Golden Matrix Records Record Third Quarter Revenues Exceeding $9 Million

Rhea-AI Summary

Golden Matrix Group (NASDAQ:GMGI) reported record revenues of over $9 million for the third fiscal quarter ended July 31, 2022, marking a 177% increase compared to $3.25 million in the same period last year. This growth reflects the company’s progress in both B2B and B2C segments, despite global economic challenges. The acquisition of an 80% interest in UK-based RKings has contributed significantly to revenue. GMGI plans to expand RKings' platform into new markets, starting in Mexico, with operations expected to commence in the current quarter.

Positive

• Record revenues of over $9 million for Q3, a 177% increase year-over-year.
• Growth in both B2B and B2C divisions with approximately 635 operators and 6.5 million users.
• Successful acquisition of 80% interest in RKings, enhancing revenue streams.

Negative

• None.

LAS VEGAS, NV, Aug. 03, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Golden Matrix Group Inc. (NASDAQ:GMGI), a developer and licensor of gaming platforms, systems and gaming content, today announced it recorded record revenues exceeding $9 million in the third fiscal quarter ended July 31, 2022. This represents an estimated 177% improvement on revenues of $3.25 million in the comparable year-ago quarter.

 “We are excited by meaningful progress and growth in both our B2B and B2C divisions,” said Golden Matrix CEO Brian Goodman. “The company has now recorded its first $9 million quarter, which is even more impressive when considering the impact of global economic headwinds and an unfavorable exchange rate throughout the quarter.”

Mr. Goodman noted there are currently approximately 635 operators and about 6.5 million registered users across all of GMGI’s traditional B2B gaming platforms. RKings’ B2C competitions engaged more than 46,000 new registered users this last quarter.

Prior to fiscal 2022, Golden Matrix revenues were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X and Aggregate platforms. As a result of the company’s acquisition of an 80 percent controlling ownership interest in UK-based RKings, the first nine months of fiscal 2022 generated significant revenue contributions from RKings’ skill tournament platform.

Mr. Goodman added that, as previously announced, Golden Matrix plans to launch the scalable RKings’ platform in other approved gaming markets, beginning with Mexico where its gaming permit has recently been approved. “We are now finalizing required merchant services to operate there and expect to go live during the current quarter.”

Further information regarding the results of GMGI’s operations for the third fiscal quarter ended July 31, 2022 will be included on Form 10-Q, which the company plans to file with the Securities and Exchange Commission in early September, 2022.

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.

About RKings

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.

Connect with us:

Twitter - https://twitter.com/GMGI_Official
Instagram - https://www.instagram.com/goldenmatrixgroup/

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

FAQ

What were Golden Matrix Group's Q3 2022 revenues?

Golden Matrix Group reported Q3 2022 revenues of over $9 million, a 177% increase from the prior year.

How many users does Golden Matrix Group have?

Golden Matrix Group has approximately 6.5 million registered users across its platforms.

What is the significance of the RKings acquisition for GMGI?

The acquisition of RKings has significantly contributed to GMGI's revenue and expands its market reach.

When does Golden Matrix Group plan to launch its platform in Mexico?

Golden Matrix Group expects to launch its platform in Mexico during the current quarter after obtaining the necessary gaming permits.