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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.

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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

Latin America

ZITRO CELEBRATES GROWTH IN PERU WITH EXCLUSIVE ZITRO EXPERIENCE EVENT

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Zitro held its Zitro Experience event on June 12th at the exclusive Villa Cosentino in Lima, Peru. The event was a unique opportunity to network in a relaxed atmosphere, while customers enjoyed a spectacular product presentation, followed by a fantastic musical performance.

“Our Zitro Experience event was the perfect opportunity to connect with our clients in Peru,” said Alejandra Burato, Zitro’s Regional Director for Latin America. “At Zitro, we have a strong commitment to the Peruvian market, and this event was a true celebration of our continued success in the country. We’ve been present in Peru for several years now, and our dedication is reflected in our constant investment of resources, the expansion of our team, and our gradual growth across gaming establishments in the country.”

At this edition of Zitro Experience Peru, the company presented a wide range of new products and games specifically designed for the region’s audience. Zitro offers Peruvian operators’ products with greater added value, characterized not only by the interconnected version of their machines in the same room (LAP) but also by the possibility of interconnecting machines in multiple locations, under a Wide Area Progressive (WAP) network. This product line allows operators to link Zitro’s premium WAP games, on the Altius Glare cabinet, across all their locations.

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Zitro also presented games with proven performance in various markets worldwide in recent months. These include ‘Fu Frog’, ‘Fu Pots’, and ‘Billy the Pig’. Furthermore, the company unveiled its latest releases: ‘Energy Link’, ‘Drum Dynasty’, ‘Night Link’, ‘Hit Selection’, and ‘Epic Empires’.

In addition to these titles, Zitro also introduced the new ‘Mega Lounge’ concept. This designated area within the casino features a selection of Zitro games and machines interconnected with each other. All machines playing in the lounge simultaneously will contribute to a MEGA jackpot. When a player wins the MEGA, all machines will celebrate together, providing players with a unique communal gaming experience. ‘Mega Lounge’ allows operators to combine different Zitro games and cabinets under the same concept to offer an enhanced and diverse gaming experience, making it unique in the industry.

Sebastian Salat, Zitro’s President International, added: “Our Zitro Experience event has been a wonderful opportunity to meet, once again, with customers and friends and showcase the products we have developed for the market. This event will undoubtedly solidify our position as the leading casino supplier in Peru and further strengthen our achievements in the region. At Zitro, we are convinced of the enormous potential offered by this market, and therefore, our project focuses on continuing to grow in the country and across LatAm.”

 

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BIG Cyber Names Heather Lee Senior Director of Sales

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Gaming Industry Marketing and Sales Professional Joins BIG Cyber to Help Company Continue its Growth as a Cybersecurity Defense Technology and Services Provider

BIG Cyber, a BMM Innovation Group Company dedicated to providing robust cybersecurity services and solutions to the global gaming industry, today announced the appointment of Heather Lee as Senior Director of Sales.

BIG Cyber Chief Executive Officer Amit Sharma said, “As BIG Cyber continues to grow, we are excited to add experience to our team by welcoming Heather to drive our sales initiatives. She brings six years of experience in Gaming sales and is well recognized for her focus on customer service and building trusted partnerships.”

Lee previously served as Vice President of Casino Sales & Partnerships at Engaged Nation, where she spearheaded revenue growth and marketing excellence through the award-winning REACH customer-engagement platform.

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Before that, she was the Manager of Sales, Loyalty Marketing at Everi, and also worked for Atrient Technology.

Lee was recognized as one of the Emerging Leaders of Gaming 40 Under 40 class of 2022. Her commitment to gaming extends through her membership in the Global Gaming Women organization and her previous involvement in Everiߣs Women in Leadership Initiative.

Lee said,”I am excited to bring my experience and passion for sales to this dynamic organization. I look forward to driving growth, building strong customer relationships, and contributing to the continued success of BIG Cyber and its host of solutions focused on defending the gaming industry and protecting all who play.”

Lee earned a Bachelor of Arts degree from the University of Nevada, Reno, and a Hospitality and Tourism Management Certificate from Florida Atlantic University.

 

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BetMGM Ranked #16 on Fortune Media and Great Place To Work’s 2024 Fortune Best Workplaces in Metro New York

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BetMGM jumps 40 places from previous ranking; joins Fortune 100 companies in “large” workplace category

BetMGM announced today that Great Place To Work® and Fortune magazine have recognized the operator as one this year’s Best Workplaces in New York. The leading sports betting and iGaming operator landed at No.16 and secured the spot on the prestigious list by surpassing rigorous benchmarks, establishing itself as one of the best workplaces among companies headquartered in the New York region. About 92% employees surveyed said that BetMGM is a great place to work, 35 percentage points higher than the average U.S. company.

“Landing on this prestigious list is a reflection of BetMGM’s ongoing commitment to fostering a great work environment,” said Adam Greenblatt, CEO, BetMGM. “I am honored to lead an organization filled with dedicated and talented employees who have created a place where people feel welcomed and supported.”

To determine the Fortune Best Workplaces in New York™ List, Great Place To Work® collected nearly 140,000 confidential survey responses from employees at eligible companies. Via the Trust Index™ Survey, employees shared honest feedback about their experience by responding to 60 statements about the employee experience and answering two open-ended questions. To be eligible for the list, companies must be Great Place To Work Certified™ and headquartered in the New York region.

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Some other figures from the survey revealed that 96% of BetMGM employees were made to feel welcome when they joined the company and 94% of employees surveyed are proud to tell others that they work at BetMGM.

“Congratulations to the Best Workplaces in New York,” said Michael C. Bush, CEO, Great Place To Work®. “As the business landscape is disrupted — from AI, global conflict, and market pressure — companies who have built a reservoir of trust with their employees will be more resilient and, ultimately, more successful.”

In 2022, BetMGM was No. 56 on the Best Workplaces in New York™ list and in 2023 they were Certified™ as a Great Place To Work®.

In 2024, BetMGM also was shortlisted by SBC North America and EGR North America for “Employer of the Year” honors.

Great Place to Work® is the global authority on workplace culture, employee experience, and leadership behaviors proven to deliver market-leading revenue, employee retention, and increased innovation. When surveyed, employees overwhelmingly mentioned the people, inclusive culture, benefits, and work-life balance as reasons why BetMGM is a great place to work.

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According to Great Place To Work® research, job seekers are 4.5 times more likely to find a great boss at a Certified™ great workplace. Additionally, employees at Certified™ workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits and have a fair chance at promotion. Great Place to Work® Certification™ is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace.

 

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