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Golden Matrix Group, Inc. is a prominent gaming technology company that focuses on developing and owning online gaming IP and constructing configurable and scalable white-label social gaming platforms for its international customers in the Asia Pacific region. The company operates in both B2B and B2C segments, with the B2C segment generating the majority of revenue. With operations in the UK, Asia Pacific, and Latin America, Golden Matrix offers configurable and scalable iGaming platforms and operates well-known brands like MexPlay, R Kings Competitions, and GM-AG.
Founded in 2008 and based in Las Vegas, Nevada, Golden Matrix provides tools for marketing, acquisition, retention, and monetization of users. The company's platform is accessible through desktop and mobile applications. Formerly known as Source Gold Corp., the company changed its name to Golden Matrix Group, Inc. in March 2016.
Golden Matrix Group (NASDAQ: GMGI) has announced the resumption of its existing stock repurchase program. The company can repurchase outstanding common stock shares through open market or private transactions, with approximately $4.958 million available under the current program. GMGI currently has 129,242,993 shares outstanding.
CEO Brian Goodman reported that all divisions are performing at or above expectations with continued growth anticipated in Q4. As of September 30, 2024, the company maintained a strong balance sheet with $38.4 million in cash, well above its $17.5 million current portion of long-term debt. The company is servicing all debt in cash rather than equity and expects its cash position to support both debt settlement and potential accretive acquisitions.
Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, has announced its participation in the 2025 ICR Conference. The event will take place from January 13-15, 2025, at the Grande Lakes Resort in Orlando, FL. Zoran Milosevic, Meridianbet's CEO, will engage in a fireside chat with an equity research analyst on January 13, 2025, at 2:30 PM ET. Management will be available for meetings throughout the conference, with interested parties directed to contact ICR for scheduling.
Golden Matrix Group (NASDAQ: GMGI) has announced that its subsidiary, Expanse Studios, has initiated the filing process for a B2B Gaming License in Ontario, Canada. This strategic move represents a significant step in the company's global expansion plans, targeting one of North America's key regulated iGaming markets.
Expanse Studios, a prominent player in the iGaming sector, boasts a portfolio of over 50 gaming titles, including social casino games, crash games, traditional slots, and table games.
Golden Matrix Group (NASDAQ: GMGI) has reported significant success from its sweepstakes business segments, RKings Competitions and Classics for a Cause. These divisions collectively contributed 27% of Q3 2024 revenue. RKings specializes in luxury prize draws in the UK and Ireland, while Classics for a Cause operates in Australia, focusing on classic car raffles for charitable fundraising. The company's sweepstakes operations demonstrate impressive efficiency with an average customer acquisition cost of approximately $2.
Golden Matrix Group (NASDAQ: GMGI) reported strong Q3 2024 performance with $41 million in consolidated revenue, representing an 85% year-over-year growth. Year-to-date revenue grew 55% to $105.3 million, with gross profit up 39% to $22.4 million. The company maintains a robust financial position with $38.4 million in cash and 60% growth in shareholder equity.
GMGI is approaching formal approval to enter Brazil's regulated market, which is projected to reach $5.6 billion in Gross Gaming Revenue by 2025. The company has also filed an At-The-Market (ATM) offering to enhance financial flexibility, though utilization remains optional based on market conditions.
Golden Matrix Group (NASDAQ: GMGI) announces that its subsidiary Meridianbet has received formal notice from Brazil's Ministry of Finance to proceed with the licensing process for operating in Brazil. The company has allocated funds for the licensing fee and will submit additional documentation, including proof of certification. Operations are expected to begin on January 1, 2025. This development marks a significant step in entering one of the world's most promising gaming markets, with Brazil being among the three most dynamic global growth markets. The company views this as a transformational opportunity for 2025.
Golden Matrix Group (NASDAQ: GMGI) demonstrates strong leadership commitment with 85% insider ownership following the Meridianbet acquisition, while maintaining institutional backing. The company's subsidiary, Meridianbet Group, established in 2001, operates in 17 jurisdictions across Europe, Africa, and South America. The group leverages proprietary technology and scalable systems to facilitate multi-currency, omni-channel operations including retail, desktop online, and mobile platforms. This structure combines strict compliance, market diversification, and resilience in the gaming sector.
Meridianbet, a sports betting brand under Golden Matrix Group (NASDAQ: GMGI), has enhanced its partnership with Euroleague basketball team Crvena Zvezda through a groundbreaking permanent logo integration deal. This marks the first such agreement in European basketball history, positioning the company strategically as NBA interest in Europe grows. The partnership represents a significant milestone in sports marketing and basketball sponsorship.
Golden Matrix Group (NASDAQ: GMGI) reported strong Q3 2024 financial and operational results, reflecting a robust growth strategy. Consolidated revenue surged 85% to $41 million, with year-to-date revenue up 55% to $105.3 million. Gross profit increased 39% to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million. Adjusted EBITDA reached $4.3 million. The company maintained a strong balance sheet with $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity grew 60% to $94 million.
Operational highlights include the integration of Classics for a Cause, adding $2.1 million in revenue and $503,000 in EBITDA, and significant growth in the GMAG B2B aggregator platform. Meridianbet's Q3 revenue grew 16% YoY, with online casino GGR margins hitting 3.37% and sports betting rising 7.4%. Mexplay in Mexico reported a 56% increase in active players and a rise in gross gaming revenue to $15 million.
Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and content, has scheduled its third quarter 2024 financial results announcement for Tuesday, November 12, 2024, before market opening. The company will provide an audio webcast of the earnings call along with a presentation reviewing financial results, recent events, and outlook, accessible through the Events & Presentations section of their website.
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