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Golden Matrix Reports First-Quarter Financial Results with Record Revenues of $10.78 Million
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Golden Matrix Group Incorporated, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today reported its financial results for its fiscal quarter ended January 31, 2023.
* Q1 2023 revenues of $10,777,679, a 21.4% increase on revenues of $8,877,105 in the like year-ago quarter.
* Net loss of $443,521 for Q1 2023, versus net income of $349,379 for Q1 2022.
* Adjusted EBITDA for Q1 2023 of $889,605 versus adjusted EBITDA of $729,266 in Q1 2022.
* Cash and cash equivalents of $15,423,897 and total assets of $34,383,085 as of January 31, 2023.
* Total liabilities as of January 31, 2023, of $3,866,696 comprising $3,828,963 in current liabilities and $37,733 in non-current liabilities.
* Working capital (current) ratio: 5.54.
* Golden Matrix Group Incorporated shareholders’ equity of $30,516,389 on January 31, 2023, up from $26,797,415 on October 31, 2022.
* Current gaming operator and registered user numbers of 710 and over 7.2. million, respectively, in business-to-business (B2B) traditional business.
* Business-to-consumer (B2C) segment – RKingsCompetitions Limited – now has over 289,000 registered users on its tournament platform. During the quarter, RKings became a wholly-owned subsidiary when Golden Matrix Group Incorporated exercised its option to acquire the remaining 20 percent non-controlling interest.
* On January 12, 2023, Golden Matrix Group Incorporated 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 Q1 ’23 from GMGI’s B2B and B2C segments were $4,224,457 (39%) and $6,553,222 (61%), respectively.
A summary of the Company’s performance and highlights can also be found at www.GoldenMatrix.com/Highlights.
The increase in total operating expenses – to $2,771,989 in Q1 2023 from $1,620,145 during the quarter ended January 31, 2022 – was due primarily to non-cash charges totalling $961,730 for stock-based compensation issued to company management, directors, employees and consultants, which contributed to a Q1 net loss of $443,521 versus net income of $349,379 in the like year-ago quarter.
“Despite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,” the Chief Executive Officer for Golden Matrix Group Incorporated, Anthony Brian Goodman, said. “Additionally, we are making significant progress in preparing to enter new geographic markets through MEXPLAY, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies, which is expected to be completed during the first half of this year subject to the completion of certain conditions to closing including funding and shareholder approval. The MeridianBet acquisition is expected to position Golden Matrix Group Incorporated as a profitable worldwide gaming company with significant growth prospects including the potential entry into regulated North American markets subject to applicable rules and regulations.”
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BETER names Juliana Querino as LatAm Business Development Manager
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Award-winning fast-betting content provider strengthens its position in the region with the latest hire
BETER, the in-demand provider of fast-betting content, data, and live streaming for esports and sports, has strengthened its team with the appointment of Juliana Querino as LatAm Business Development Manager.
Juliana, a seasoned business development specialist based in Brazil, has extensive experience in the Latin American iGaming industry. She has previously held various business development positions at Better Collective, Endorphina, Salsa Technology, and other companies. Her expertise was recognized by the G&M News platform, which included her in its Top 5 Women in the Industry 2024 list—highlighting women making significant contributions to the growth of iGaming in the region.
In her new role at BETER, she will drive the company’s expansion across Latin America, forging new partnerships with regional operators and aggregators, particularly in Brazil, where demand for BETER’s content continues to grow.
She will also drive BETER into new LatAm markets where the provider does not currently have a presence while managing relationships with existing partners to ensure they get the most out of the provider’s next-gen content offering.
Chuck Robinson, Chief Revenue Officer at BETER, said: “Latin America is a fast-moving market with opportunities opening up all the time. To capitalize on these, we need an exceptional specialist, and in Juliana, we have found exactly that. Her expertise and deep market knowledge make her a valuable addition to our team.
“We are already experiencing strong demand for our fast-betting products and solutions across the region. With Juliana on board, we can further identify key operators that would benefit from partnering with us, driving even greater growth.
“I’m delighted to welcome Juliana to the BETER team.”
Juliana Querino commented: “Fast-betting content has become essential for operators in Latin America and beyond, and I’m thrilled to join BETER in expanding awareness of its award-winning portfolio.
“BETER is renowned for its ESportsBattle and Setka Cup tournaments, which are already popular among bettors in LatAm. But our offering goes far beyond that, and I’m eager to showcase the full suite of products and solutions to operators from Brazil to Peru.”
“I look forward to helping BETER maximize the full potential of the LatAm market.”
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BetBreak.org Publishes New Workbook to Help Gamblers Take a Break from Sports Betting
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BetBreak.org has published “When and How to Take a Time-Out from Sportsbetting,” a brand-new workbook designed to help readers understand how taking a break – of any duration – from sports betting can be transformational for their mental health, financial health, and relationships with friends and family.
“This workbook and self-study guide is for anyone who wants to explore their relationship with gambling and it’s especially for those who are wondering whether it might be time for a break from sports betting,” said addiction expert Dr. Jeffrey Reynolds.
The workbook includes information about how to know if you are ready to change, tips for curbing your sports betting if you aren’t ready to quit, setting SMART goals, and limiting access to the three things necessary to gamble. The guide also contains proven tools for managing cravings and urges, resources to regain control over your finances, strategies for dealing with guilt and shame as well as stress management tips.
“The BetBreak workbook is based on the science of behavior change and helps readers make the sustainable shifts in habits necessary to live life with more presence, focus, well-being and happiness,” Dr. Reynolds said.
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SCCG Joins Fantasy Sports & Gaming Association
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SCCG Management, a global leader in gaming advisory, business development, and investment strategies, has secured membership to the Fantasy Sports & Gaming Association (FSGA). As the premier organization dedicated to advancing fantasy sports and sports betting, FSGA provides a collaborative environment where industry leaders, innovators, and pioneers shape the future of these rapidly growing sectors.
By joining FSGA, SCCG Management reinforces its commitment to staying at the forefront of industry trends, market developments, and emerging opportunities within fantasy sports and sports gaming. The partnership will allow SCCG to engage with key stakeholders, participate in thought leadership discussions, and contribute strategic insights to the evolving landscape of fantasy sports, sports wagering, and interactive gaming experiences.
With the fantasy sports and sports betting industries experiencing unprecedented growth and innovation, SCCG’s expertise in business development, technology integration, and investment strategy will bring valuable insights to the FSGA community. As a member, SCCG will actively participate in industry conferences, working groups, and networking events, including the upcoming 2025 FSGA Winter Conference, which serves as a hub for leaders, visionaries, and top executives shaping the future of fantasy sports and sports betting.
“FSGA is at the center of innovation in fantasy sports and gaming, and we are excited to join this influential community. At SCCG, we are always looking to align with industry leaders who are shaping the future of interactive sports entertainment. Through this partnership, we look forward to collaborating with fellow members, exchanging insights, and driving innovation across fantasy sports and sports betting,” Stephen Crystal, Founder & CEO of SCCG Management, said.
As SCCG continues to expand its global impact in fantasy sports, sports betting, and gaming technology, its membership in FSGA further solidifies its position as a trusted advisor and partner to the industry’s most innovative companies.
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