- Golden Matrix Group, Inc has been a major beneficiary of the growth in online gaming as well as the ongoing regulation and legalization of online casinos and online sports betting Globally
- The Company has expanded its white-label B2B offering through the launch of the GM-X and GM-Ag turnkey solution, a complete software package designed to allow land-based operators to transition into providing online operations
- GMGI have separately sought to bolster their B2C offering, most recently through the acquisition of a controlling stake in UK-based RKingsCompetitions, a leading online competition company in the UK and Northern Ireland
- In addition to contributing over $5.1 million to GMGI’s top-line revenues in the most recent quarter, RKings’ has also been responsible for providing GMGI with upwards of 45,000 new customers per quarter
In 2006, the United States passed the Unlawful Internet Gaming Enforcement Act, infamously banning all remote gambling in the US overnight. At the time, the law acted seemed like a death knell for the sector.
The sector has recently experienced a rebirth following the Supreme Court’s decision in 2018 to repeal the Professional and Amateur Sports Protection Act (“PASPA”) – clearing the way for legalized sports bettering across the nation. In just four years, the industry has worked itself into the daily lives of millions of Americans and today most major countries in the world have rules regulating online gambling rather than banning the activity.
The global online gambling market size is expected to reach USD 153.6 billion by 2030, registering a CAGR of 11.7% from 2022 to 2030, according to a new report by Grand View Research, Inc.**
Amongst the beneficiaries was Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms and systems and a portfolio of over 10,000 third party games.
Golden Matrix Group pioneered the creation of their GM-X turnkey solution, a complete software package designed to support online gaming businesses. Designed to provide platform operators with a broad array of tools – ranging from player registration and management through to payment solutions and content management, GMGI’s solution has proved to be a boon for companies wishing to focus on the marketing aspect of their businesses whilst operating a proven set-up.
Benefitting from their partnership with upwards of 25 gaming content providers, GMGI have established a portfolio of over 10,000 games ranging from online slots, casino table games, live operator games, and more. Moreover, the company have been actively seeking to bolster their portfolio, recently entering a partnership with online video-slot game provider, Endorphina (https://ibn.fm/JkrVP) which saw the company amalgamate Endorphina’s portfolio of 100 games to Golden Matrix’s selection.
Golden Matrix’s efforts have had a marked impact on their financial results. The company reported record revenues of $8.5 million for the three months ending April 30, 2022, an increase of 221% relative to the equivalent period a year ago. Meanwhile, net income over the course of the quarter rose by upwards of 359%, a remarkable increase representing the company’s 15th consecutive quarter of profitability.
In addition to their burgeoning B2B offering, Golden Matrix Group have also been actively working towards growing their B2C offering, an initiative which saw the company acquire an 80 percent controlling interest in UK-based RKingsCompetitions Ltd., a leading independent online competition company (https://ibn.fm/qx8wz) in November 2021. In addition to contributing approximately $5.1 million of the group’s total revenues for the quarter, RKings’s unique competitions have also resulted in GMGI acquiring forty-five thousand new players a quarter at relatively low cost – a crucial factor towards growing out their addressable consumer universe.
Golden Matrix CEO, Brian Goodman, commented on the company’s growth outlook as well as the outlook for their B2B and B2C segments following their recent earnings release, “We are excited to report our second quarter as a company with both B2B and B2C verticals”. He continued, “We enter the remainder of 2022 with two robust operating divisions and a strong balance sheet. As stated previously, we continue to evaluate new opportunities in both the B2B and B2C spaces that we believe will further accelerate GMGI’s overall revenue growth and – in accordance with our acquisition strategy – are always accretive to earnings.”
For more information, visit the company’s website at www.GoldenMatrix.com.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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