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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 (NASDAQ: GMGI) reported impressive financial results for the fiscal year ended October 31, 2022, with revenues soaring to $36 million, a substantial 219% increase from $11.3 million the previous year. The company achieved an adjusted EBITDA exceeding $3.5 million. Cash and equivalents stood at $14.9 million, with total assets of $32.5 million and equity rising by 42% to $26.8 million. GMGI anticipates significant revenue generation from its new B2C segments and the planned acquisition of MeridianBet Group for approximately $300 million, expected to boost pro forma revenues to over $100 million for FY2022.
Golden Matrix Group (GMGI) has announced a definitive acquisition agreement to acquire MeridianBet Group for approximately $300 million in cash and stock. This acquisition will allow GMGI access to rapidly growing B2C markets across Europe, Africa, and Latin America, leveraging MeridianBet’s expertise and technology. The pro forma revenues of both companies are projected to exceed $100 million in FY2022, with EBITDA over $22 million. The deal is expected to close in H1 2023, pending regulatory approvals and shareholder consent.
Golden Matrix Group (NASDAQ: GMGI) has entered an Exclusive Distribution agreement with Elray Resources, enabling GMGI to supply gaming content to Elray's clients, including B2B Crypto Casino systems. This collaboration aligns with the booming global crypto gambling industry, projected to reach $93 billion by 2024. CEO Goodman expresses optimism about revenue generation from this partnership. Elray's proprietary technology will enhance GMGI's offerings, allowing for further growth in the expanding crypto casino market.
Golden Matrix Group (NASDAQ:GMGI) announced preliminary revenues exceeding $34 million for the fiscal year ending October 31, 2022, marking a 201% increase from $11.3 million in 2021. The company’s acquisition of an 80% stake in RKingsCompetitions contributed to this growth. The B2B segment showed a 30% revenue increase, servicing over 600 online casino brands with 6.8 million registered users. RKings awarded $14.5 million in prizes, attracting 261,000 tournament participants. Detailed financial results will be available in the upcoming Form 10-K.
Golden Matrix Group (NASDAQ: GMGI) announced the acquisition of the remaining 20% stake in RKings Competitions, Ltd., using 165,444 restricted shares as compensation. This move allows GMGI to fully control a scalable B2C business expected to grow in regulated markets, including Mexico. CEO Brian Goodman highlighted the potential expansion into Latin America and the launch of GMGI Assets, which aims to enhance revenue through auto tournament offerings. The acquisition is pending certain final requirements.
Golden Matrix Group (NASDAQ: GMGI) has acquired the remaining 20% interest in RKings Competitions, issuing 165,444 restricted shares to the former owners. CEO Brian Goodman anticipates rapid growth for RKings' B2C tournament platform, especially in the UK and expanding into Mexico and Latin America. The company has also launched GMGI Assets, aimed at enhancing revenue by reselling vehicles from tournament prizes. This integration is expected to contribute positively to GMGI's financial results as the number of tournaments grows.
Golden Matrix Group (NASDAQ: GMGI) announced the launch of its online casino platform, MEXPLAY, in Mexico, set to go live on November 1, 2022. This licensed B2C casino will feature numerous table games, slots, and a sportsbook, along with tournament competition prizes. CEO Brian Goodman highlighted that the newly acquired RKings operations now account for over 50% of their revenues and profits, with expectations for significant contributions from MEXPLAY. The LATAM betting market's gross gaming revenue is projected to rise from 1.3 billion USD in 2020 to 3.4 billion USD by 2025.
Golden Matrix Group Inc. (NASDAQ:GMGI) reported impressive financial results for Q3 2022, achieving revenues of $9,101,541, a 180% increase from Q3 2021. The net income attributable to GMGI rose to $628,332, compared to $484,613 last year. Year-to-date revenues reached $26,461,389, up 237%, with a net income of $1,564,695. The company boasts cash reserves of $15,869,660 and total assets of $33,385,620. GMGI has recorded 16 consecutive profitable quarters and is focusing on expanding its operations, particularly in the UK and Mexico.
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.
Golden Matrix Group Inc. (NASDAQ:GMGI) reported Q2 2022 revenues of $8,482,743, a remarkable increase of 221% year-over-year. The company recorded a net income of $586,984 for the quarter, up from $127,986 a year ago. In the first six months, revenues totaled $17,359,848, reflecting a 278% growth from the prior year. Cash and equivalents stood at $15,811,213 with total assets of $33,501,019. GMGI achieved profitability for 15 consecutive quarters, with significant revenue contributions from its new acquisition, RKings. The company plans to expand the RKings platform into new markets.
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