BMM Testlabs, the world’s original gaming test lab and product-certification consultancy, announced that its revenues and adjusted earnings exceeded expectations and grew to record levels in 2022. That strength, according to the company, continued through the first quarter of 2023.
Group CEO Martin Storm said BMM’s Testing, Inspection, and Certification (TIC) revenues grew by 18.6% year over year, while EBITDA rose 37.7%. He said that momentum continued through the first quarter of 2023, when trailing 12 months of revenue grew 19.8% year over year and EBITDA grew 58.2% year over year.
“BMM’s global market reach and 15 international locations mean we compete for nearly every gaming-certification deal and we win a high percentage at appropriate margins,” Storm said. “We remain confident that BMM’s share will continue to grow, as more customers migrate toward high-quality testing and certification to lower their real product costs.”
BMM, the longest established and most experienced private independent gaming-certification lab in the world, has provided professional, technical, and regulatory-compliance services to the gaming industry since 1981.
It has tested and certified the full scope of Class III, Class II, VLT, AWP, HHR, online/igaming, sports betting, social, pari-mutuel, and lottery products for more than four decades. BMM authored the first set of independent gaming standards in 1992 and the first set of online-gaming standards in 2001.
“I’m grateful for the hard work of our wonderful staff all around the world, who grew all our businesses to record results,” Storm said. “We enjoyed particularly strong growth across all regions, where we added more than 100 new customers to an already-substantial portfolio. Our digital business has flourished in Europe, Africa, and the U.S. over the last three years and our land-based business continues to grow, with very large customers extending our share in the U.S., Canada, and Australia. While BMM dominates key international markets, it is reaching a tipping point in the U.S. and European testing markets as U.S. gaming market access completes.”
Storm said they expect the gaming-testlab segment to consolidate further as a response to BMM’s success and growth.
“Our new testlabs in Slovenia and India are operating well and our new lab in Brazil is ready to go when legislation finally passes,” Storm said. “Most importantly for me as the CEO, we’ve attracted exceptional leadership and continue to retain our most experienced and best staff. We’re committed to transforming the gaming-lab landscape over the next 18 months, as we invest heavily in the TIC segment.”
BMM established the BMM Innovation Group (BIG) in 2019 to provide cutting-edge and protective-technology services centered around cybersecurity (BIG Cyber) and virtual training (RG24seven) for the global gaming industry.
The Las Vegas-based BMM Testlabs employs 600 people in 15 global locations and serves over 470 gaming jurisdictions. BMM also has offices in Canada, Peru, Argentina, Spain, Italy, Slovenia, Romania, Poland, Australia (Melbourne and Sydney), India, Singapore, Macau, and South Africa.
