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Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth

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Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth

 

Year-to-Date Revenue up 55% to $105.3 Million Company’s Classics for a Cause Acquisition Successfully Integrated
Golden Matrix Group Inc., a global developer, licensor, and operator of online gaming platforms, today announced strong financial and operational results for the third quarter ended September 30, 2024. The results reflect the Company’s robust growth strategy and expansion efforts across key markets, including the successful acquisition and integration of Classics for a Cause.
Brian Goodman, CEO of Golden Matrix, commented, “Golden Matrix’s Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position. Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades, and the expansion of our iGaming portfolio.”
Financial Highlights
  • Revenue Growth: Q3 2024 consolidated revenue increased by 85% to $41 million, with year-to-date revenue up 55% to $105.3 million, driven by consistent performance across key markets.
  • Gross Profit Increase: Gross profit grew 39% in Q3 to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million, reflecting improvements in operational efficiency and product margins.
  • AEBITDA: Adjusted EBITDA for Q3 reached $4.3 million, reflecting resilient performance across multiple revenue channels with marginal impacts from currency fluctuations across subsidiaries.
  • Balance Sheet Strength: As of September 30, 2024, Golden Matrix maintained a robust financial position with over $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity also grew 60% to $94 million, reinforcing the Company’s ability to pursue strategic growth initiatives.
Operational Highlights
Golden Matrix achieved significant milestones during Q3 2024, including:
  • Meridianbet Strong Growth Continues: Meridianbet’s Q3 revenue grew 16% YoY, led by a 19% online increase and 6% in retail. Deposits rose to $61.9M (+13% QoQ), with new registrations up 23% to 125K. Online casino GGR margin hit 3.37% (+21% turnover), sports betting rose 7.4% YoY with GGR at 9.5%, retail sports GGR at 10.3% (record 14.1% in August), and retail slots up 17.5% YoY.
  • Expansion of GMAG Platform: The GMAG B2B aggregator platform saw substantial growth, with wagering volume increasing 84% to $1.4 billion. Enhanced customer retention tools and the addition of high-margin games have driven engagement and profitability.
  • Classics for a Cause Acquisition: This newly acquired Australian business added $2.1 million in revenue and $503,000 in EBITDA within two months, expanding Golden Matrix’s market reach and contributing to overall profitability.
  • Mexplay Growth: Mexplay, the Company’s online casino in Mexico, reported a 56% increase in active players and a rise in gross gaming revenue to $15 million, underscoring growth potential in Latin America.
Zoran Milosevic, CEO of MeridianBet, highlighted the company’s strategic advancements, emphasizing the integration of key acquisitions and the enhancement of their operations with their launch of Meridianbet’s 5th generation platform resulting in what they consider to be the world’s most advanced iGaming technology. He mentioned a commitment to maximizing cost efficiencies and leveraging synergies across their global operations to drive sustainable growth and profits. As Golden Matrix enters the fourth quarter, they are focused on operational efficiency and profitability, positioning themselves for a record performance in 2024.

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Scientific Games Sign Technology Contract with North Dakota Lottery

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Scientific Games signed a new technology contract with the North Dakota Lottery to implement the company’s most advanced omnichannel system solutions. The Lottery selected Scientific Games’ integrated solution to power retail and digital sales following a competitive process, awarding the global lottery company a new six-year contract with a two-year extension option. As the industry’s fastest-growing systems provider, Scientific Games has successfully executed nearly 40 lottery systems implementations and conversions since 2016.

Built upon key components of Scientific Games’ Momentum ecosystem, a new, advanced enterprise gaming system is at the core of the tech solution developed for the North Dakota Lottery. The integrated ecosystem features the AEGIS central gaming system, a premiere digital platform offering a single integrated solution for iLottery and Loyalty, and innovative retail technology, including award-winning self-service terminals.

The company’s industry-leading player account management solution, SG PAM, a high-performance customer relationship management solution, superior bonusing engine and upgraded achievement-based rewards program, will continue to drive North Dakota player engagement with a completely new user experience (web and mobile).

Lance Gaebe, Director of the North Dakota Lottery, said: “Our goal was to modernize our technology so that our players can enjoy fluid experiences between retail and digital. We also wanted to work with the tech partner that gave us the best technical solution for the North Dakota Lottery to responsibly grow sales and contributions to our state programs in the coming years.”

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The new contract is the third time North Dakota has chosen Scientific Games as its system vendor, highlighted by 33% sales growth in the past 10 years. iLottery sales increased 36% from fiscal year 2022 to 2023.

Scientific Games began a 20-year technology partnership with the North Dakota Lottery when its first Powerball tickets were sold in 2004, launched its iLottery program in 2014 and mobile app in 2018. The company currently provides the Lottery with an online/mobile Pick & Click draw game purchase program, as well as a Players Club where members earn points and redeem rewards through a Points for Prizes online store and Points for Drawings program.

John Schulz, President, Americas & Global Instant Products, said: “We’ve been there since the beginning with the North Dakota Lottery, and our technology has served the Lottery very well over the past two decades. Our teams have worked hard to build a strong partnership through service excellence, and they deeply understand the North Dakota Lottery’s unique business. Now, we’re taking that partnership to the next level with our Momentum ecosystem.”

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Gift Responsibly: Lottery Tickets Aren’t Child’s Play

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While sharing gifts with family and friends is a wonderful tradition during the holiday season, Ontario Lottery and Gaming Corporation (OLG) reminds parents and adults that all lottery products, including INSTANT tickets, are a form of gambling and are not suitable gifts for children and minors.

While lottery products make great gift ideas for a variety of special occasions, these products are for adults only. It’s vital that parents and adults understand the proven risks and impacts associated with underage gambling. If you decide to buy lottery gifts for friends and family, please ensure the recipients are at least 18 years of age and older.

There is extensive free information and various resources available dealing with youth and gambling:

The YMCA Youth Gambling Awareness Program (YGAP) is a free service funded by Ontario Ministry of Health and Long-Term Care to raise awareness among youth of gambling risks, how to make informed decisions, and healthy, active lifestyles.

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The Gambling, Gaming and Technology Use (GGTU) program at the Centre for Addiction and Mental Health (CAMH) supports addictions and mental health service providers through continuing professional development, digital tools and resources, and facilitating knowledge mobilization activities related to problem gambling, video gaming, and internet addiction.

The Responsible Gambling Council (RGC), an independent non-profit organization focused on the prevention of problem gambling in Canada and worldwide, with information on Teens or Young Adults and gambling.

Also, OLG’s award winning PlaySmart.ca program can help parents understand the facts when it comes to games, and concepts like odds and randomness. There’s also a “Finding Help” section with links to the support resources above and more.

OLG has supported the Holiday Campaign from the National Council of Problem Gambling and the North American Association of State and Provincial Lotteries (NASPL) for many years, which encourages lotteries in Canada, US, and around the world to promote the important message that lottery products are not suitable for children at any time.

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WSOP Issues Major Rule Change to Electronic Device Use Ahead of Paradise Series

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The World Series of Poker (WSOP) Paradise series is just days away, and poker players attending need to be made aware of a rule change that will impact the use of electronic devices at the table.

Play begins in the Bahamas Dec. 6, and the series features 13 live gold bracelet events (plus two online). The second annual festival at the Atlantis Paradise Island is highlighted by the record-setting $25,000 WSOP Super Main Event starting Dec. 9, the first ever $50 million guaranteed prize pool.

Jonathan Tamayo won the WSOP Main Event for $10 million this past summer in Las Vegas. Controversy surrounded the victory after poker fans noticed his rail, which included poker pros Joe McKeehen and Dominik Nitsche, had a laptop open with apparent real-time assistance (RTA) software visible.

Tamayo would occasionally converse with his rail during the final table, and that led some to question if he had an unfair advantage. But no one has presented any evidence to prove he broke any rules or won the tournament because of an edge gained from his rail. Still, the WSOP didn’t have a rule in place to prevent potential controversies such as this to arise. They do now, however.

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Kevin “kevmath” Mathers shared a screenshot of a new rule on Electronic Assistance and Coaching that would essentially prevent rail assistance, at least during the WSOP Paradise series.

“Players and spectators are not allowed to use charts, apps, or any other form of electronic assistance in the tournament room. Failure to adhere to this policy will result in a penalty up to disqualification for the player and removal from the tournament room for the spectator. Spectators are also prohibited from providing live assistance or coaching. Failure to adhere to this rule will result in a penalty for the player and removal from the rail for the spectator. Non-players on the rail must adhere to the WSOP Terms & Conditions, including no viewing of live streams on an electronic device,” Rule 63b reads (full WSOP Paradise rulebook).

The rule, however, does not specify the penalty a player would receive should they use RTA tools during play. It only states the player would be penalized “up to disqualification,” meaning the tournament director or floor supervisor on duty at the time would likely have sole discretion to determine the severity of the penalty.

If this rule had been in place during the 2024 WSOP Main Event final table, Tamayo’s rail would have been removed from the tournament area. The same can be said about any person in the crowd viewing a feature table livestream.

There are a few other additional new rules for the series in the Bahamas, including banning electronic devices at the table altogether when a tournament is down to three tables. Players are also not permitted to place their cell phones or any electronic devices on the table or table rail during play.

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