Welcome to our dedicated page for Golden Matrix Group news (Ticker: GMGI), a resource for investors and traders seeking the latest updates and insights on Golden Matrix Group stock.
Golden Matrix Group, Inc. is a prominent gaming technology company that focuses on developing and owning online gaming IP and constructing configurable and scalable white-label social gaming platforms for its international customers in the Asia Pacific region. The company operates in both B2B and B2C segments, with the B2C segment generating the majority of revenue. With operations in the UK, Asia Pacific, and Latin America, Golden Matrix offers configurable and scalable iGaming platforms and operates well-known brands like MexPlay, R Kings Competitions, and GM-AG.
Founded in 2008 and based in Las Vegas, Nevada, Golden Matrix provides tools for marketing, acquisition, retention, and monetization of users. The company's platform is accessible through desktop and mobile applications. Formerly known as Source Gold Corp., the company changed its name to Golden Matrix Group, Inc. in March 2016.
Golden Matrix Group's subsidiary Expanse Studios has launched its first social casino game, Beach Penalties, marking its entry into the rapidly growing social gaming market. This strategic move aligns with the industry's projected growth to $39.95 billion by 2032. Beach Penalties offers an engaging soccer-themed experience with customizable features, multiple gameplay levels, and adjustable volatility.
Key features include:
- Three gameplay levels with increasing challenges and rewards
- Adjustable RTP ranging from 96.5% to 97.5%
- Jackpots, tournaments, and a tutorial feature
- Vibrant animations and user-friendly controls
This launch is part of Golden Matrix Group's strategy to diversify its gaming portfolio and capitalize on emerging trends in the gaming industry, particularly targeting younger generations seeking casual entertainment.
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.
Golden Matrix Group Inc. (NASDAQ: GMGI) announces that Aleksandar Milovanović, founder of its subsidiary Meridianbet, has agreed to convert $2,000,000 of debt into equity. This reduces his convertible note from $2,805,671 to $805,671. The decision reflects Milovanović's confidence in GMGI's performance and growth potential.
CEO Brian Goodman states this move sends a strong message to the market and shareholders, reducing outstanding debt and reinforcing belief in the company's potential. The conversion is expected to improve GMGI's Net Debt Leverage and provide enhanced financial flexibility for strategic initiatives and expansion efforts.
Golden Matrix Group (NASDAQ: GMGI) has unveiled Version 2.0 of its AI-powered casino game recommender, developed by its subsidiary Meridianbet. This upgraded system targets the iGaming segment with enhanced personalization and tracking capabilities. The new version processes an expanded dataset, including player behaviors and demographics, to deliver more precise game recommendations.
Initial data shows significant increases in user interaction and retention, with personalized recommendations driving higher player value and extended playtime. V2 is now fully operational on core Meridianbet websites featuring casino games, with plans to extend functionality to mobile apps. This upgrade is a key component of Golden Matrix Group's strategy to leverage AI and data analytics within the iGaming sector, aiming to strengthen its market position and drive sustainable growth.
Golden Matrix Group (NASDAQ: GMGI) is expanding its market presence, focusing on entering the U.S. iGaming market and additional European markets. Key developments include:
1. Applying for a New Jersey Casino Service Industry Enterprise license
2. Initiating discussions with licensed gaming operators in New Jersey
3. Planning to provide Expanse Studios iGaming content to regulated operators in New Jersey
4. Securing an iGaming license for the Bulgarian market
5. Pursuing licenses in Croatia and Romania
6. Implementing the Meridianbet brand in Brazil, Peru, and South Africa
GMGI's subsidiary Meridianbet is among select operators with a pending federal license in Brazil, a market projected to reach $20 billion by 2025. The Brazilian licensing process is expected to conclude by December 2024.
Golden Matrix Group's subsidiary, Meridianbet, has been shortlisted for an exclusive sports betting and iGaming license in Brazil. This positions Meridianbet among a select group of global operators for one of the most anticipated market launches in the industry. The application, filed under request number 56.195.600/0001-07, ensures Meridianbet's license will be processed by January 1, 2025, the forecasted launch date for Brazil's legal sports betting and iGaming market.
Brazil is expected to become the third-largest gaming market globally, with forecasts suggesting $34 billion in sports betting turnover by 2028 and an onshore gross win of $2.8 billion. Meridianbet's application includes both sports betting and iGaming, positioning it to offer a full suite of gaming experiences to Brazilian players. This federal-level licensing process will grant Meridianbet nationwide access to Brazil's rapidly expanding market.
Golden Matrix Group Inc. (NASDAQ: GMGI), a developer of online gaming platforms, has announced that CEO Brian Goodman will participate in a live interview on Benzinga All-Access on August 21st at 11:40 a.m. ET. The interview will cover several key topics, including:
- GMGI's Q2 2024 financial results and their implications
- The company's future outlook and expansion plans
- Benefits of GMGI's dual B2C/B2B model
- Differentiated product offerings
- Geographic diversity and industry tailwinds
This interview presents an opportunity for investors to gain insights into GMGI's performance and strategy directly from the CEO.
Golden Matrix Group (GMGI) has entered into a definitive agreement to acquire an 80% controlling interest in Classics for a Cause Pty (CFAC), an Australian online discount platform. This strategic move marks GMGI's entry into the consumer loyalty and rewards industry, complementing its existing gaming and sports betting operations. Key highlights include:
- CFAC generated over $10 million in revenue and $1.9 million in operating profit before tax for FY ending June 30, 2024
- The acquisition price is approximately $8.4 million, representing a 5x multiple of profits
- CFAC has over 300,000 customers and 10,000 active monthly subscribers
- The deal is expected to close within days, with an effective date of August 1, 2024
GMGI aims to scale CFAC's business globally, leveraging its success with previous acquisitions like RKings Competitions.
Golden Matrix Group (NASDAQ: GMGI) reported strong Q2 2024 financial results, showcasing robust growth. Key highlights include:
- Q2 consolidated revenue grew 75% to $39.4 million year-over-year
- YTD revenue increased 41% to $64.3 million compared to H1 2023
- Q2 gross profits rose 31% to $21.7 million
- YTD gross profits up 17% to $39.4 million
- Q2 Net Income of $15,000, impacted by non-cash items and acquisition costs
- Q2 Adjusted EBITDA remained consistent at $5 million
- Shareholders' equity grew 52% to $89.5 million
- Net Debt Leverage ratio of 1.6 as of June 30, 2024
- Cash on hand increased 96% to over $40 million as of July 31, 2024
The company's CEO, Brian Goodman, highlighted the successful consolidation of Meridianbet and strong momentum post-acquisition.
Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, has announced it will release its second quarter 2024 financial results before the market opens on Tuesday, August 13, 2024. The company will also provide an audio webcast of the earnings call and a highlights presentation reviewing financial results, recent events, and company outlook on the same day. These materials will be accessible in the "Events & Presentations" section of the Golden Matrix Group website.
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