Golden Matrix Advances Global Market Presence with Rollout of Aggregate Gaming System

Rhea-AI Summary

Golden Matrix Group (NASDAQ: GMGI) announced the launch of its GMX-Ag system with eight online casino operators across six countries, enhancing its B2B offerings. CEO Brian Goodman emphasized this strategic expansion into new markets, especially outside the traditional Asia Pacific region. The company acquired an 80% stake in RKings Competitions Ltd., contributing to significant revenue growth of 355% in Q1 2022, totaling $8.88 million. GMGI's recent Nasdaq uplisting is seen as a catalyst for future acquisitions and growth plans.

Positive

• Launch of GMX-Ag system with eight operators, expanding market presence.
• Acquisition of RKings strengthens revenue stream, contributing to a 355% revenue increase in Q1 2022.
• Recent uplisting to Nasdaq enhances acquisition capabilities.

Negative

• None.

CEO Comments on Corporate Expansion

LAS VEGAS, NV, April 20, 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 that its B2B aggregate gaming system, GMX-Ag, has now gone live with eight established online casino operators in six countries. It is a seamless turnkey iGaming system offering the best casino, sportsbook and live gaming content via a single integration with the operators’ existing business systems, and also providing a single wallet for their players.

“The adoption of the GMX-Ag system is both strategic and timely,” said Golden Matrix CEO Brian Goodman. “It expands our B2B offerings to operators in the Asia Pacific (APAC) region, our traditional market, and at the same time opens new market opportunities for Golden Matrix outside of APAC. In addition to enhancing organic growth, we are focused on entering new international markets through the acquisition of B2B and B2C businesses with strong revenues and profitability. We expect our growth strategy to expand the GMGI brand and accelerate the company’s global market penetration.”

Mr. Goodman noted that the company completed its first major transaction in early December 2021, when it acquired an 80 percent controlling ownership interest in UK-based RKings Competitions Ltd. a well-established B2C prize competition business. Subsequently, the company applied for a Mexican gaming Permit and - once it is approved - plans to offer iGaming in Mexico, and to launch the RKings tournament platform there. “We believe the popular RKings platform, being highly scalable, will be well-received and extremely successful, not only in Mexico, but also in other countries with regulated jurisdictions.”

“RKings is already making significant contributions to GMGI’s overall financial performance. For the first fiscal quarter ended January 31, 2022, total revenues of $8,877,105 were up 355% on revenues of $1,951,406 in the like year-ago quarter. Due to the platform’s scalability, coupled with low player acquisition and marketing costs, we expect RKings’ contributions to revenues and profits to grow significantly in the months and years ahead.”

Regarding GMGI’s recent uplisting to Nasdaq, Mr. Goodman concluded, “We believe that achieving this important corporate milestone further strengthens our ability to execute on the company’s acquisition strategy and secure our growth plans moving forward.” 

About Golden Matrix

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. As a result of its 80 percent controlling ownership interest in UK-based RKings Competitions Ltd. Golden Matrix also generates revenues from RKings’ scalable B2C tournament platform.

Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.

Forward-Looking Statements

Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic on the Company; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the available funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising and/or acquisitions; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the Company’s chief executive officer has voting control over the Company; related party relationships; the potential effect of economic downturns and market conditions on the Company’s operations and prospects; the Company's ability to protect proprietary information; the ability of the Company to compete in its market; the Company’s lack of effective internal controls; dilution caused by efforts to obtain additional financing; the effect of future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company's programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company's products. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. More information on potential factors that could affect the Company's financial results is included from time to time in the "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Transition Report on Form 10-K for the nine month transition period ended October 31, 2021. These reports are filed with the SEC and available at www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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Golden Matrix Group 
Contact: Scott Yan
info@goldenmatrix.com
www.goldenmatrix.com

FAQ

What is the significance of GMGI's recent GMX-Ag system launch?

The GMX-Ag system launch is significant as it expands Golden Matrix's B2B offerings with eight online casino operators across six countries, enhancing their market position and operational capabilities.

How much revenue did GMGI report in Q1 2022?

Golden Matrix Group reported total revenues of $8,877,105 for Q1 2022, representing a 355% increase compared to $1,951,406 in the same quarter the previous year.

What impact does the RKings acquisition have on GMGI?

The acquisition of RKings is expected to significantly boost GMGI's revenues and profits due to its scalable platform and low marketing costs.

How does GMGI's Nasdaq uplisting affect its business strategy?

The uplisting to Nasdaq is expected to strengthen GMGI's ability to execute its acquisition strategy and support its growth plans moving forward.