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Golden Matrix Reports Fiscal 2022 Financial Results With Record Revenues of $36 Million

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Golden Matrix Group Inc., developer, licensor and global operator of online gaming and eCommerce platforms, systems, and gaming content, today reported financial results for its fiscal year ended October 31, 2022.

  • Full year revenues of $36 million, an increase of 219% on revenues of $11.3 million in the comparable 12-month period ended October 31, 2021.
  • Adjusted EBITDA of over $3.5 million * for the year ended October 31, 2022.
  • Cash and cash equivalents of $14.9 million and total assets of $32.5 million as of October 31, 2022.
  • Total liabilities as of October 31, 2022 of $2,774,932, comprised of $2,715,154 in current liabilities and $59,778 in non-current liabilities.
  • GMGI shareholders’ equity of $26.8 million , up from $18.9 million on October 31, 2021, an increase of 42% over the 12-month period. ended October 31, 2021.
  • Current game operations and registered user numbers of 685 and 7 million, respectively, in business-to-business (B2B) traditional business.
  • Business-to-consumer (B2C) segment – RKings Competitions Ltd. (RKings) – now has over 45,000 unique active users per month.
  • Subsequent event: On January 12, 2023, GMGI entered into a definitive agreement to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million.

Revenue contributions in fiscal 2022 from GMGI’s B2B and B2C segments were $14.8 million and $21.2 million, respectively. There were no contributions from the (RKings) B2C segment during fiscal 2021, as GMGI had not acquired its 80 percent controlling ownership interest in RKings until the beginning of fiscal 2022. At the end of the fiscal year, GMGI exercised its option and acquired the remaining 20 percent interest. The revenues and adjusted EBITDA discussed above include the 20% non-controlling interest which was held in RKings during the year ended October 31, 2022. More detailed information on the minority interest can be found in our most recent Annual Report on Form 10-K for the year ended October 31, 2022, which was filed with the Securities and Exchange Commission (SEC) today.

The increase of general and administrative expenses – to $5,442,591 in fiscal 2022 from $1,264,672 in the prior year – was due primarily to $3,131,121 of G&A expenses from the Company’s RKings B2C segment. The 83% year-over-year increase in G&A expenses in the B2B segment was due mainly to increases in marketing and payroll costs.

“This has been a highly constructive year for our rapidly growing company,” said Golden Matrix CEO Brian Goodman, who continued, “We believe the increased costs incurred and investments made in our B2B and B2C platforms have positioned GMGI to sustain and even accelerate our strong revenue growth. To remain competitive in the worldwide gaming industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants.”

Mr. Goodman said, the entry into the agreement to purchase MeridianBet Group, announced recently (the “Purchase Agreement”) and expected to be completed in the first half of the current year, “will significantly advance GMGI’s global footprint with numerous B2B and B2C product offerings on most continents and, we believe, create the opportunity for us to participate in online gambling markets in the U.S. and Canada.”

Mr Goodman further added, “The combined pro forma revenues of Golden Matrix and MeridianBet are expected to be greater than $100 million for FY2022, with an Adjusted EBITDA estimated to be greater than $22 million for the pro forma year ended October 31, 2022, making the combination financially appealing and earnings-accretive.”

Mr. Goodman said that GMGI expects to begin generating considerable revenues in the first half of this year via its B2C Mexican Casino, which offers Online Casino Games, Sportsbook and the successful RKings Tournament product and continued, “We believe it should serve as the first major step toward GMGI’s planned expansion throughout Latin America.”

Selective amounts stated above are rounded to the nearest $100,000, please see Form 10-K for exact numbers

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COUNTDOWN BEGINS FOR ACR POKER’S MASSIVE DUAL VENOM TOURNEYS WITH $10 MILLION GUARANTEED AND HUGE BOUNTIES

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$8 Million NLH and $2 Million PLO events start this weekend, with top bounty prizes of $500,000 and $200,000 respectively

ACR Poker is turning up the heat this Sunday with the return of its flagship Dual Venom tournaments, featuring a combined $10 million guaranteed and massive mystery bounties.

The action kicks off with the first of five Day 1 flights for the $8 million NLH and $2 million PLO Mystery Bounty Venoms, starting this Sunday at 12:05pm ET. Players can build momentum by combining their stacks ahead of Day 2 on Monday, August 25th at 1:05pm ET, where all remaining players will already be in the money. Those who make it to the Final Table will battle for the Venom titles on Tuesday, August 26th at 4:05pm ET.

Alongside massive guarantees, both events boast huge bounties. In the Venom NLH, knocking out just one opponent could unlock a top bounty of $500,000, with the tourney winner projected to take home around $600,000. The Venom PLO, which ties ACR Poker’s biggest Omaha tourney ever, offers a $200,000 top bounty and an estimated $200,000 top prize for the champion. Every knockout in both tourneys earns players a minimum bounty of $5,000.

“Big bounties, massive guarantees – the Dual Mystery Bounty Venom tourneys are coming in hot,” said ACR Pro Chris Moneymaker. “The action kicks off this Sunday, so don’t miss out. Satellites start at just $0, so players of all bankrolls can take a shot. Let’s make it a big one – see you at the tables.”

While the buy-in for both tournaments is $2,650, players can still qualify for much less. Hundreds of low-cost qualifiers are up for grabs starting from $0 via Venom Fever Satellites. Plus, the Venom Vault and the Poison Path offer players more chances to unlock $2,650 Venom tickets.

Fans can tune in to watch the Venom NLH Day 1A action on ACR Poker’s Twitch channel this Sunday, featuring ACR Pros Chris Moneymaker, Rob Kuhn and Jon Pardy. The Final Table live stream follows on Tuesday, August 26th.

For more Mystery Bounty action, players can join ACR Poker’s new Daily Mystery Bounty tournaments for a shot at Mystery Bounty Chests packed with surprise rewards, with top bounties worth up to 10% of the prize pool.

For further details on the Dual Venom tournaments and other promotions, visit ACRPoker.eu.

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Continent 8 provides pen testing to Cherokee Tribal Gaming Commission to strengthen the regulatory authority’s cybersecurity posture

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Continent 8 provides pen testing to Cherokee Tribal Gaming Commission to strengthen the regulatory authority’s cybersecurity posture

 

Vulnerability Assessment and Penetration Testing (VAPT) service enables the independent gaming commission to test IT infrastructure for vulnerabilities

Continent 8 Technologies, the leading provider of managed hosting, connectivity, cloud and cybersecurity solutions for the tribal gaming industry, supports Cherokee Tribal Gaming Commission (TGC) with its proven Vulnerability Assessment and Penetration Testing (VAPT) services.

The Cherokee Tribal Gaming Commission is the independent tribal gaming regulatory authority established in 1993 under Chapter 16 of the Cherokee Code of the Eastern Band of Cherokee Indians (EBCI). Charged with the duty to ensure fairness and integrity of the gaming activities within its facilities, the commission enlisted Continent 8, and its cybersecurity division, C8 Secure, to conduct pen testing.

The VAPT service provides a comprehensive security assessment of an organization’s infrastructure and applications. Often mandated by regulation, it helps organizations measure the real-world effectiveness of their security controls and incident response capabilities. Additionally, the service provides actionable insights, including prioritized recommendations and industry best practices to address identified vulnerabilities and strengthen overall cybersecurity posture.

Emra Arkansas, Executive Director at Cherokee Tribal Gaming Commission said: “We are sincerely grateful to Continent 8, especially Patrick Gardner, Anthony Engel and Jerad Swimmer, for their partnership and recognition of our ongoing cybersecurity initiatives. The Cherokee Tribal Gaming Commission remains firmly committed to protecting not only our critical infrastructure but also the sovereignty that underpins our regulatory authority. In an era of growing cyber threats, safeguarding Tribal IT systems is more than a technical priority, it is a sovereign responsibility. With Continent 8’s trusted expertise, we are proud to set a higher standard for cybersecurity in Indian Country, ensuring our operations remain secure, resilient and self-determined.”

Patrick Gardner, Chief Security Officer at Continent 8 said: “In response to today’s evolving cyber threat landscape, the Cherokee Tribal Gaming Commission is working to establish a new standard in cybersecurity – and we are proud to support this important initiative. Their proactive efforts to safeguard critical infrastructure reflect a deep and ongoing investment in cybersecurity resilience.”

Jerad Swimmer, Regional Sales Director at Continent 8 added: “It was a pleasure collaborating with the Cherokee Tribal Gaming Commission in conducting a comprehensive evaluation of their IT infrastructure. Their team has shown a tremendous awareness of the escalating cybersecurity challenges within the tribal gaming sector. It is encouraging to see both enterprises and regulatory authorities actively enhancing their cybersecurity measures.”

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Compliance Updates

Intralot informs the investment community about the withdrawal of the Maryland contract award Augu

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Intralot S.A. informs the investment community that the Maryland State Lottery and Gaming Control Agency (USA), despite an initially favorable recommendation, has ultimately rejected the bid submitted by its subsidiary, Intralot, Inc., for the award of a contract for a new Central Lottery Monitoring and Control System in the State. The rejection was based on the alleged failure to meet the minimum required percentage of subcontracting to local subcontractors.

This decision comes as a great surprise, especially considering that Intralot, Inc. had allocated a significantly higher percentage of the project to local subcontractors than the minimum required.

Moreover, the company had provided the Commission with very detailed clarifications, and the Commission was fully aware of the identity and role of these subcontractors. In fact, the Commission innitially ruled that all participants in the bidding process complied with the requirements of the relevant RFP — something the Commission itself acknowledges.

The Company reserves all its legal rights and intends to pursue every legal remedy available to protect the interests of its shareholders. The bid submitted by Intralot, Inc. is technically sound and by far the most financially advantageous, significantly outperforming the second-best offer. Should it not be accepted, the State of Maryland stands to lose a substantial financial benefit.

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