Golden Matrix Group Reports Record-Breaking August Performance by Subsidiary Meridianbet

Rhea-AI Summary

Golden Matrix Group (NASDAQ: GMGI) has reported record-breaking performance for its subsidiary Meridianbet in August 2024. Key highlights include:

• Online casino revenue expected to surpass the 2024 monthly average by 13%
• Online sports betting revenue projected to increase by 9% over the 2024 monthly average
• European operations (excluding UK) set an all-time high for online casino revenue, 11% above the 2024 average
• Americas region achieved a total revenue record, with online growth 72% higher than the 2024 monthly average
• African online casino revenue expected to grow by 8% compared to the 2024 monthly average

CEO Brian Goodman attributes this success to Meridianbet's strategic growth and commitment to excellence in iGaming and sports betting markets across multiple jurisdictions.

Positive

• Record-breaking performance in August 2024 for Meridianbet subsidiary
• Online casino revenue expected to surpass 2024 monthly average by 13%
• Online sports betting revenue projected to increase by 9% over 2024 monthly average
• European operations set all-time high for online casino revenue, 11% above 2024 average
• Americas region achieved total revenue record, with online growth 72% higher than 2024 monthly average
• African online casino revenue expected to grow by 8% compared to 2024 monthly average

Negative

• None.

Financial Analyst

Meridianbet's August performance signals robust growth across multiple segments and regions. The 13% increase in online casino revenue and 9% growth in sports betting over 2024 monthly averages indicate strong market positioning and effective customer acquisition strategies. The 72% surge in online revenue in the Americas is particularly noteworthy, suggesting successful market penetration and potential for sustained growth in this region.

These results could positively impact GMGI's Q3 financials, potentially driving stock price appreciation. However, investors should note that a single month's performance, while impressive, may not necessarily translate to long-term trends. It's important to monitor whether this growth is sustainable and how it affects overall profitability, considering factors like customer acquisition costs and regulatory expenses in various jurisdictions.

Market Research Analyst

The record-breaking performance across multiple regions underscores Meridianbet's successful multi-market strategy. The standout 11% growth in European online casino revenue and 8% increase in African markets demonstrate the company's ability to adapt to diverse regulatory environments and consumer preferences. This geographic diversification could provide a buffer against market-specific risks and regulatory challenges.

The exceptional growth in the Americas (72% above 2024 monthly average) suggests that Meridianbet is capitalizing on the rapidly expanding North and South American online gambling markets. This could position GMGI as a strong player in these high-potential regions. However, investors should keep an eye on competitive pressures and potential regulatory changes that could impact this growth trajectory.

LAS VEGAS, NV, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group, Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), a developer and licensor of online gaming platforms, systems, and gaming content, is pleased to announce that pursuant to preliminary revenue estimates, its wholly owned subsidiary, Meridianbet, delivered record-breaking results for the month of August 2024, particularly in its B2C iGaming and sports betting operations.

The exceptional performance reflects Meridianbet's continued global expansion and operational excellence across multiple jurisdictions.

Key Highlights from August 2024:

• Online casino revenue: Meridianbet’s online casino operations are expected to achieve an all-time high, surpassing the monthly average for 2024, by 13%.
• Online sports betting: Online sports revenue is expected to have increased by 9% over the monthly average for 2024.
• Europe (exc. UK): Delivered its best monthly result of all time for online casino, with revenue expected to be 11% above the average for 2024.
• Americas: Set a total revenue record, driven primarily by online (sports & casino) growth, which was expected to be 72% higher than the monthly average for 2024.
• Africa: Online casino revenue expected to grow by 8% compared to the 2024 monthly average.

Brian Goodman, CEO of Golden Matrix Group, commented, “Meridianbet’s August performance is a testament to our consistent and strategic growth strategy as well as our commitment to excellence in both our iGaming and sports betting markets. These record-breaking results demonstrate operational strength across multiple regulated markets and further solidify our standing as a global leader specifically in the iGaming space. With continued focus on delivering superior experiences to our customers, we are confident that we will maintain this upward trajectory and strong momentum in the coming months.”

About Golden Matrix Group

Golden Matrix Group (GMGI), based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms, while its B2C operations, through Meridianbet, provide sports betting and gaming services across 18 regulated jurisdictions globally. Golden Matrix is committed to delivering cutting-edge technology and innovation to its clients and customers. For more information, visit www.goldenmatrix.com

About Meridianbet

Founded in 2001, Meridianbet is a well-established online sports betting and gaming group, licensed and currently operating in 18 jurisdictions across Europe, Africa, and South America. The Meridianbet Group's successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile. The Company is part of the Golden Matrix Group (Nasdaq: GMGI).

For more information, visit https://ir.meridianbet.com

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Email: ir@meridianbet.com

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ICR:
Brett Milotte
Brett.Milotte@icrinc.com

Greg Michaels
Gregory.Michaels@icrinc.com

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”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.

Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; dilution caused by the terms of the Note and Warrant, the Company’s ability to pay amounts due under the Note and covenants associated therewith and penalties which could be due under the Note and securities purchase agreement for failure to comply with the terms thereof; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, convertible securities and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; 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 sellers of the Meridianbet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, 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 effect of current and 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, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved.

Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly-filed reports, including, but not limited to, under the “Special Note Regarding 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 Annual Report on Form 10-K for the year ended October 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended January 31, 2024, and future periodic reports on Form 10-K and Form 10‑Q. These reports are available at www.sec.gov.

Attachment

• Golden Matrix Group Inc,

FAQ

What were the key performance highlights for Golden Matrix Group's subsidiary Meridianbet in August 2024?

Meridianbet reported record-breaking results in August 2024, with online casino revenue expected to surpass the 2024 monthly average by 13%, online sports betting revenue projected to increase by 9%, and significant growth in Europe, the Americas, and Africa.

How did Meridianbet's European operations perform in August 2024?

Meridianbet's European operations (excluding UK) delivered their best monthly result of all time for online casino, with revenue expected to be 11% above the average for 2024.

What was the growth rate of Meridianbet's online operations in the Americas region for August 2024?

In the Americas region, Meridianbet's online (sports & casino) growth was expected to be 72% higher than the monthly average for 2024, setting a total revenue record for the region.

How did Golden Matrix Group's (GMGI) African operations perform in August 2024?

Golden Matrix Group's African operations showed growth, with online casino revenue expected to increase by 8% compared to the 2024 monthly average.