exchange differences recognised as profit or loss in Group entities’ separate financial statements on the translation of long-term 
monetary items forming part of the Group’s net investment in the overseas operation concerned are reclassified to other 
comprehensive income and accumulated in the foreign exchange reserve on consolidation.
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to 
that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the 
profit or loss on disposal.
Financial assets
The Group classifies its financial assets depending on the purpose for which the asset was acquired. The Group has not classified 
any of its financial assets as held to maturity.
The Group’s accounting policies for financial assets are as follows:
Loans and receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 
They arise principally through the provision of goods and services to customers (eg trade receivables), but also incorporate other 
types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable 
to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less 
provision for impairment. 
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the 
counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the 
terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value  
of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such 
provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the 
consolidated statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the gross 
carrying value of the asset is written off against the associated provision.
The Group’s loans and receivables comprise trade and other receivables and cash and cash equivalents in the consolidated 
statement of financial position. 
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments 
with original maturities of three months or less.
Financial liabilities
Financial liabilities held by the Group consist of contingent consideration, customer funds, trade payables and other short-term 
monetary liabilities. 
Financial liabilities are initially recognised at fair value net of any transaction costs directly attributable to the issue of the 
instrument and with the exception of contingent consideration, subsequently recognised at amortised cost. Contingent 
consideration arising from business combinations that is classified as liability is subsequently measured at fair value through 
profit and loss.
1. Accounting policies continued 27 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Share capital
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a 
financial liability or financial asset.
The Group’s ordinary shares are classified as equity instruments.
Share-based payments
Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the 
consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account 
by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative 
amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and 
market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are 
satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not 
adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where equity instruments are granted to persons other than employees, the consolidated statement of comprehensive income 
is charged with the fair value of goods and services received.
The fair value of share options issued without market-based vesting conditions is measured by the application of the  
Black-Scholes option pricing model by reference to the grant date of the options. The fair value of share options issued  
with market-based vesting conditions is measured by use of the Monte Carlo method.
Externally acquired intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over  
their useful economic lives. 
Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other 
contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques  
(see section related to critical estimates and judgements below).
In-process research and development programmes acquired in such combinations are recognised as an asset even if subsequent 
expenditure is written off because the criteria specified in the policy for development costs below are not met.
The significant intangibles recognised by the Group, their useful economic lives and the methods used to determine the cost of 
intangibles acquired in a business combination are as follows:
Internally generated intangible assets (development costs)
Expenditure on internally developed products is capitalised if it can be demonstrated that:
 › it is technically feasible to develop the product for it to be sold;
 › adequate resources are available to complete the development;
 › there is an intention to complete and sell the product;
 › the Group is able to sell the product;
 › sale of the product will generate future economic benefits; and
 › expenditure on the project can be measured reliably.
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. 
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are 
recognised in the consolidated statement of comprehensive income as incurred.
Intangible asset Useful economic life
Customer databases 1–2 years
Development costs 3 years
Software 3 years
1. Accounting policies continued 28 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
Domain Name
Externally acquired domain names are capitalised at cost and are subject to 50% straight-line amortisation.
The carrying value of domain names is reviewed when there is an indication of impairment.
Deferred taxation
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated statement 
of financial position differs from its tax base, except for differences arising on:
 › The initial recognition of goodwill
 › The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the 
transaction affects neither accounting or taxable profit
 › Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the 
difference and it is probable that the difference will not reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against 
which the difference can be utilised. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the 
reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). 
Property, plant and equipment
Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly 
attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items.  
The corresponding liability is recognised within provisions.
Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual 
value, of each asset evenly over its expected useful life as follows:
Office, furniture and equipment 20% per annum straight-line
Computer equipment 33% per annum straight-line
Leasehold improvements Over the life of the lease
Player liabilities
Liabilities to players comprise the amounts that are credited to customers’ accounts including provision for bonuses granted by 
the Group. These amounts are repayable in accordance with the applicable terms and conditions. 
Provisions
Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is 
probable that it will result in an outflow of economic benefit that can be reasonably estimated.
The following key new standards, interpretations and amendments, applied for the first time from 1 October 2013:
 › IFRS 10 Consolidated Financial Information
 › IFRS 11 Joint Arrangements
 › IFRS 12 Disclosure of Interests in Other Entities
 › IFRS 15 Revenue from Contracts with Customers
 › The related revisions to IAS 27 Separate Financial Statements for the above
 › The related revisions to IAS 28 Investments in Associates and Joint Ventures for the above
None of the above, nor other new standards, interpretations and amendments, which are effective for periods beginning after  
1 January 2015 and which have not been adopted early, management are still considering the potential impact of IFRS 15 but  
do not expect any of the new standards to have a material effect on the Group’s future financial information. 
1. Accounting policies continued 29 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
2. Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated 
based on historical experience and other factors, including expectations of future events that are believed to be reasonable 
under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and 
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within 
the next financial year are discussed below.
(a) Revenue recognition
Social gaming revenue is recognised as the service is delivered. This is considered to be when the player buys credits to play the 
game on the basis that there is no further service to be delivered. 
Net gaming revenue is derived from real money gaming and is recognised as the total wagers less wins less promotional money 
to players.
Other revenue comprises of affiliate services and marketing services.
(b) Capitalisation and amortisation of development costs
The identification of development costs that meet the criteria for capitalisation is dependent on management’s judgement and 
knowledge of the work done. Development costs of gaming software platforms are separately identified. Judgements are based 
on the information available at each period end. Economic success of any development is assessed on a reasonable basis but 
remains uncertain at the time of recognition. 
Capitalised development costs are subject to amortisation over its useful life and reviewed for impairment whenever events or 
changes in circumstances indicate that the carrying amount may not be recoverable. The Group amortises the assets over the 
life of the product. The estimated useful life of these assets at period end is three years.
(c) Deferred tax
Deferred tax assets and liabilities are recognised for temporary differences and for tax loss carry-forwards. The assessment of 
temporary differences and tax loss carry-forwards is based on management’s estimates of future taxable profits against which 
the temporary differences and loss carry-forwards may be utilised.
The Group has not recognised a deferred tax asset in respect of their losses given that this is the Group’s second period of 
operation and there is no track record of taxable profits at this time. Deferred tax assets will be recognised when the Group has 
established a track record of expected future taxable profit.
(d) Valuation of assets acquired on business combinations 
Identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at 
their fair value at the acquisition date. The identified intangibles are capitalised if they are separable from the acquired entity or 
give rise to other contractual or legal rights. The amounts ascribed to these assets are arrived at by using appropriate valuation 
techniques to determine the fair value. Capitalised intangible assets are amortised over the useful economic life of the assets. 
This has ranged between twelve months to three years for acquisitions to date. 
(e) Impairment of goodwill and other intangible assets
Goodwill and other intangible assets are reviewed for impairment and their values are written-down on the basis of the Group’s 
expectations of future economic benefits expected to be received by the Group. Any process which attempts to estimate future 
outcomes is subject to uncertainty. Where it is believed that the estimation uncertainty can give rise to material differences in 
asset carrying values, this will be stated in the relevant notes to the financial statements.
(f) Determination of the fair value of contingent consideration
The fair value of contingent consideration is based on the probability of expected cash flow outcomes and the assessment  
of present values using appropriate discount rates. Further details in relation to key estimates and judgements are set out in  
Note 25. 30 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
3. Expenses by nature
2014
£
2013
£
Operating and administrative expenses includes:
Employee benefit expenses (see Note 8) 4,553,714 561,127
Depreciation of property, plant and equipment 41,252 3,015
Amortisation of intangible assets 1,277,357 169,686
Advertising expenses 10,205,720 1,750,777
Share-based payment arising on reverse transaction – 431,392
Equity-settled share-based payment charge 438,169 36,471
4. Adjusted EBITDA
2014
£
2013
£
Listing and acquisition costs 140,773 436,341
Restructuring costs 80,839 –
221,612 436,341
During the period, the Group decided to migrate its existing PocketFruity game on to the proprietary platform by December 2014 
and in the process close its Sheffield studio. The costs of the restructuring is expected to cost £80,839 and has been charged in 
the current period.
During the period, the Group incurred acquisition fees of £140,773 for the acquisition of QuickThink Media Limited and Blueburra 
Holdings Limited. 
5. Auditor’s remuneration
During the period the Group obtained the following services from the Company’s auditor:
2014
£
2013
£
Fees payable to the Company’s auditor for the audit of consolidated and subsidiary  
financial statements 86,700 75,000
Fees payable to the Company’s auditor for other services:
– Other acquisition and assurance services 44,000 127,300
– Tax advisory services 24,675 3,000
6. Key management personnel remuneration
2014
£
2013
£
Short-term benefits of key management personnel 1,148,279 280,167
Long-term benefits of key management personnel 9,800 –
Share-based benefits of key management personnel 238,729 36,471
1,396,808 316,638
The table represents remuneration paid to the key management personnel (which include directors) of the consolidated entity. 
In the prior period, remuneration consisted the amount paid to the key management personnel of Bingo Realms Limited for the 
period ended 30 September 2013 and the Company and its subsidiaries for the period from 1 August 2013 to 30 September 2013. 31 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
7. Directors’ remuneration
The following table presents the Directors’ remunerations of the Company for the period ended 31 December 2014. The table 
includes both Directors in office before and after the reverse transaction in the prior period:
Salary  
and fees
£
Benefits
£
2014
Total
£
2013
Total
£
Michael Buckley (appointed 1 August 2013) 51,667 – 51,667 6,667
Patrick Southon (appointed 1 August 2013) 150,000 2,572 152,572 20,000
Simon Collins (appointed 1 August 2013) 137,500 2,406 139,906 18,333
Mark Segal (appointed 1 August 2013) 137,500 2,480 139,980 18,333
Jim Ryan (appointed 1 August 2013) 56,667 – 56,667 6,667
Mark Wilson (appointed 1 August 2013) 56,667 – 56,667 6,667
Atul Bali (appointed 13 May 2014) 26,667 – 26,667 –
Richard Webster (resigned 30 September 2012) – – – 15,059
Andrew J Quinn (resigned 4 December 2012) – – – 10,000
Brian N C Sweeney (resigned 4 December 2012) – – – 8,333
Jeremy Pelczer (resigned 4 December 2012) – – – 22,172
Bernard Bulkin (resigned 31 July 2013) – – – 41,667
Philip Corbishley (appointed 4 December 2012, resigned 31 July 2013) – – – 110,043
Paul Banner (appointed 4 December 2012, resigned 31 July 2013) – – – 24,000
Hagen Gehringer (appointed 4 December 2012, resigned 28 March 2013) – – – 130,234
616,668 7,458 624,126 438,175
Directors’ interests in long-term incentive plans
The Directors’ ordinary shares in the Company, were as follows:
£0.10 ordinary shares
2014
Number of 
shares
2013
Number of 
shares
Michael Buckley 16,600,000 16,300,000
Patrick Southon 10,397,039 10,397,039
Simon Collins 10,347,039 10,347,039
Mark Segal 644,607 644,607
Jim Ryan 384,615 384,615
Mark Wilson 384,615 384,615 32 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
The Directors’ interests in share options, over ordinary shares in the Company, were as follows:
Option at  
30 September 
2013
Option  
granted
Options 
 lapsed
Option at  
31 December 
2014
Exercise  
price Hurdle price
Date of  
grant
Michael Buckley
2
5,769,230 – – 5,769,230 £0.01 £0.20 1 August 2013
Patrick Southon
2
5,769,230 – – 5,769,230 £0.01 £0.20 1 August 2013
Simon Collins
2
4,615,384 – – 4,615,384 £0.01 £0.20 1 August 2013
Mark Segal
2
3,076,923 – – 3,076,923 £0.01 £0.20 1 August 2013
Jim Ryan
3
769,230 – – 769,230 £0.13 – 1 August 2013
Mark Wilson
3
769,230 – – 769,230 £0.13 – 1 August 2013
Atul Bali
4
– 750,000 – 750,000 £0.23 – 17 June 2014
Bernard Bulkin
1
140,000 – 140,000 – £0.30 – 26 February 2013
Paul Banner
1
100,000 – 100,000 – £0.30 – 26 February 2013
Phil Corbishley
1
140,000 – 140,000 – £0.30 – 26 February 2013
1  Separate individual agreements exist for Non-executive Directors which are based on the Pursuit Dynamics PLC 2009 Employees’ Share Option Plan (Note 24). 
These agreements grant non-EMI qualified options at an exercise price to be determined by the Board of the Company but not to be less than the nominal value of 
a share and to be subject to such time based and performance based conditions as the Board may determine, eg the achievement of certain share price targets. 
2  On the 1 August 2013 the Company granted options to B Shares under the Gaming Realms 2013 EMI plan. The B Share value will be 20 pence less than the 
prevailing price of the ordinary shares and will therefore have no value unless the value of the new ordinary shares exceeds 20 pence. EMI options can only be 
granted to employees who meet the statutory working time requirement, and cannot normally be exercised before 15 July 2015. All options granted under the 
New Share Option Scheme on Admission will be exercisable over B Shares at their nominal value of £0.01 and will be capable of exercise, subject to certain 
exceptions, after two years of the date of grant.
3  On the 1 August 2013, the Company granted Unapproved Options which have the same rights as the options granted over the B Shares under Gaming Realms 
2013 EMI plan, save that the exercise price will be 13 pence per ordinary share.
4  On the 17 June 2014, the Company granted Unapproved Options which have the same rights as the options granted over the B Shares under Gaming Realms 2013 
EMI plan, save that the exercise price will be 23 pence per ordinary share.
8. Employee benefit expenses
2014
£
2013
£
Employee benefit expenses (including directors) comprise:
Wages and salaries 4,164,705 517,695
Share-based payment expense (Note 24) 438,169 36,471
Social security contributions and similar taxes 458,909 55,483
Pension contributions 48,781 –
5,110,564 609,649
Staff costs capitalised in respect of internally generated intangible assets (556,850) (48,522)
4,553,714 561,127
The Group makes contributions to defined contribution plans and has no further payment obligations once the contributions 
have been paid. The contributions are recognised as employee benefit expense when they are due. The assets of the individual 
schemes are held separately from those of the Group in independently administered funds. 
2014
£
2013
£
The average number of persons, including Directors:
Operational 17 7
Development 21 15
Marketing 10 5
Management and administrative 17 13
65 40
7. Directors’ remuneration continued 33 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
9. Segment information
The Board is the Group’s chief operating decision-maker. Management has determined the operating segments based on the 
information reviewed by the Board for the purposes of allocating resources and assessing performance. The Group has one 
reportable segment with three product lines, being social gaming, real money gaming and marketing services. Each product line 
represent different brands, products and services provided. The social gaming product provide freemium gaming services to  
the US and Europe. The real money gaming product operates the PocketFruity and SpinGenie brands in the UK. The marketing 
services product represents the marketing services provided to its white label brands. The marketing services segment also 
includes other digital marketing services provided to both gaming and non-gaming clients. 
Revenue by product:
2014
£
2013
£
Social gaming 1,176,082 442,837
Real money gaming 2,667,596 217,196
Marketing services 7,383,528 221,027
11,227,206 881,060
Geographical information
The Group considers that its primary geographic regions are the UK, including Channel Islands, US and the Rest of World.  
No revenue is derived from real money gaming in the US. Revenues from customers outside the UK (including Channel Islands)  
and US are not considered sufficiently significant to warrant separate reporting. All non-current assets are based in the UK.
External revenue 
by location of 
customers
2014
£
External 
revenue 
by location of 
customers
2013
£
UK, including Channel Islands 9,850,955 455,650
US 878,868 323,128
Rest of the World 497,383 102,282
11,227,206 881,060
Revenues from one customer total £1,338,882 (2013: nil). This major customer receives marketing services from the Group.
10. Finance income and expense
2014
£
2013
£
Finance income
Interest received 14,601 1,886
Total finance income 14,601 1,886
Finance expense
Bank interest expense paid 10,035 3,313
Contingent consideration unwinding 47,320 –
Total finance expense 57,355 3,313 34 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
11. Tax expense
2014
£
2013
£
Tax expense 
Current tax expense
Current tax credit on losses for the period 45,968 –
Total current tax 45,968 –
Deferred tax expense
Origination and reversal of temporary differences 46,431 –
Total deferred tax 46,431 –
Total tax expense 92,399 –
The reasons for the difference between the actual tax charge for the period and the standard rate of corporation tax in the UK 
applied to profits for the year are as follows:
2014
£
2013
£
As restated
Loss for the period (9,839,449) (3,401,675)
Expected tax at effective rate of corporation tax in the UK of 21.75% (2013: 23.5%) (2,140,080) (799,394)
Expenses not deductible for tax purposes 120,098 90,664
Depreciation in excess of capital allowances 8,972 709
Effects of overseas taxation 75,736 –
Adjustment in respect of loss carried back 45,968 –
Adjustments in respect of deferred tax of prior years 46,431 –
Tax losses carried forward 1,935,274 708,021
Total tax credit/(expense) 92,399 –
Changes in tax rates and factors affecting the future tax charge
On 26 March 2015, the Finance Act received Royal Assent and so the previously announced reduced rate of corporation tax of 
20% from 1 April 2015 was substantively enacted. Accordingly, deferred tax balances as at 31 December 2014 have been 
recognised at 20% (2013: 23%).
There are unused tax losses carried forward as at the balance sheet date of £21,695,023 (2013 as restated: £12,797,212) equating 
to an unrecognised deferred tax asset of £4,339,005 (2013 as restated: £2,943,359). No deferred tax asset has been recognised in 
respect of these losses, as the recoverability of any asset is dependent upon sufficient profits being achieved in future years to 
utilise this asset. The timings of such profits are uncertain.  35 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
12. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number  
of shares in issue during the year. For fully diluted loss per share, the weighted average number of ordinary shares in issue is 
adjusted to assume conversion of dilutive potential ordinary shares. The Group’s potentially dilutive securities consist of share 
options and performance shares. As the Group is loss-making, none of the potentially dilutive securities are currently dilutive. In 
the prior period, the weighted average number of ordinary shares in issue was calculated using an exchange ratio applied in the 
reverse takeover.
2014
£
2013
£
As restated
Loss after tax (9,757,050) (3,401,675)
Number Number
Weighted average number of ordinary shares used in calculating basic loss per share 165,220,742 36,434,501
Weighted average number of ordinary shares used in calculating dilutive loss per share 165,220,742 36,434,501
Basic and diluted loss per share (pence) (5.90) (9.34)
13. Property, plant and equipment
Leasehold 
improvements
£
Computers 
and related 
equipment
£
Office furniture 
and equipment
£
Total
£
Cost
Acquired through business combination 13,046 11,257 3,646 27,949
Additions 24,853 6,136 3,717 34,706
At 30 September 2013 37,899 17,393 7,363 62,655
Acquired through business combination 30,953 11,976 4,850 47,779
Additions 45,393 37,264 24,583 107,240
Disposals (42,852) – – (42,852)
At 31 December 2014 71,393 66,633 36,796 174,822
Accumulated deprecation
Depreciation charge 746 1,865 404 3,015
At 30 September 2013 746 1,865 404 3,015
Depreciation charge 18,780 17,759 4,713 41,252
Disposals (12,609) – – (12,609)
At 31 December 2014 6,917 19,624 5,117 31,658
Net book value
At 30 September 2013 37,153 15,528 6,959 59,640
At 31 December 2014 64,476 47,009 31,679 143,164 36 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
14. Intangible assets
Goodwill
£
Customer 
database
£
Software
£
Development 
costs
£
Domain 
names
Total
£
Cost
Acquired through business combination 
(Note 26) 4,810,187 387,512 – 477,439 – 5,675,138
Additions – – 361,684 48,522 – 410,206
At 30 September 2013 4,810,187 387,512 361,684 525,961 – 6,085,344
Acquired through business combination 
(Note 25) 8,733,718 2,802,041 – – – 11,535,759
Additions – – – 556,850 26,514 583,364
At 31 December 2014 13,543,905 3,189,553 361,684 1,082,811 26,514 18,204,467
Amortisation
Amortisation charge – 53,662 71,900 44,124 – 169,686
At 30 September 2013 – 53,662 71,900 44,124 – 169,686
Amortisation charge – 804,324 150,934 321,671 428 1,277,357
At 31 December 2014 – 857,986 222,834 365,795 428 1,447,043
Net book value
At 30 September 2013 4,810,187 333,850 289,784 481,837 – 5,915,658
At 31 December 2014 13,543,905 2,331,567 138,850 717,016 26,086 16,757,424
Goodwill
Of total goodwill arising on acquisitions in the period of £8,733,718, £1,904,028 arose from the acquisition of QuickThink Media 
Limited on the 10 December 2013 and £6,829,690 arose from the acquisition of Blueburra Holdings Limited on the 5 September 
2014 (see Note 25). Goodwill brought forward comprised £3,466,069 of the goodwill arose from the acquisition of Bejig Limited 
and £1,344,118 from the acquisition of AlchemyBet Limited on the 1 August 2013 (see Note 26). 
In accordance with IAS 36, the Group regularly monitors the carrying value of its intangible assets. A detailed review was 
undertaken at 31 December 2014 to assess whether the carrying value of assets was supported by net present value of futures 
cash flows derived from those assets. The Group has one cash generating unit for which the carrying amount of goodwill is 
allocated. The recoverable amounts to which the goodwill is allocated has been determined using a value in use calculation. The 
calculation of value in use is based on several assumptions which feed into a forecast model based on past player lifetime values 
and experience.
Cash flow projections have been prepared for a five year period following which a long term growth rate of 2% has been 
assumed. A discount rate of 13% has been used in discounting the projected cash flows, is based on the Group’s specific risk 
adjusted Weighted Average Cost of Capital. 
The key assumptions of the forecasts were as follows:
 › number of new player depositing registrations;
 › rate of retention of existing players;
 › spending patterns of players;
 › CPA or installs from different acquisition sources;
The above assumptions are based on the trends noted to date, industry standard measurements and management’s experience. 
The Directors do not believe any reasonably possible change in the key assumptions would lead to an impairment of the carrying 
amount of the CGUs. 37 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
15. Other assets
2014
£
2013
£
Other assets 158,500 57,598
Other asset represents the rental deposit on operating leases and deposits held with third party suppliers.
16. Cash and cash equivalents
2014
£
2013
£
Cash and cash equivalents 3,994,326 5,063,470
Restricted cash 19,568 121,853
4,013,894 5,185,323
Restricted cash of £19,568 (2013: £121,853) relates to funds held in Swiss subsidiaries which are currently undergoing liquidation. 
The funds are restricted and are not included in the consolidated statement of cash flows.
17. Trade and other receivables
2014
£
2013
£
Trade and other receivables 1,183,859 612,307
Allowance for doubtful debts (9,548) –
1,174,311 612,307
Prepayments and accrued income 1,050,430 732,469
2,224,741 1,344,776
All amounts shown fall due for payment within one year.
18. Trade and other payables
2014
£
2013
£
As restated
Trade and other payables 1,277,163 574,582
Accruals 1,077,171 1,217,702
Player liabilities 395,802 98,047
2,750,136 1,890,331
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.
19. Loans and borrowings
2014
£
2013
£
Current liabilities
Loans and borrowings 14,504 24,000
Non-current liabilities
Loans and borrowings – 20,504 38 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
20. Financial instruments and risk management – Group
The Group is exposed through its operations to risks that arise from use of its financial instruments. The Group does not make 
any use of derivative-based financial instruments. The Group’s financial assets and liabilities are shown on the face of the 
consolidated statement of financial position and in the table below and they can be classified wholly as either loans and 
receivables, other assets or other liabilities. The Group has operated with a positive cash balance throughout the period.
2014
£
2013
£
Financial assets
Cash and cash equivalents 4,013,894 5,185,323
Trade and other receivables 1,174,311 612,307
Other assets 158,500 57,598
Financial liabilities
Trade and other payables 1,277,163 574,582
Accruals 1,077,171 1,217,702
Player liabilities 395,802 98,047
Loans and borrowings 14,504 44,504
Contingent consideration 4,887,648 –
Financial assets of the Group are classified as loans and receivables and all financial liabilities are held at amortised cost except 
contingent consideration which is recognised at fair value through profit and loss. In the Directors’ opinion, there is no material 
difference between the book value and the fair value of any of the financial instruments.
The Group has some exposure to credit risk and liquidity risk. The Group does not have any material exposure to currency risk. 
There has been no material change to the financial instruments used within the business during the period except for contingent 
consideration and therefore no material changes to the risk management policies put in place by the Board which are now 
discussed below.
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies. Whilst 
acknowledging this responsibility, it has delegated the authority and day to day responsibility for designing and operating 
systems and controls which meet these risk management objectives to the finance and administration function. The Board 
regularly reviews the effectiveness of these processes in meeting its objectives and considers any necessary changes in response 
to changes within the business or the environment in which it operates.
Liquidity risk
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. 
Customer funds are kept in dedicated client accounts, separately from the Group’s operational bank accounts. 
The following table sets out the contractual maturities of financial liabilities:
At 31 December 2014
Within 1
year
£
1–2
years
£
Over
2 years
£
Trade and other payables 1,277,163 – –
Accruals 1,077,171 – –
Player liabilities 395,802 – –
Loans and borrowings 14,504 – –
Contingent consideration 2,500,000 1,444,364 943,284
Total 5,264,640 1,444,364 943,284
At 30 September 2013 (as restated)
Within 1
year
£
1–2
years
£
Over
2 years
£
Trade and other payables (as restated) 574,582 – –
Accruals 1,217,702 – –
Player liabilities 98,047 – –
Loans and borrowings 24,000 20,504 –
Total 1,914,331 20,504 – 39 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
At 31 December 2014, the analysis of trade and other receivables that were past due but no impaired is as follows:
Current
£
Between
30 and 60
days
£
Between
61 and 90
days
£
Over
91 days
£
Trade and other receivables 750,156 268,930 101,801 62,972
Allowance for doubtful debts – – – (9,548)
At 31 December 2014 750,156 268,930 101,801 53,424
Trade and other receivables 437,398 85,794 75,127 13,988
Allowance for doubtful debts – – – –
At 30 September 2013 437,398 85,794 75,127 13,988
Financial liabilities measured at fair value
The fair value hierarchy of financial liabilities measured at fair value is provided. 
2014 2013
Level 1 £ Level 2 £ Level 3 £ Level 1 £ Level 2 £ Level 3 £
Contingent consideration (Note 25) – – 4,887,648 – – –
The fair value measurement hierarchy is based on the inputs to valuation techniques used to measure fair value. The inputs are 
categorised into three levels, with the highest level (level 1) given to inputs for which there are unadjusted quoted prices in active 
markets for identical assets or liabilities and the lowest level (level 3) given to unobservable inputs. Level 2 inputs are directly or 
indirectly observable inputs other than quoted prices.
Capital management
The Group is funded entirely through shareholders’ funds.
If financing is required the Board will consider whether debt or equity financing is more appropriate and proceed accordingly.  
The Group is not subject to any externally imposed capital requirements.
21. Share capital 
Ordinary shares
2014
Number
2014
£
2013
Number
2013
£
Ordinary shares of 10 pence each 195,170,489 19,517,049 146,333,690 14,633,369
Movements in share capital
Number £
Bingo Realms Limited ordinary shares issued for cash consideration 2,237,500 223,750
Adjustments in respect of the reverse transaction 82,626,610 8,262,661
Ordinary shares issued in the acquisition of Bejig Limited and AlchemyBet Limited 35,238,730 3,523,873
Ordinary shares issued for cash consideration 26,230,850 2,623,085
At 30 September 2013 146,333,690 14,633,369
Ordinary shares issued for cash consideration 41,261,041 4,126,104
Ordinary shares issued in the acquisition of Blueburra Holdings Limited 7,575,758 757,576
At 31 December 2014 195,170,489 19,517,049
The above analysis of the movements in share capital in the prior period reflects the initial share capital of Bingo Realms Limited 
subsequently adjusted for the reverse transaction and the subsequent share issues.
Ordinary B Shares and Deferred Shares
Ordinary B Shares have a nominal value of 0.01 pence each (“B Shares”) and Deferred Shares have a nominal value of 0.01 pence 
each (“Deferred Shares”). The B Shares and the Deferred Shares shall not entitle the holders of them to receive notice of, to 
attend, to speak or to vote at any general meeting (including Annual General Meetings) of the Company. At 31 December 2014 
there were no B Shares or Deferred Shares in issue.
20. Financial instruments and risk management – Group continued 40 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
22. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share premium Amount subscribed for share capital in excess of nominal value.
Merger reserve  Adjustments arising on the reverse transaction and the excess of the fair value over 
nominal value for shares issued in business combinations qualifying for merger relief 
under the Companies Act 2006.
Retained earnings All other net gains and losses and transactions with owners not recognised elsewhere.
23. Leases
The Group has future lease payments under non-controllable operating leases on land and buildings and other leases. The total 
future value of minimum lease payments is due as follows:
2014
£
2013
£
Not later than one year 118,476 51,480
Later than one year and not later than five years 407,803 90,090
Later than five years – –
526,279 141,570
24. Share-based payment 
The Group has two share option schemes:
1. The 2009 Employees’ Share Option Plan
2. Gaming Realms EMI Plan
1. The 2009 Employees’ Share Option Plan
On 28 August 2009 the Company adopted the Pursuit Dynamics PLC 2009 Employees’ Share Option Plan to allow, at the 
discretion of the Board, any eligible employee to be granted EMI or non-EMI qualified options at an exercise price to be 
determined by the Board but not to be less than the nominal value of a share and will vest subject to such time based and  
share price performance based conditions as the Board may determine. 
The outstanding options of 381,500 were forfeited during the period. The total fair value that was charged to the income 
statement in the prior period in relation to the equity-settled share-based payments charge was £13,289.
2. Gaming Realms 2013 EMI Plan
On 1 August 2013 the Company adopted the Gaming Realms 2013 EMI Plan to allow, at the discretion of the Board, any eligible 
employee to be granted EMI or non-EMI qualified options at an exercise price to be determined by the Board but not to be less 
than the nominal value of a share and will vest subject to such time based and share price performance based conditions as the 
Board may determine. 
Options to acquire ordinary shares under the EMI plan may be granted up to a maximum of £3,000,000 (based on the market 
value of the shares placed under option at the date of the grant).
No consideration is payable for the grant to of the option and the options are not transferable or assignable. Cash consideration is 
paid to the Company by the employee at the point that the share options are exercised. 
In the prior period, the Company granted options for B Shares under the Gaming Realms 2013 EMI plan. B Share value will be 20 
pence less than the prevailing price of the ordinary shares and will therefore have no value unless the value of the new ordinary 
shares exceeds 20 pence. EMI options can only be granted to employees who meet the statutory working time requirement, and 
cannot normally be exercised before 15 July 2015. All options granted under the New Share Option Scheme on Admission will be 
exercisable over B Shares at their nominal value of £0.01 and will be capable of exercise, subject to certain exceptions, after two 
years of the date of grant.
Options are not exercisable later than midnight on the day before the tenth anniversary of the date of grant. 41 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
24. Share-based payment continued
Options were fair valued using the Black-Scholes option pricing model, or where there are market-based performance conditions, 
a Monte Carlo simulation pricing model.
Expected volatility was determined by calculating the historical volatility of the Company’s competitors in the sector.
The following information is relevant in the determination of the fair value of options granted during the period under the 
equity-settled share based remuneration schemes operated by the Group.
2014 2013 2013
Option scheme EMI Option EMI Option
Unapproved 
Options
Equity-settled
Option pricing model used Black-Scholes Monte Carlo Black-Scholes
Weighted average share price at grant date (in pence) 21–31 13 13
Exercise price (in pence) 23–29 0.01 13
Expected life (years) 2–7 3.5 3.5
Risk free rate 0.55% 0.78% 0.78%
Expected dividend yield – – –
IFRS 2 (Share-based payment) requires that the fair value of such equity-settled transactions is calculated and systematically 
charged to the statement of comprehensive income over the vesting period. The total fair value that was charged to the income 
statement in relation to the equity-settled share-based payments charge was £438,169 (2013: £23,182).
2014
Number
Weighted
average
exercise price 
(pence)
Outstanding at 1 October 2013 27,692,297 0.73
Granted during the period 7,564,128 23
Forfeited during the period (173,913) 23
Number of options outstanding at 31 December 2014 35,082,512 5.42
Exercisable at 31 December 2014 – –
Options to subscribe under various schemes, including those noted in Directors’ interests in Note 7, are shown in the table below:
Date granted
Exercise price
(pence) Exercisable between
2014
Number of 
shares
2013
Number of 
shares
Approved 1 August 2013 0.01 31 July 2015 – 31 July 2023 26,153,837 26,153,837
Unapproved 1 August 2013 13 31 July 2015 – 31 July 2023 1,538,460 1,538,460
Approved 2 April 2014 23 1 April 2017 – 1 April 2024 6,042,389 –
Unapproved 17 June 2014 23 16 June 2016 to 16 June 2024 750,000 –
Approved 17 June 2014 28.88 16 June 2017 to 16 June 2024 597,826 –
35,082,512 27,692,297 42 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
25. Business combinations during the period
Acquisition of QuickThink Media Limited
On 10 December 2013, the Group acquired QuickThink Media Limited, a company in which there are common shareholders and 
key management personnel, for an estimated total consideration of £2,274,421, comprising of £1,470,850 cash and a deferred 
payment of 3,571,428 ordinary shares being the equivalent of £803,571 at the time of acquisition to be allotted and admitted to 
trading 12 months from completion. The deferred payment has been recorded as shares to be issued at the time of acquisition. 
Acquisition costs of £37,500 arose as a result of the transaction. These have been recognised as part of administrative expenses 
in the statement of profit and loss. QuickThink Media Limited is a specialist online gaming marketing agency which will enhance 
the Group’s activities by cost-effectively capturing new users across emerging digital channels such as Facebook. Details of the 
fair value of identifiable assets and liabilities acquired and purchase consideration and goodwill are as follows:
Book value
£
Adjustment
£
Fair value
£
Non-contractual customer lists and relationships – 458,409 458,409
Trade and other receivables 589,718 – 589,718
Cash 28,485 – 28,485
Trade and other payables (620,500) – (620,500)
Deferred tax liability – (85,719) (85,719)
Total net assets (2,297) 372,690 370,393
Fair value of consideration paid
£
Cash consideration 1,470,850
Deferred consideration – Gaming Realms plc ordinary shares 803,571
Total consideration 2,274,421
Goodwill (Note 14) 1,904,028
Goodwill recognised in the acquisition of QuickThink Media Limited relates to the presence of certain intangible assets such as an 
experienced workforce, which do not qualify for separate recognition. The net cash acquired was an outflow of £1,442,365. Prior 
to acquisition for the period 1 October 2013 to 10 December 2013, the revenue generated was £833,115 and loss after tax was 
£632. Since acquisition, QuickThink Media Limited generated £6,751,974 in revenue and loss after tax of £793,866.
On 2 December 2014, the original shareholders of QuickThink Media Limited agreed to accept £825,000 cash in lieu of the 
3,571,428 ordinary shares as payment of the deferred consideration. The difference between the fair value of shares to be issued 
and cash consideration of £21,429 was charged to the profit and loss reserve. The deferred consideration was paid on the 10 
December 2014.
Acquisition of Blueburra Holdings Limited
On 5 September 2014, the Group acquired 100% of the voting equity of Blueburra Holdings Limited. Digital Blue Limited, a wholly 
owned subsidiary of Blueburra Holdings Limited is an eGaming marketing specialist. The acquisition is expected to expedite the 
Group’s marketing strategy in the UK by adding further reach and capability to its current affiliate marketing subsidiary, 
QuickThink Media and adding an enlarged database of players for cross promotion, as well as further white label brands, which 
will allow for greater Group cross marketing and consequently, monetisation. Acquisition costs of £103,273 arose as a result of 
the transaction. These have been recognised as part of administrative expenses in the statement of profit and loss. Details of the 
fair value of identifiable assets and liabilities acquired and purchase consideration and goodwill are as follows:
Book value
£
Adjustment
£
Fair value
£
Non-contractual customer lists and relationships – 2,343,632 2,343,632
Property, plant and equipment 47,779 – 47,779
Trade and other receivables 330,022 – 330,022
Other assets 1,500 – 1,500
Cash 652,054 – 652,054
Trade and other payables (364,349) – (364,349)
Total net assets 667,006 2,343,632 3,010,638 43 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Fair value of consideration paid
£
Cash consideration 2,500,000
Share consideration 2,500,000
Contingent consideration 4,840,328
Total consideration 9,840,328
Goodwill arising on acquisition (Note 14) 6,829,690
Contingent consideration at acquisition date 4,840,328
Unwinding of discount on contingent consideration (Note 10) 47,320
Contingent consideration at 31 December 2014 4,887,648
Consideration of £2,500,000 and 7,575,758 shares with a total value of £2,500,000 were settled on 5 September 2014. The Group 
has agreed to pay additional consideration of up to £2,750,000 in cash and £2,750,000 in shares dependent on the achievement of 
set performance targets in the periods ending 31 December 2014, 31 December 2015 and 31 December 2016. The consideration will 
be settled in cash and ordinary shares of Gaming Realms plc on their payment dates on achieving the relevant targets. The Group 
has recognised £4,840,328 being the present value of contingent consideration having made a probability based assessment of 
the amount payable related to the additional consideration, which represents the fair value at acquisition date. Contingent 
consideration has been calculated based on the Group’s expectation of what it will pay in relation to earn out agreement. The 
earn out targets are based on the EBITDA multiple of the annual results of the acquired business. The fair value of the contingent 
consideration is calculated by weighting the probability of achieving these targets to give an estimate of the final obligation.
Goodwill recognised in the acquisition of Blueburra Holdings Limited relates to the presence of certain intangible assets, such as 
experienced workforce and material cost savings, which do not qualify for separate recognition. The net cash acquired was an 
outflow of £1,847,946. Prior to acquisition for the period 1 October 2013 to 5 September 2014, the revenues generated was 
£3,797,695 and the consolidated profit after tax was £1,580,400. Since acquisition, Blueburra Holdings Limited generated 
£1,017,421 in revenue and profit after tax of £369,187.
26. Business combinations completed in prior periods
Acquisition of Gaming Realms plc and its controlled entities
In the prior period, Bingo Realms Limited’s original shareholders obtained a majority share interest in Gaming Realms plc 
(formerly known as Pursuit Dynamics plc) as a result of the acquisition transaction. 
The transaction did not meet the definition of a business combination in IFRS 3 ‘Business Combinations’. The transaction has 
therefore been accounted for in the consolidated financial statements in accordance with IFRS 2 ‘Share-based Payment’ and has 
been accounted for as a continuation of the financial statements of Bingo Realms Limited, together with a deemed issue of 
shares, equivalent to the shares held by the former shareholders of the Company. The deemed issue of shares is, in effect, a 
share-based payment transaction whereby Bingo Realms Limited is deemed to have received the net assets of the Company, 
together with the listing status of the Company. The overall accounting effect is similar to that of a reverse acquisition in IFRS 3 
with the exception that no goodwill is recognised. 
Because the consolidated financial statements represent a continuation of the financial statements of Bingo Realms Limited, the 
principles and guidance on the preparation and presentation of the consolidated financial statements in a reverse acquisition set 
out in IFRS 3 have been applied:
 › the cost of the acquisition, and amount recognised as issued capital to effect the transaction, is based on the notional 
amount of shares that Bingo Realms Limited would have needed to issue to acquire the same shareholding percentage in the 
Company at the acquisition date;
 › retained earnings and other equity balances in the consolidated financial statements at acquisition date are those of Bingo 
Realms Limited;
 › a shared-based payment transaction arises whereby Bingo Realms Limited is deemed to have issued shares in exchange for 
the net assets of the Company (together with the listing status of the Company). The listing status does not qualify for 
recognition as an intangible asset and has therefore been expensed;
 › the equity structure in the consolidated financial statements (the number and type of equity instruments issued) at the date 
of the acquisition reflects the equity structure of the Company, including the equity instruments issued by the Company to 
effect the acquisition; and
 › the results for the period ended 30 September 2013 comprise the consolidated results for the period of Bingo Realms Limited 
together since incorporation with the results of the Company from 1 August 2013. 
25. Business combinations during the period continued 44 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
During the period ending 31 December 2014, it was identified that the net assets acquired on the 1 August 2013 as part of the 
reverse acquisition, did not include an additional liability to the Swiss tax authorities of £112,044. The liability arose as part of the 
ongoing liquidation process of the existing Swiss entities. The results of the prior year financials have been restated to include the 
liability to the Swiss tax authorities in accruals at 30 September 2013 with corresponding increase to the share-based payment 
charge on the reverse transaction in 2013. 
Details of the (restated) fair value of the asset and liabilities of the Company that were acquired on its acquisition by Bingo 
Realms Limited are as follows:
2013 
As previously 
stated
£
Restated 
adjustment
£
2013
As restated
£
Share-based payment expense
Assets and liabilities acquired:
Cash and cash equivalent 3,960,392 – 3,960,392
Trade and others receivables 165,879 – 165,879
Other assets 8,383 – 8,383
Trade and others liabilities (921,667) (112,044) (1,033,711)
Total net assets 3,212,987 (112,044) 3,100,943
The table above represent the assets and liabilities of Gaming Realms plc (formerly Pursuit Dynamics plc) that were acquired  
on its acquisition by Bingo Realms Limited. Refer to Note 1 “Basis of consolidation”.
The fair value of shares that Bingo Realms Limited issued to effect the transaction amounted to £3,532,335. The difference 
between the fair value of £3,532,335 and the net assets acquired of £3,100,943, being £431,392 has been expensed as  
a share-based payment cost in profit and loss statement. 
Of the £3,960,392 cash acquired in the reverse acquisition, £121,853 does not meet the definition of cash and cash equivalent 
under IAS 7 “Statement of Cash Flows” and is therefore not included in the consolidated statement of cash flows. The restricted 
cash relates to funds held in Swiss subsidiaries which are currently undergoing liquidation. 
Acquisition of Bejig Limited
On 1 August 2013 the Group acquired 90.66% of the voting equity of BeJig Limited, taking the total ownership of the Group to 
100%. The initial 9.34% was acquired previously for cash consideration of £400,000. 
Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows:
Book
value
£
Adjustment
£
Fair
value
£
Non-contractual customer lists and relationships – 256,419 256,419
Intangible assets 477,439 – 477,439
Property, plant and equipment 27,949 – 27,949
Trade and other receivables 399,388 – 399,388
Other assets 55,598 – 55,598
Cash 87,714 – 87,714
Trade and other payables (896,775) – (896,775)
Total net assets 151,313 256,419 407,732
A deferred tax liability of £58,976 arising as a result of the recognition of additional intangible assets was offset by the recognition 
of an equivalent deferred tax asset in respect of tax losses in Bejig Limited.
26. Business combinations completed in prior periods continued 45 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Fair value of consideration paid
£
Purchase consideration – Gaming Realms plc ordinary shares 3,511,988
Cash consideration – previously held equity interest 400,000
Fair value adjustment of previously held equity interest (38,187)
Total consideration 3,873,801
Goodwill (Note 14) 3,466,069
Goodwill recognised in the acquisition of BeJig Limited relates to the presence of certain intangible assets such as an experienced 
workforce, which do not qualify for separate recognition.
Acquisition of AlchemyBet Limited
On 1 August 2013 the Group acquired 88.85% of the voting equity of AlchemyBet Limited, taking the total ownership of the Group 
to 100%. The initial 11.15% was acquired previously for cash consideration of £133,842.
Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows:
Book
value
£
Adjustment
£
Fair
value
£
Non-contractual customer lists and relationships – 131,093 131,093
Trade and other receivables 112,625 – 112,625
Cash 31,908 – 31,908
Trade and other payables (416,855) – (416,855)
Total net assets (272,322) 131,093 (141,229)
A deferred tax liability of £30,151 arising as a result of the recognition of additional intangible assets was offset by the recognition 
of an equivalent deferred tax asset in respect of tax losses in AlchemyBet Limited.
Fair value of consideration paid
£
Purchase consideration – Gaming Realms plc ordinary shares 1,069,047
Cash consideration – previously held equity interest 133,842
Total consideration 1,202,889
Goodwill (Note 14) 1,344,118
Goodwill recognised in the acquisition of AlchemyBet Limited relates to the presence of certain intangible assets such as the UK 
gambling license and an experienced workforce, which do not qualify for separate recognition.
27. Related party transactions
On the 10 December 2013, the Group purchased QuickThink Media Limited, a company in which there are common shareholders 
and key management personnel, for cash consideration of £1,470,850 and deferred consideration of 3,571,428 ordinary shares to 
be issued. On 2 December 2014, the original shareholders agreed to accept £825,000 cash in lieu of the 3,571,428 ordinary shares 
as payment of the deferred consideration (see Note 25).
During the period, up until the acquisition on the 10 December 2013, the Group received and provided marketing services from 
and to QuickThink Media Limited. The following summarises the transactions and outstanding balances at the end of the period:
2014
£
2013
£
Revenue and other operating revenue – 2,349
Operating expenses 70,054 74,961
Related party debtor – 2,349
Related party creditor – 240
26. Business combinations completed in prior periods continued 46 Gaming Realms plc  Annual Report & Accounts 2014
Notes to the Consolidated Financial 
Statements continued
For the period ended 31 December 2014
During the period £130,000 (2013: £20,000) of consulting fees were paid to Dawnglen Finance Limited, a company controlled by 
Michael Buckley.
During the period, the Group received accounting services from M2Ventures, a company in which there are common shareholders. 
The amounts paid in the period in was £2,133 (2013: £3,388). No balance (2013: £1,100) was outstanding at the end of the period.
In 2011, AlchemyBet Limited acquired certain IP and intangible assets from Cometa Wireless Gaming Systems Ltd. In 
consideration for these assets the Group committed to repay an outstanding loan balance of £76,504. Cometa Wireless is a 
related party by virtue of common ownership and common directors. £14,504 (2013: £44,504) of the loan remains outstanding at 
period ended 31 December 2014.
The amount owed to Directors was nil (2013: £7,345). No amounts were owed from Directors.
The details of key management compensation (being the remuneration of the Directors) are set out in Note 6.
In addition to Directors’ remuneration detailed in Note 7, £2,250 was paid to Phil Corbishley for the provision of office facilities for the 
period July to September 2013 following the closure of the Huntingdon premises. Phil Corbishley also purchased miscellaneous 
items of office furniture and equipment for £100. There were no related party transactions with Phil Corbishley in the current period.
28. Subsidiaries
The principal subsidiaries of the Company, all of which have been included in these consolidated financial statements, are as follows:
Name
Country of 
Incorporation Principal activity
Proportion 
held by Parent 
Company
Proportion held 
by Group
Bingo Realms Limited UK Marketing services 100% 100%
Bejig Limited UK Social gaming operator 90.66% 100%
AlchemyBet Limited UK Real money gaming operator 88.85% 100%
QuickThink Media Limited UK Marketing services 100% 100%
Bear Group Limited Alderney Real money gaming operator 100% 100%
Blueburra Holdings Limited Isle of Man Marketing services 100% 100%
Digital Blue Limited Isle of Man Marketing services 0% 100%
The Group held 100% interest in the following subsidiaries which were in the process of being liquidated at the balance sheet date:
Name
Country of
Incorporation Principal activity
Proportion 
held by Parent 
Company
Proportion held 
by Group
Pursuit Dynamics, Inc Delaware, USA Dormant 100% 100%
PDX Businessgroup AG Switzerland In liquidation 100% 100%
PDX Technologies AG Switzerland In liquidation 0% 100%
PDX Management AG Switzerland In liquidation 0% 100%
PDX Public Health and Safety AG Switzerland In liquidation 0% 100%
BFX Solutions AG Switzerland In liquidation 0% 100%
DDX Solutions AG Switzerland In liquidation 0% 100%
On the 8 October 2013, Pursuit Processing Equipment Limited was officially dissolved. 
29. Events after the reporting date
On the 27 January 2015, the Group decided to restructure the marketing services segment by relocating its operations from the 
Isle of Man to London. This enabled the Group to consolidate its existing London team by streamlining its process and improving 
its efficiency.
On the 9 April 2015, Bingo Realms Limited entered into an Asset Sale and Purchase Agreement with European Domain 
Management Ltd, to sell all associated assets in its Bingo Godz and CastleJackpot brands which were operated by Intellectual 
Property & Software Limited. The total consideration for the sale was £500,000 in cash, with £200,000 payable on completion 
and the remainder payable over the next 17 months.
27. Related party transactions continued 47 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
Note
31 December
2014
£
30 September
2013
£
Fixed assets
Investment in subsidiary undertakings 2 17,951,876 9,293,105
Tangible assets 61,039 –
Total fixed assets 18,012,915 9,293,105
Current assets
Cash and cash equivalents 2,741,284 3,111,608
Debtors: amounts falling due within one year 3 8,320,269 3,185,517
Debtors: amounts falling due after more than one year 120,000 –
Total current assets 11,181,553 6,297,125
Creditors: amounts falling due within one year 4 1,832,787 419,749
Net current assets 9,348,766 5,877,376
Total assets less current liabilities 27,361,681 15,170,481
Creditors: amounts falling due after more than one year 4 1,535,479 –
Net assets 25,826,202 15,170,481
Equity
Share capital 5 19,517,049 14,633,369
Share premium 6 78,119,547 70,437,354
Retained earnings 6 (71,810,394) (69,900,242)
Total equity 25,826,202 15,170,481
The financial statements on pages 48 to 51 were approved and authorised for issue by the Board of Directors on 21 April 2015 
and were signed on its behalf by:
Patrick Southon
Chief Executive Officer
Parent Company Balance Sheet
As at 31 December 2014 48 Gaming Realms plc  Annual Report & Accounts 2014
1. Principal accounting policies
The financial statements have been prepared in accordance with applicable accounting standards and the Companies Act 2006 
in the UK. A summary of the more important accounting policies, which have been reviewed by the Board of Directors in 
accordance with Financial Reporting Standard (“FRS”) 18, “Accounting policies”, and have been applied consistently, other than  
as explained, is set out below.
Basis of accounting 
The financial statements have been prepared in accordance with the historical cost convention and in accordance with applicable 
UK Accounting Standards (UK Generally Accepted Accounting Practices). Under section 408 of the Companies Act 2006 the 
Company is exempt from the requirement to present its own profit and loss account.
These financial statements present the results of Gaming Realms plc for the period 1 October 2013 to 31 December 2014.
Investments
Investments held as fixed assets are stated at cost, less any provision for impairment in value. Where shares are issued to effect 
business combinations and the conditions of the Companies Act 2006 are met, merger relief is applied and the resulting 
investment is recorded at the nominal value of the shares issued.
Financial instruments
Deposits with financial institutions which are not repayable on demand without penalty are classified as short-term investments. 
Interest on short-term investments is recognised on the accruals basis over the life of the investment.
Taxation
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws 
that have been enacted or substantively enacted by the balance sheet. 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, 
where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have 
occurred at the balance sheet date.
A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence,  
it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax 
losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the period in which the timing differences are 
expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Transactions denominated in foreign currencies are recorded at exchange rates as of the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing 
at that date.
Any gain or loss arising from a change in exchange rates subsequent to the date of the initial transaction is included as an 
exchange gain or loss in the profit and loss account, except where financing of a foreign subsidiary through long-term loans is 
intended to be as permanent as equity. Such balances are treated as part of the net investment and any exchange differences 
are recorded in reserves.
Notes to Parent Company  
Financial Statements 
For the period ended 31 December 2014 49 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
2. Investments
£
At 1 October 2013 9,293,105
Additions 8,658,771
At 31 December 2014 17,951,876
Additions relate to the incorporation of Bear Group Limited and the acquisition of QuickThink Media Limited and Blueburra 
Holdings Limited. Refer to Note 25 of the consolidated financial statements for further details on the acquisitions.
The Company’s investments comprise interests in 14 Group undertakings, all of which are included in the consolidated  
financial statements.
Details of these are shown below:
Name
Country of 
Incorporation Principal activity
Proportion 
held by Parent 
Company
Proportion held 
by Group
Bingo Realms Limited UK Marketing services 100% 100%
Bejig Limited UK Social gaming operator 90.66% 100%
AlchemyBet Limited UK Real money gaming operator 88.85% 100%
QuickThink Media Limited UK Marketing services 100% 100%
Bear Group Limited Alderney Real money gaming operator 100% 100%
Blueburra Holdings Limited Isle of Man Marketing services 100% 100%
Digital Blue Limited Isle of Man Marketing services 0% 100%
The Group held 100% interest in the following subsidiaries which were in the process of being liquidated at the balance  
sheet date:
Name
Country of 
Incorporation Principal activity
Proportion 
held by Parent 
Company
Proportion held 
by Group
Pursuit Dynamics, Inc Delaware, USA Dormant 100% 100%
PDX Businessgroup AG Switzerland In liquidation 100% 100%
PDX Technologies AG Switzerland In liquidation 0% 100%
PDX Management AG Switzerland In liquidation 0% 100%
PDX Public Health and Safety AG Switzerland In liquidation 0% 100%
BFX Solutions AG Switzerland In liquidation 0% 100%
DDX Solutions AG Switzerland In liquidation 0% 100%
On the 8 October 2013, Pursuit Processing Equipment Limited was officially dissolved. 
3. Debtors
2014
£
2013
£
Amounts due from Group companies 8,220,097 2,947,433
Other debtors 34,983 189,463
Prepayments and accrued income 65,189 48,621
8,320,269 3,185,517 50 Gaming Realms plc  Annual Report & Accounts 2014
Notes to Parent Company  
Financial Statements continued
For the period ended 31 December 2014
4. Creditors
2014
£
2013
£
Creditors: amounts falling due within one year
Trade creditors 76,958 48,502
Other creditors 64,526 73,240
Accruals and deferred income 76,339 298,007
Contingent consideration 1,614,964 –
1,832,787 419,749
2014
£
2013
£
Creditors: amounts falling due after more than one year
Contingent consideration 1,535,479 –
1,535,479 –
5. Called up share capital
Allotted, called up and fully paid
2014
£
2013
£
195,170,489 (2013: 146,333,690) ordinary shares of 10 pence each 19,517,049 14,633,369
Allotted and fully paid
£
As at 1 October 2012 862,203
Issued during the year 13,771,166
As at 30 September 2013 14,633,369
Issued during the period 4,883,680
As at 31 December 2014 19,517,049
6. Reserves
Share premium 
account
£
Profit and loss 
account
£
As at 1 October 2012 66,150,179 (64,706,598)
Share issue 4,495,704 –
Issuance costs of shares (208,529) –
Loss for the financial year – (5,092,741)
Currency exchange difference – (3,190)
Share option compensation charge – (97,713)
As at 30 September 2013 70,437,354 (69,900,242)
Share issue 7,812,895 –
Issuance costs of shares (130,702) –
Settlement of shares to be issued – (21,429)
Loss for the financial period – (2,326,892)
Share option compensation charge – 438,169
As at 31 December 2014 78,119,547 (71,810,394) 51 Gaming Realms plc  Annual Report & Accounts 2014
Strategic Report Corporate Governance Financial Statements
7. Reconciliation of movements in shareholders’ funds
£
Shareholders’ funds 1 October 2012 2,305,784
Proceeds of ordinary share issue 8,973,766
Ordinary shares issued in the reverse transaction with Bingo Realms Limited 5,769,231
Ordinary shares issued in the acquisition of Bejig Limited and AlchemyBet Limited 3,523,873
Issuance costs of shares (208,529)
Currency exchange differences (3,190)
Loss for the financial year (5,092,741)
Share option compensation (credit)/charge (97,713)
Shareholders’ funds 30 September 2013 15,170,481
Proceeds of ordinary share issue 11,938,999
Ordinary shares issued in the acquisition of Blueburra Holdings Limited 757,576
Issuance costs of shares (130,702)
Settlement of shares to be issued (21,429)
Loss for the financial period (2,326,892)
Share option compensation (credit)/charge 438,169
Shareholders’ funds 31 December 2014 25,826,202
On 11 December 2013, 11,476,190 shares were issued at £0.21 per share with costs of £37,000 associated with the share issue.
On 20 March 2014, 3,000,000 shares were issued at £0.23 per share.
On 5 September 2014, 18,148,487 shares were issued at £0.33 per share with costs of £93,702 associated with the share issue. In 
addition 7,575,758 shares were issued at £0.33 per share as part of the acquisition of Blueburra Holdings Limited.
On 9 September 2014, 757,576 shares were issued at £0.33 per share.
On 5 December 2014, 6,666,667 shares were issued at £0.33 per share.
On 12 December 2014, 1,212,121 shares were issued at £0.33 per share.
8. Employee information
The Company had a monthly average of ten (2013: six) employees during the year.
The employee costs for the Company were £752,200 (2013: £423,086). 
Details of Directors’ remuneration can be found in Note 7 of the consolidated financial statements.
9. Parent company result for the year
As permitted by section 408 of the Companies Act 2006, a separate profit and loss account of the Company is not presented.
The Company’s loss for the financial period was £2,326,892 (2013: £5,092,741). 
The only other recognised gains or losses for the financial period other than the loss disclosed above was a loss of nil (2013: 
£3,190) arising on the translation of foreign currency denominated long-term intercompany balances.
10. Share-based payment 
All share option schemes relating to Gaming Realms plc including those that have lapsed prior to the reverse transaction have 
been included below:
The Group has two share option schemes:
1. The 2009 Employees’ Share Option Plan
2. Gaming Realms EMI Plan
Refer to Note 24 of the consolidated financial statements for details of these share schemes. 52 Gaming Realms plc  Annual Report & Accounts 2014
Company Information
Directors
Michael Buckley, Chairman
Patrick Southon, Chief Executive Officer
Simon Collins, Executive Director
Mark Segal, Chief Financial Officer
Jim Ryan, Non-executive Director
Mark Wilson, Non-executive Director
Atul Bali, Non-executive Director
Company Secretary
Mark Segal
Auditors
BDO LLP, 55 Baker Street, London, W1U 7EU
Bankers
Barclays Bank plc, 1 Churchill Place, London, E14 5HP
Nominated advisors
Cenkos, 6.7.8 Tokenhouse Yard, London, EC2R 7AS
Solicitors
Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP
Registrars
Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS13 8AE
Registered office
One Valentine Place, London, SE1 8QH
Registered Number
04175777  Gaming Realms plc Annual Report & Accounts 2014
Gaming Realms plc
One Valentine Place
SE1 8QH
London
www.gamingrealms.com