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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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ELA Games at SBC Lisbon: New Games, Market Growth, and Awards Night

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The ELA Games team is attending the event to demonstrate new developments

ELA Games, a dynamic game development studio, announces its attendance at SBC Lisbon, set to take place at the Feira Internacional de Lisboa & Meo Arena from 16 – 18 September.

Attending the event will be:

  • Marharyta Yerina, Managing Director
  • Oleksii Shulhin, Head of ELA Games
  • Yaroslav Soloshenko, Team Lead Business Development Manager
  • Petr Vonarshenko, Business Development Manager
  • Sadaf Ali, Senior Account Manager

SBC Lisbon is a key annual gathering in the online gaming and betting industry, welcoming over 30,000 delegates to experience innovations, cutting-edge products, and networking opportunities. The ELA Games team will take the global stage to connect with partners, demonstrate its casino-and-player-centric development approach, and reveal new roadmap developments.

At the event, ELA Games will highlight its diverse portfolio, including recent hits from the Winpot series (Joker Winpot, Zeus Winpot, Rabbit Winpot Deluxe), visually rich classics like Juicy Crystal and Flame Fruits Frenzy, and innovative new releases such as Shoot Happens. The team will also preview upcoming titles and discuss recent expansions into important growing markets like Denmark, Sweden, Greece, and more.

Adding to the studio’s momentum, the SBC Awards have nominated ELA Games in the “Innovation in Casino Entertainment (Supplier)” category. The award ceremony will take place on September 18 for a night celebrating excellence and forward-thinking solutions. This shortlisting highlights ELA Games’ ongoing efforts to push the boundaries of online gaming and create new experiences for both operators and players.

Marharyta Yerina, ELA Games’ Managing Director, commented, “We’re always excited to attend SBC events as they’re one of the biggest gatherings of the year where we’re able to see many of our partners and make new meaningful connections. This year, ELA Games has plenty to show the world, as we’ve made numerous additions to our portfolio, developed new mechanics, and pushed ourselves creatively. The team is looking forward to sharing all we’ve been up to, and equally excited to attend the award ceremony!”

ELA Games invites all attendees to visit Stand B350 to chat with the team, explore creative solutions to bolster your content library, and find new ways to engage your player base.

📅 Dates: 16–18 September

📍 Location: Stand B350, Feira Internacional de Lisboa & Meo Arena

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EGT Digital’s games are available to Bangbet’s customers in Tanzania

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EGT Digital and Bangbet have once again strengthened their collaboration. After the impressive results in Kenya and Nigeria, the customers of the popular operator in Tanzania can now enjoy the Bulgarian provider’s gaming content. Players are able to choose among more than 150 in-house developed slot titles, the crash game xRide, as well as the jackpot bestsellers Bell Link, High Cash, Clover Chance, Single Progressive Jackpot, and Gods & Kings Link.

“I am very happy that our games are already live in another key market for Bangbet,” commented Zsuzsanna Zeibig, Sales Manager for Africa at EGT Digital. “By extending our reach to Tanzania, one of East Africa’s fastest-growing iGaming markets, we expand our brand visibility and further strengthen our strategic position on the continent. Each new step with Bangbet confirms our role as a trusted partner and supports our long-term growth ambitions to reach more players across Sub-Saharan Africa.”

David Kabue Gichuhi, Director of Bangbet, also expressed his satisfaction with the partnership: “EGT Digital’s gaming products continue to demonstrate remarkable performance in all markets where we have integrated them to date, becoming our clients’ absolute favorites. The strong results in Kenya and Nigeria gave us the confidence to bring their content to Tanzania as well, and we are already seeing the same positive impact. This partnership is an important part of our business strategy and we look forward to introducing EGT Digital’s portfolio to players in Ghana and Uganda in the coming months.”

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MixRift Appoints Former Meta VP Ingrid Cotoros to Board of Advisors to Accelerate Mixed Reality Gaming Innovation

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Innovative mixed reality gaming developer strengthens leadership team with hardware technology veteran behind Quest 3, Ray-Ban Meta glasses, and Orion AR prototype
MixRift, an innovative mixed reality (MR) gaming developer, today announced the appointment of Dr. Ingrid Cotoros as a key member of its Board of Advisors.
Cotoros brings over 20 years of hardware engineering expertise from her leadership roles at Meta’s Reality Labs and GoPro, where she spearheaded the development of breakthrough technologies that powered the world’s most advanced VR, AR, and smart glasses products.
As the former VP of Technology Engineering for Devices at Meta’s Reality Labs, Cotoros founded and led a thousand-strong team of specialised technologists who delivered the hardware innovations behind Meta’s Quest Pro, Quest 3, Quest 3S VR headsets, Ray-Ban Meta smart glasses, and the cutting-edge Orion AR glasses prototype. Her technical contributions span depth perception systems, immersive audio experiences, and world-locked display technologies that have shaped the mixed reality landscape since 2020.
“The future of gaming lies in creating unique experiences that blend digital and physical worlds,” said Dr. Cotoros. “MixRift’s vision for mixed reality gaming represents the next evolution of how we interact with digital content, and I’m excited to help them bring truly immersive experiences to players.”
Cotoros’ appointment aligns perfectly with MixRift’s ambitious technology roadmap, and reflects MixRift’s commitment to staying at the forefront of technological innovation in gaming.
“Ingrid’s deep understanding of hardware capabilities and sensing technologies complements our founding team’s vision beautifully,” said Bobby Voicu, CEO of MixRift. “Her experience developing the technologies that power every major VR and AR device launched in recent years gives us invaluable insight into what’s possible today and what’s coming next. We’re basically talking about someone who’s been at the forefront of every breakthrough that’s made our industry possible.”
During her tenure at Meta, Cotoros championed the strategic sequencing of features to engage customers in AI-powered computing platforms. Prior to Meta, she led multiple first-to-market innovations at GoPro, including the development of the first consumer-grade high-definition spherical camera and professional-level panoramic stereo capture systems.
Cotoros will focus her advisory efforts on understanding the physical capabilities of emerging device platforms and how they can unlock new interaction modes and experiences for gamers. A physicist by training with a PhD in Condensed Matter Physics from UC Berkeley and a BS in Physics from Caltech, Cotoros holds 26 US patents in camera hardware and content processing. Her diverse technical background reflects the interdisciplinary approach needed to solve complex mixed reality challenges.
Before her consumer electronics career, Cotoros served as a rocket scientist and space systems engineer at Lockheed Martin, developing space applications and defense programs. She was twice selected for Romania’s national team at the International Physics Olympiad, demonstrating her early passion for pushing the boundaries of what’s technically possible.
Meta Connect 2025 Meeting Opportunities
MixRift CEO Bobby Voicu will be attending Meta Connect 2025 (September 17-18, Menlo Park) and is available for media briefings about MixRift’s mixed reality gaming roadmap and strategic vision. With the company’s recent advisory board expansion bringing deep hardware expertise from Meta’s Reality Labs, Bobby can discuss how MixRift is leveraging insider knowledge of upcoming device capabilities to build next-generation gaming experiences. He’ll be sharing exclusive previews of MixRift’s upcoming titles and discussing how the company is positioning itself at the intersection of advanced hardware and innovative game design.
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