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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 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.
Meridianbet, a Golden Matrix Group (NASDAQ: GMGI) subsidiary, is revolutionizing Olympic betting for the 2024 Paris Games. Leveraging advanced AI technology, the company offers an unprecedented 383 betting options per event across all 45 Olympic sports, totaling over 1 million unique betting opportunities. With 2,600 different prices available for each match or competition, Meridianbet's comprehensive coverage includes standard bets, medal predictions, and sport-specific wagers.
The innovative Bet Builder feature allows for greater customization, catering to both sports enthusiasts and Olympics fans. This extensive array of AI-powered betting options aims to provide an unmatched level of engagement throughout the Games, solidifying Meridianbet's position as a leading global sports betting operator.
Golden Matrix Group (NASDAQ: GMGI) has launched an AI-powered casino game recommender through its subsidiary, Meridianbet. This innovative tool aims to enhance user engagement and gaming experience. The AI recommender analyzes player data to offer personalized game suggestions, divided into 'Games You've Tried' and 'Games You Might Like' sections.
Initial results show promising metrics:
- 3% increase in user engagement for recommended games
- 9% increase for unseen recommended games
- 12% decrease for unrecommended games
The AI model undergoes daily training to improve accuracy. This feature aligns with Golden Matrix's strategy to leverage advanced technology for growth across its diverse portfolio, including Meridianbet, RKings, Mexplay, and GMAG.
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