Golden Matrix Acquires Remaining Interest in RKings Competitions
Golden Matrix Group (NASDAQ: GMGI) has acquired the remaining 20% interest in RKings Competitions, issuing 165,444 restricted shares to the former owners. CEO Brian Goodman anticipates rapid growth for RKings' B2C tournament platform, especially in the UK and expanding into Mexico and Latin America. The company has also launched GMGI Assets, aimed at enhancing revenue by reselling vehicles from tournament prizes. This integration is expected to contribute positively to GMGI's financial results as the number of tournaments grows.
- Acquisition of the remaining 20% stake in RKings enhances ownership and control.
- Anticipated growth of RKings' platform in multiple regulated markets.
- Launch of GMGI Assets expected to generate additional revenue through resale of tournament prizes.
- None.
LAS VEGAS, NV, Nov. 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems and gaming content, today announced it had acquired the remaining
“Obviously,” said Golden Matrix CEO Brian Goodman, “we are pleased to now have this exciting and successful B2C business as a wholly-owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions. In addition to Great Britain, we expect RKings’ tournament platform to be popular and well-received by participants in Mexico, where it is already permitted to operate; and we believe it can expand into other Latin American markets over the next couple years.”
Mr. Goodman also said the company had also recently launched a complementary business, GMGI Assets, which will serve to enhance the revenue stream and profit, being generated by the RKings division. “As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car. When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future.”
Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label B2B gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The Company's platform can be accessed through both desktop and mobile applications. Additionally, Golden Matrix generates revenues in Great Britain from RKings Competitions’ scalable B2C tournament platform, and has recently launched a licensed proprietary B2C online casino in Mexico.
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