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 shareholdersâ 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 â 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 GMGIâs 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 â to $5,442,591 in fiscal 2022 from $1,264,672 in the prior year â was due primarily to $3,131,121 of G&A expenses from the Companyâs 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.
âThis has been a highly constructive year for our rapidly growing company,â said Golden Matrix CEO Brian Goodman, who continued, âWe 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 âPurchase Agreementâ) and expected to be completed in the first half of the current year, “will significantly advance GMGIâs 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.â
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.â
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, âWe believe it should serve as the first major step toward GMGIâs planned expansion throughout Latin America.â
Selective amounts stated above are rounded to the nearest $100,000, please see Form 10-K for exact numbers
QTech Games, the leading games distributor for all emerging markets, has appointed David Camacho to the new role of Account Manager for LatAm Markets.
Camacho arrives at QTech Games after a successful and long-serving spell at Tabella, a global powerhouse across varied igaming verticals, where he proved himself across a range of senior roles focusing on the LatAm markets. At QTech Games, David will drive sales and its existing presence across Central and South America, growing its global footprint in more Spanish and Portuguese-speaking territories.
QTech Games commented: âWeâre delighted that David is now part of the QTech team. His extensive experience and network in the industry are second to none, after over two decades in the sector. So, he will prove a true asset to both QTech Games and all our clients, as we will deepen our existing influence across Hispanic markets in Central and South America.
âRecruiting the best localised talent and expertise has always been a central pillar of our strategy. Therefore, weâre naturally thrilled to have David on board.
David Camacho added: âIâm excited to be joining QTech Games, a company with the most remarkable content suite across varied igaming verticals, all delivered via a stellar platform built on bleeding-edge technology. I canât wait to get started by deploying my business connections and contacts across a region I know so well at such a crucial point in its maturation.
âOf course, when it comes to LatAm, everyoneâs talking about the unfolding scene in Brazil, but Iâll also be concentrating our efforts in more mature countries such as Colombia and Mexico, alongside some other opportunities in Peru, another promising territory with one of the most operator-friendly regulations in recent times. Argentina and Chile will also be interesting in due course. Apart from the strong growth in this region, I believe we will be able to fuel it further with our new QTech Hybrid product that fits perfectly in all these markets!â
QTech Hybrid â get in touch to find out more!
QTech Hybrid will next be showcased at the upcoming SBWA+ show in Ghana in August, where QTech Games delegates will be on site to unpack its breakout technology and salient applications for joining up the retail and digital-mobile experience. QTech Hybrid offers a retail solution that can be transferred seamlessly to mobile in any emerging market, enabling the customer to continue playing after leaving the retail environment. QTech Hybrid allows players to access the full game library of QTech Games, while the retail solution also contains a state-of-the-art Agent Management System. Itâs also an instant win for efficient payments.Â
BETBY strengthens its Latin American position with agreement to power leading Brazilian brand Pixbet
BETBY, the premium sports betting supplier, has signed a long-term sports betting agreement with Pixbet. The partnership will see Pixbet leverage Betbyâs award-winning sports betting solution and services to upgrade its current sportsbook, offering Brazilians a best-in-class online betting experience.
Pixbet a leading Brazilian bookmaker present throughout the national territory, is well known for its bold marketing strategy, having earlier this year been announced as the new shirt sponsor for Brazilian soccer club Flamengo under a lucrative two-year deal.
Chris Nikolopoulos, Chief Commercial Officer at Betby, said: âIt is a pleasure to have put pen to paper on this agreement with Pixbet, an operator whose management team boasts clear expertise and a passion for sports betting that mirrors our own.
âThis agreement further bolsters Betbyâs impressive range of partners throughout Brazil and Latin America, and we are excited to capitalise on the rich promise this partnership holds.â
Ernildo Junior, owner of Pixbet, said: âWe are very pleased to have signed with Betby as we look to further deliver on our sports betting ambitions to become the leading betting brand in Brazil.
âBetby has a proven track record in Latin America and its suite of high-performance sportsbook technology will provide our players with a superior sports betting experience whilst providing us with cutting-edge risk management tools.â
Bettors in Arizona wagered approximately $568.5 million on sports in May of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 25.9% increase when compared to May of 2023.
The state collected approximately $4.3 million in privilege fees in the month.
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