Press Releases
Golden Matrix Reports Fiscal 2022 Financial Results With Record Revenues of $36 Million
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
Blokotech, a leading innovator in iGaming software solutions, has appointed Nicolas Castearena as Commercial Director LATAM, to accelerate growth across Latin America.
Castearena joins Blokotech with an impressive track record of cultivating high-value partnerships and expanding throughout LATAM. His career covers the crypto and Web3 sectors, where he showed a deep understanding of technology, innovation, and market dynamics.
Blokotech Commercial Director LATAM Nicolas Castearena said: “Blokotech’s potential for this region is immense and I cannot wait to play my role in ensuring we deliver on our targets. My localised knowledge and understanding of market nuances will be a valuable addition to the business.”
As Co-founder and CEO of Hashrate Solución, Nicolas has generated strong results by connecting iGaming solutions with real-world market needs – highlighting his entrepreneurial mindset and ability to spot opportunities in emerging tech spaces.
Blokotech Co-Founder and CEO Salvatore Messina added: “Nicolas brings the ideal balance of commercial expertise, technological insight, and strategic vision. His appointment marks a major moment in our LATAM expansion, and we’re hyper-confident about the value he’ll bring to our business and clients in the region.”
partnerships
Delaware Park Converts from VizExplorer to Quick Custom Intelligence’s (QCI) Enterprise Platform
Quick Custom Intelligence (QCI), a leading provider of cutting-edge casino management solutions, is thrilled to announce that Delaware Park has selected the QCI Enterprise Platform to elevate its data-driven operations.
The strategic decision to transition from VizExplorer to QCI’s innovative platform highlights Delaware Park’s commitment to providing an enhanced guest experience through superior analytics and real-time operational insights.
Delaware Park, a prominent gaming destination in Delaware, is well-known for offering its guests exceptional service. By adopting the QCI Enterprise Platform, Delaware Park will now leverage advanced marketing and data analytics to optimize their performance and guest satisfaction.
Terry Glebocki, President & General Manager of Delaware Park, shared her thoughts on the transition: Delaware Park Casino is excited to partner with QCI. “The real-time insights and innovative analytics provided by QCI will enable us to make data-driven decisions that will enhance the overall experience for our customers and improve our internal processes.”
Andrew Cardno, CTO of QCI, expressed his excitement about the partnership: “We are honored to welcome Delaware Park to the expanding network of gaming properties utilizing the QCI Enterprise Platform. By choosing QCI, Delaware Park demonstrates a strong commitment to innovation, and we look forward to supporting their efforts to streamline operations and drive revenue.”
Melissa Chiaurro, President of VizExplorer, also commented on the collaboration: “The Viz team is excited to begin transitioning our clients to the QCI Platform. This move will not only enhance their analytical capabilities but also offer a more user-friendly experience and deeper insights into player behaviors. We are committed to making the migration process as smooth as possible and are eager to see the innovative opportunities that QCI will unlock for our partners.”
Confut USA and BetExpo join forces to provide a unique experience, bringing together speakers and professionals from the global football and iGaming industries in a single event, which will take place on June 11th and 12th, at the Hilton Miami Downtown.
Over the course of two days, participants will have the opportunity to explore topics such as sports betting, market trends, technological innovations and business opportunities.
Arthur Lobo, CEO of Confut, commented on the partnership: “The partnership with BetExpo represents a strategic merger of two industries that go hand in hand: football and iGaming. This move not only expands the diversity of content at the event, but also creates an ecosystem that is conducive to generating business between companies in the betting sector, clubs, leagues and other stakeholders. In addition, it promotes fundamental discussions on regulation, technology integration and best practices in the market.”
In addition, Pedrão Bet, CEO of BetExpo, also stated how positive the union of the two events will be:
“The partnership between BetExpo and Confut represents a strategic union of great impact, combining expertise, innovation and joining two sectors that are rapidly expanding in the global market.”
For brands looking to activate their business in these two markets, Confut USA and BetExpo offer exclusive business opportunities and experiences.
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