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
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FANDOM DECODES THE TUG-OF-WAR FOR FAN ATTENTION BETWEEN GAMING & ENTERTAINMENT COMPANIES IN 2024 INSIDE ENTERTAINMENT STUDY
Study Identifies a New Target Audience – The âSwitchersâ – and Why Dramas Could Be the Next Big Gaming Franchise
Forget the gaming vs. entertainment narrative. Fandom, the worldâs largest fan platform, today released its annual Inside Entertainment study which reveals a nuanced reality: fans crave both immersive gaming worlds AND timeless storytelling across tv and film, NOT one or the other. Leveraging first-party data from Fandomâs extensive platform – 350 million monthly unique visitors, 45 million pages of content and 250k fan-powered wikis – coupled with a global study, Inside Entertainment: The Entertainment & Gaming Tug of War goes beyond industry headlines to:
- Understand the dynamic coexistence between the gaming and TV/film industries
- Identify a brand new audience – the âSwitchersâ
- Detail why dramas and book adaptations present a huge opportunity to be the next hit video game franchise
âEvery industry analysis refers to the battle for fans’ attention across entertainment and gaming but we’ve found that it’s not an either or. In fact, combined, entertainment and gaming experiences strengthen fan connection and deliver incremental engagement,” said Stephanie Fried, CMO of Fandom. “Understanding the interplay between these mediums is key to building authentic and enduring fan experiences; and understanding the value and role of each medium is essential for developing powerful marketing messaging to attract and retain fans.â
Key Findings
- 67% of fans are spending the same or more time consuming content or playing video games, but their behavior is shifting:
- 33% are spending less time on cable or in theaters – and the number one activity theyâre switching to is gaming (59%
Switchers’ refers to the audience moving away from watching movies & binging TV shows in their free time to do other activities. Outside of gaming, switchers are also spending time:
On social media (47%), reading (56%) and doing hobbies (37%)
With 56% of the switcher audience spending time reading, it presents an opportunity to re-engage this audience and pull them back into the ecosystem with new content strategies, like book-to-game or book-to-film cross over adaptations
But donât worry entertainment companies. Just as gaming is the #1 activity for entertainment fans, watching TV and movies is the #1 activity gamers turn to when taking a break from gaming – which means these industries are inevitably intertwined and could benefit from joint endeavors or conquest/win-back strategies
Drama could be #1 untapped genre for gaming companies to explore when looking for their next big hit. Our data uncovers that drama fans who also game gravitate towards genres like:
- Role-Playing (RPG): 73%
- Adventure: 72%,
- Simulation: 62%,
- Sandbox/Open World: 62%,
- Puzzle: 60%
Gaming wins on super serving the emotional needs of fans, identifying a niche area streamers & studios should not only be aware of – but double down on:
- 82% of gamers think video games are more interactive & engaging than movies and TV
- 59% feel more accomplished when playing a video game
- 53% like that they have more control in the story when playing video games
- 45% feel more invested in the storylines in video games
Top 3 Takeaways For Advertisers and Marketers
â
1. Gaming is a Friend vs. a Foe
- Despite common misconceptions, there is a true symbiotic relationship between the gaming and entertainment industries – they both serve different emotional needs for fans and can actually complement each other – with the right fan strategy.
- Therefore, if studios, networks and streaming companies cater to the distinct emotional desires of their specific audiences, they can successfully influence a fanâs choice between mediums and content types and build out a more robust conquest strategy for both retention and acquisition.
2. Sway the Switchers
- Switchers are the audience entertainment companies should be first and foremost targeting in this âtug of warâ to capture fan attention, because switching to watching TV & movies is the first activity gamers engage in after they stop playing.
- This underscores the importance for entertainment companies to develop strategies that resonate with these âswitchers.â
3. Find your Niche
- With the growing intersection between gaming and entertainment, it’s crucial for studios, networks, and streamers to align on a gaming strategy that drives viewer engagement and retention.
- While many entertainment companies know they need a focus on gaming to drive their business forward – how and where are often barriers. Developing a gaming-specific fan strategy by finding niche pockets in the vast ecosystem – like targeting drama fans or creating book adaptations – is key for reaching a high affinity target at scale.
For an interview with a Fandom executive to discuss the study in more detail, please contact Rachelle Savoia at [email protected]
Methodology
The 2024 Inside Entertainment study regionally analyzes the dynamics between diverse forms of entertainment based on a survey of 5,500 entertainment and gaming fans aged 13-54 These insights were validated and deepened through Fandomâs proprietary, first-party data from 2024 – more than 350 million monthly unique visitors, 45 million pages of content across 250,000 wikis. This methodology provides a 360-degree view of franchises and fan interest across the entertainment and gaming landscape through the eyes of Fandom.
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BMM INNOVATION GROUP TO SHOWCASE COLLABORATION WITH INTERNATIONALLY ACCLAIMED MASTER CHOCTAW ARTIST DG SMALLING AT INDIAN GAMING ASSOCIATION (IGA) TRADE SHOW APRIL 10-11
The Company to Unveil Original Artwork Focused on BMM’s Mission to Protect Tribal Gaming and All Who Play
BMM Innovation Group (“BIG”, “BIG Group”, or the âCompanyâ), a technology conglomerate providing world-class services and cutting-edge solutions to the global gaming industry through BMM Testlabs, BIG Cyber, and RG24seven Virtual Training, today announced a collaboration with internationally acclaimed Choctaw Nation Master Artist DG Smalling celebrating BMM Innovation Groupâs relationship with Tribal suppliers, regulators, and operators. The artwork will be showcased at the IGA tradeshow April 10-11 at the Anaheim Convention Center in BIGâs Booth No. 628.
Smalling is best known for his single-line, continuous drawing technique in which his pen never leaves the paper until the image is complete. The piece he created with BIG is called âHand to Handâ, representing the vital relationship between the BIG Group and Tribal gaming. Smalling will be giving away signed reprints of the piece from 2-4 pm on Wednesday, April 10 in BIG’s Booth No. 628.
BIGâs Chairman and Chief Executive Officer Martin Storm said, âWe are honored to be able to work with such an internationally celebrated and recognized Tribal artist, DG Smalling, to create artwork that reflects our deep roots in Tribal gaming and the importance of the BIG companies in protecting Tribal gaming and all who play through best-in-class product testing and certification, cybersecurity protection solutions, and compliance-grade training.
Smalling said, âI was excited to create this piece for the BMM Innovation Group. This artwork depicts the role of BMM as an agency of quality control to protect Tribal sovereignty from outside intervention; the intersection of Tribal nations, Indian Gaming, and BMM as a day-to-day presence securing Indian Gaming integrity, and thereby, its sovereignty.â
Prior to his collaboration with BIG, Smalling had already made a name for himself in the gaming industry. In 2022, he achieved the distinction of being the first artist to fully collaborate with a slot machine manufacturer when he teamed up with Incredible Technologies to launch Class II slot games showcasing his art. In addition, Smalling has played a key role in spearheading a number of corporate-indigenous partnerships with leading companies like Amazon, Gary Platt Manufacturing, Emser Tile Native Narrative Series, and APMEX. Smalling holds the distinction of being authorized by the Delaware Nation of Oklahoma â through statute â to create on their behalf.
Smalling’s art and honors include the Department of the Interiorâs Operation Lady Justice; featured artist at Epcot Disney World: State of Oklahoma Centennial Show in 2007; Grand Palais “Salon du Dessin et de la Peinture ĂĄ l’Eau” in Paris in 2011; and National Museum of the American Indian “Choctaw Codetalkers Celebration” in Washington, DC in 2012. In addition, Smalling has been commissioned to paint several portraits, including U.S. Justice Sandra Day O’Connor, U.S. Congressman Tom Cole, and Sir Tony Blair, the former Prime Minister of the UK, among many other notable dignitaries. Some of Smallingâs notable commissions include APMEX Coinsâ Asian Zodiac Series: Year of the Dragon (2024) ; APMEX Coinsâ Grand Buffalo (2023); and Lady Justice of California Proclamation (2020). For more information, visit dgsmalling.ai.
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Endorphina explores the eternal fire in its newest slot release – All Ways Luck!
One of the top casino game providers in the iGaming industry, Endorphina, has announced the release of another new slot game on March 28th, 2024. The new game is titled All Ways Luck and features 5 reels, 4 rows, and 243 fixed pay ways, increasing the chances of players winning big.
The main theme of the game is set around a powerful volcano, burning with eternal flames and erupting in fiery wins. The deserted land in this world challenges players to test their courage and take advantage of the fire that never burns out. Filled with exciting twists and dangerous turns, this Endorphina slot appeals to the most daring and bold players looking for an unpredictable adventure and hidden treasures.
Another layer of excitement is added to the player experience when the fury of the volcano causes an earthquake to shake the reels, presenting the player with Free Games. The Free Games in All Ways Luck ensures players will stay always lucky with multipliers and scattered symbols for even bigger wins. Just like previous Endorphina slots, All Ways Luck features the Classic Risk Game and Bonus Pop mechanics.
Will you be able to find the treasure guarded by the everlasting volcano? Try your luck and test your courage on All Ways Luck!
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