Australia
Golden Matrix Enters Into Definitive Agreement to Acquire a Controlling Interest in Australian-Based Classics for a Cause
Golden Matrix Group, Inc. (Nasdaq: GMGI) (“GMGI” or the “Company”), a developer and licensor of online gaming platforms, systems and gaming content, today announced that it has entered into a definitive agreement to acquire an indirect 80% controlling interest in Classics for a Cause Pty Ltd (“CFAC”), a leading independent online discount platform in Australia.
This strategic acquisition marks GMGI’s entry into the consumer loyalty and rewards industry, complementing its existing operations in the gaming and sports betting sectors and solidifying its position as a premier tournament operator. Moreover, it provides a significant opportunity to scale CFAC’s business and expand the firm’s operations globally.
CFAC operates a well-established business-to-consumer (B2C) platform that offers paid members access to a wide range of discounts from retailers across Australia. The company rewards its members with free entries into promotional giveaways, which feature luxury, high-end American and Australian classic cars, caravans and campers as well as cash and vacation giveaways.
Business Highlights:
- CFAC generated over $10 million in revenue and more than $1.9 million in operating profit before tax* for the 12-month fiscal year ending June 30, 2024.
- CFAC has generated considerable free cash flow over the last two fiscal years.
- The company boasts a social media following exceeding 50,000 and a customer base of more than 300,000, with over 10,000 active monthly subscribers.
- Recurring monthly subscribers contribute over 30% of CFAC’s total revenue.
*Net operating income before tax calculated for the 12-month period ending June 30th 2024. Financials presented in Australian Dollars and written on a cash basis. With cash basis accounting, revenue and expenses are recorded when cash is received or paid out. Post transaction financials will be presented in terms of GAAP and presented on an accrual basis.
Under the terms of the agreement, GMGI will acquire its 80% stake in the entity which owns CFAC at a purchase price representing a multiple of roughly 5x profits before tax, declared for fiscal year ending June 30th 2024, totalling approximately $8.4 million inclusive of the earnout component. Of this amount, 70% will be paid in cash, with the remaining 30% settled through the issuance of restricted shares of GMGI common stock. The agreement includes provisions for a holdback amount and an earnout, contingent upon CFAC meeting certain post-closing profit targets. Additionally, GMGI will inherit a call option to acquire the remaining 20% minority interest.
The acquisition is subject to customary closing conditions, expected to be fulfilled within the next several days, with an effective date of August 1, 2024.
Commenting on the acquisition, Brian Goodman, CEO of Golden Matrix, said, “We are thrilled to proceed with this acquisition as it aligns perfectly with our strategy of acquiring profitable and accretive businesses. Our previous acquisition of RKings Competitions has been a phenomenal success, significantly contributing to our revenues and profits, and we anticipate similar results with CFAC. CFAC will provide a strong foundation to build on, as was the case with RKings, and we expect this acquisition will not only enhance our revenue and cash flow but will also add to our bottom-line profitability. We are confident in our ability to scale CFAC, implement cost efficiencies, upgrade its technology and further strengthen its free cash flow.”
Thomas Bailey, founder of CFAC, added, “We are incredibly excited to join forces with GMGI and contribute to their ongoing success. This partnership offers a significant opportunity to expand CFAC into new markets and elevate the company to new heights.”
Thomas Bailey will continue in an executive role with CFAC, where he will oversee the company’s growth and lead the roadmap for its planned expansion into the U.S. Tom co-founded CFAC in 2019 to support Australian veteran charity programs. Over the past decade, he has played a pivotal role in successfully establishing over 14 start-ups and has a strong background in marketing and implementing growth strategies.
According to Research and Markets, the consumer loyalty and rewards market will continue to grow and is forecasted to record a CAGR of 9.5% from 2024-2028, as well as an increase from $3.64 billion in 2023 to $5.79 billion by 2028.
For full details of the purchase agreement and related terms, please refer to the Current Report on Form 8-K filed today with the Securities and Exchange Commission.
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Tabcorp and Racecourse Media Group (RMG) are delighted to announce a new partnership to serve audiences in Australia and New Zealand. The five-year term commences on January 1, 2024
The exclusive arrangement will see Tabcorp distribute its suite of market-leading Sky Racing channels in the territory for tote (pari-mutuel) wagering for RMG’s British and Irish content, as well as fixed odds wagering for RMG’s British racecourses. The agreement enables Sky Racing to broadcast top-class and competitive British and Irish racing to both wagering and non-wagering audiences.
RMG’s content set features racing from 34 British racecourse-shareholders, including Jockey Club racecourses, such as Epsom, Newmarket, Aintree and Cheltenham, and independent racecourses, such as York and Goodwood (pictured above).
Adam Brownlee, General Manager at Sky Racing (Australia), said: “Sky Racing is the home of racing in Australia, broadcasting more than 150,000 races live every year into 4,000 outlets and 1.3m homes across Australia. This partnership will grow and promote British and Irish content throughout Australasia which is a great outcome for the industry.”
Maritn Stevenson, RMG CEO, said: “We are delighted to be teaming up with Tabcorp and the pre-eminent brand of Sky Racing. British racing, and Irish via the tote service, will enjoy a terrific shop window in Australia and New Zealand, and we look forward to working closely together on maximizing the profile of, and revenues for, our racecourses.”
Department of Enterprise, Investment and Trade
The New South Wales (NSW) Independent Liquor and Gaming Authority (ILGA) will visit the Albury region between July 18 and 20 to gain better insights into regional issues as part of its Regional Engagement Strategy.
ILGA Chairperson Caroline Lamb said regional visits are important to ensure the Authority is responsive to the unique needs of each community it serves.
“This visit is in line with ILGA’s goal of engaging with different communities and stakeholders to ensure its regulatory decision making is well-informed and relevant,” Lamb said.
Board members and representatives of the ILGA will meet with various key regional organizations in the Albury region with scheduled meetings including:
* Albury Council
* Albury Liquor Accords
* NSW Police
* ClubsNSW
* Australian Hotels Association NSW
* Albury Wodonga Aboriginal Health Service
* Murrumbidgee and Southern NSW Local Health Districts
* Uniting Victas – GambleAware Murrumbidgee
Lamb said the ILGA looks forward to working closely with the Albury community and building strong relationships that will help it to make a positive impact in the region.
“By listening to locals’ concerns, we can be confident that our future decisions are fair, balanced and well-suited to the needs of the people in the area,” Lamb said. “We will be meeting with a range of groups over a two-day period to understand what matters to the Albury community when it comes to the impacts of liquor and gaming on crime, health and local industry including the effect of the Albury – Wodonga border, which has differing liquor and gaming laws on either side. These visits will give us firsthand accounts to support the data and help us make decisions in the public interest.”
For more information, please visit: https:// www .LiquorAndGaming.nsw.gov.au /independent-liquor-and-gaming-authority
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