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Golden Matrix Reports Fiscal 2022 Financial Results With Record Revenues of $36 Million

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Golden Matrix Provides Corporate Update on Pending (MeridianBet) Acquisition

 

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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PRAGMATIC PLAY AND ECUABET SEAL BINGO PARTNERSHIP EXTENSION

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PRAGMATIC PLAY AND ECUABET SEAL BINGO PARTNERSHIP EXTENSION

 

Pragmatic Play has enhanced its partnership with Ecuadorian operator Ecuabet thanks to the addition of its full suite of Bingo products.

Joining Pragmatic Play’s award-winning Slots portfolio, players at Ecuabet will be able to enjoy the provider’s extensive library of player favourite Bingo products, including classic variants such as 90 ball, as well as the innovative Sweet Bonanza Bingo.

The partnership extension is the latest growth for Pragmatic Play in the country and aligns with its strategic progress in the wider LatAm region, where it remains at the forefront of one of the most vibrant markets globally.

Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “It’s always a pleasure to see existing valued partners request more products and with Pragmatic Play’s Bingo content, we know Ecuabet and its players are getting the very best the industry has to offer.

“The strength of Pragmatic Play’s multi-product offering for operators is clear and the supplier will continue to strengthen each category to ensure LatAm markets the content their players demand.”

Liliana Zuluaga, Manager at Ecuabet, said: “Bingo is hugely popular in Ecuador and we know that Pragmatic Play’s games offer us the right level of quality and diversity we need to maintain our high standards at Ecuabet.

“Having proudly hosted its Slots catalogue for some time now, we know what we’re getting with Pragmatic Play. Its titles will continue to be a huge benefit to our overall proposition and the new Bingo content is key to that.”

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Clark County residents can bring a friend for free to Super Bingo $160,000 tournaments at the Plaza Hotel & Casino in March and April

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Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register for the next Super Bingo tournaments occurring March 4-6 and April 8-10 the opportunity to bring a friend for free.

Held in the Plaza’s expansive ballroom, Super Bingo draws nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.

Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.

All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.

Bingo at the Plaza Hotel & CasinoThe Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.

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Compliance Updates

Scientific Games Testifies at Maryland House Ways and Means Hearing in Support of Proposed iLottery Legislation

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The Public Policy and Government Affairs Senior Vice-President for Scientific Games, Christine Wechsler, testified today before the Maryland House Ways and Means Committee to share the company’s support of House Bill 1218, State Lottery – Internet Sales Authorization and Distribution of Proceeds. If adopted, the legislation would authorize the Maryland Lottery to offer its games to in-state consumers through online sales channels.

Wechsler discussed the importance of remaining competitive and modernizing at the same pace as other gaming products offered in the market in order to maintain and grow the Maryland Lottery’s more than $714 million in profits returned annually.

“The Maryland Lottery is like all other businesses selling products to consumers; it must modernize to meet changing consumer demand,” Wechsler said in a prepared testimony. “Providing convenient and relevant experiences to consumers online and at retail will be critical to enable the Maryland Lottery’s sustainability and maximize revenue potential for the state.”

Wechsler also shared key iLottery facts with the Committee as it considers this legislation, which included:

  • iLottery doesn’t cannibalize bricks-and-mortar retail sales. Of the twelve United States lotteries selling online today, none have experienced cannibalization at retail. Retail sales have grown faster in iLottery jurisdictions than in states that do not sell online.
  • Online sales platforms provide player protections and tools that support healthy, responsible lottery play. Key platform features can include the ability to self-exclude, engage in cooling-off periods and/or set limits on deposit and play amounts.
  • iLottery is a new, convenient sales channel to offer lottery products; it is not designed to be a substitute for or compete with casino games. iLottery has proven in other states to successfully co-exist with iCasino, sports betting and other forms of gaming.

As a 27-year partner to the Maryland Lottery, Scientific Games provides the systems technology, terminals and communications infrastructure supporting sales of its lottery games at retail. The company also provides the Maryland Lottery with other key products and services including printed instant games and inventory management software as well as manages the entire interactive category which includes the My Lottery Rewards loyalty program, associated mobile app and second-chance promotions.

“Our focus has always been on delivering solutions and services to facilitate retail growth and maximize profit returned to Maryland’s beneficiaries,” Wechsler said. “And we are invested and fully committed to helping shape a successful iLottery framework for the state that responsibly drives continued growth across the Maryland Lottery’s established bricks-and-mortar retailer network while providing incremental online revenue.

Scientific Games is the global leader in retail instant games, a major provider of retail systems and technology and an industry pioneer in iLottery and digital lottery solutions that drive profits for government-sponsored lottery programs. The company is a trusted partner to more than 130 lotteries spanning 50 countries including over 30 iLottery customers.

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