Golden Matrix Applies for Mexican Gaming License
Golden Matrix Group (OTCQX: GMGI) announced its application for a Mexican gaming license, aiming to expand igaming services in Latin America. CEO Brian Goodman emphasized the potential for significant revenue generation and profitability through the RKings tournament platform. The company reported record quarterly revenues for the first fiscal quarter ended January 31, 2022, bolstered by its acquisition of an 80% stake in RKings. Further operational details will be disclosed in the upcoming 10-Q filing by March 10, 2022.
- Application for a Mexican gaming license to expand into a new market.
- Record quarterly revenues reported for Q1 FY 2022.
- 80% acquisition of RKings contributing significant revenue.
- None.
LAS VEGAS, NV, March 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Golden Matrix Group, Inc. (OTCQX: GMGI), a developer and licenser of gaming platforms, systems and gaming content, today announced it has applied for a Mexican gaming license and, once approved, expects to offer igaming in Mexico, and launch the RKings tournament platform.
According to Golden Matrix CEO Brian Goodman, “This a logical move for the company, as it opens up compelling opportunities in the Latin America (LATAM) B2C market; and it begins the expansion of the RKings tournament platform to our first region outside of the UK and Ireland. We are confident that, in addition to casino games and sports book betting, RKings will be received enthusiastically, generate significant revenues and boost our overall profitability.”
Mr. Goodman noted that, as previously announced, GMGI achieved record quarterly revenues in the first fiscal quarter ended January 31, 2022. As a result of the company’s acquisition of an 80 percent controlling ownership interest in RKings at the beginning of the current fiscal year, RKings provided significant revenue contributions throughout the quarter.
Further information regarding the results of GMGI’s operations for the first fiscal quarter ended January 31, 2022 will be included in the Quarterly Report on Form 10-Q, which the company plans to file with the Securities and Exchange Commission on or before March 10, 2022.
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 social 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.
Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
Based in Northern Ireland, Rkings is a prize competition business offering customers in Ireland and the United Kingdom paid for entry, and free entry, routes to enter prize competitions in order to win a range of consumer products as prizes. Customers can access competitions via iOS or Android apps as well as online where they can win prizes ranging from super cars through to luxury holidays.
The competitions are currently open only to residents of Ireland and the United Kingdom.
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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FAQ
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