Latest News
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 shareholdersâ 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 â23 from GMGIâs 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.
âDespite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,â the Chief Executive Officer for Golden Matrix Group Incorporated, Anthony Brian Goodman, said. âAdditionally, 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.â
Compliance Updates
IGSA Welcomes Sharp Vision as Silver Member
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The International Gaming Standards Association (IGSA) has welcomed Sharp Vision as a new Silver member. Sharp Vision is a leading provider of regulatory turnkey solutions for gaming authorities.
âWe are delighted to be a part of IGSA and we look forward to contributing to the advancement of best practices among regulators in the fast-growing gaming industry,â Damien Raymond, COO of Sharp Vision, said.
âIGSA is very excited to welcome Sharp Vision to our membership. We believe that IGSA Standards can enhance Sharp Visionâs products supporting regulatory authority oversight. We look forward to their participation in IGSA committees,â Mark Pace, President of IGSA, said.
Latest News
BigCash Goes Global with Launch in Brazil
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BigCash, Indiaâs leading online skill-based real money gaming company, has set its sights on global expansion and aims to offer an unparalleled gaming experience to users worldwide. The global skill-based gaming market is estimated to grow annually at a CAGR of 13.50% and will be valued at USD 106.78 billion, by 2032. Building on its success in India, BigCash is poised to introduce its entertaining games to global audiences, uniquely blending local flavors with its hallmark innovative gameplay.
BigCash started its journey in 2017 and has quickly become playersâ preferred choice, by strategically focusing on launching new games and features regularly and due to its superfast and user-friendly interface. Being a multi-gaming app, it offers a wide range of games tailored for all age groups. With popular Indian card games, like poker, rummy, and call break with regional variations; casual games like ludo, ice blaster, fruit chop, along with fantasy cricket, the platform resonates deeply with the players of Bharat.
Continuing on the mission to take Indian technology global and to reach a wider global gaming audience, BigCash, after months of an in-depth market study, had set its views on expanding its global presence with in-house developed and tailored gaming technology and experience. BigCash presently operates in Brazil, besides India.
One of the key reasons behind BigCashâs entry into the Latin American market is the regionâs immense potential for growth in the gaming sector. Brazil, in particular, has emerged as a hotspot for gaming companies due to its large population, favorable demographics, and a growing middle class with disposable income.
BigCashâs global expansion plans include multiple launches in Latin America, Asia, and Africa over the next 12 months. BigCash plans to offer local and international flavors, customized specifically for each country, with a focus on Responsible Gaming and other trust measures, to ensure a deeper bonding with the players.
Ankur Singh, CEO of BigCash, said: âGoing global has been part of our strategic planning always; with our launch in Brazil, we have just taken the first step. We are aspiring to be present in 8 countries in the next 12 months. The competitive landscape in Latin Americaâs gaming industry presents both opportunities and challenges. BigCash is a perfect fit for the Latin American gaming landscape due to our stronghold on tech, which allows product customizations, easy-to-play online games, a supersafe and fast experience; we are already gaining a lot of organic traction.â
Latest News
Michigan Lottery Transitions to 1-800-GAMBLER for Responsible Gaming Support
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The Michigan Lottery announced that it will transition to the National Problem Gambling Helpline, 1-800-GAMBLER for responsible gaming support. This aligns the agency with the Michigan Gaming Control Board and other online gaming platforms operating in Michigan in promoting 1-800-GAMBLER. The 1-800-GAMBLER helpline will replace the Michigan Problem Gambling Helpline currently in circulation (1-800-270-7117), although the previous number will remain in operation.
âThe Lottery is committed to providing Michiganders with easy access to resources that support responsible gaming. By transitioning to 1-800-GAMBLER, we are able to ensure that Michigan residents can reach specially trained staff who can provide confidential professional support, local referrals, and resources to those who may have a gambling problem,â said Lottery Commissioner Suzanna Shkreli.
Operated by the National Council on Problem Gambling (NCPG), 1-800-GAMBLER is the worldâs largest problem gambling helpline network by call volume, population served, and geographic area covered. The helpline connects people and families impacted by problem gambling with professional support, local referrals, and resources.
Calls made to 1-800-GAMBLER from Michigan will be routed to the Michigan Department of Health and Human Services. The helpline can also be reached by texting 800GAM or chatting online at 1800gamblerchat.org. Trained contact center staff are available 24/7, 365 days a year to provide support, guidance, and relevant information to anyone seeking help related to problem gambling. Additionally, players or their family members may connect to support resources such as live chat, text, and the helpline number by selecting the links in the footer of the Lotteryâs website.
The Michigan Lottery was the first lottery in the US to achieve the Internet Responsible Gambling Compliance Assessment Program certification through NCPG in October 2015. The NCPG evaluated the Lotteryâs compliance with Internet Responsible Gaming (IRG) standards developed based on best practices from jurisdictions around the world. IRG standards are the highest standards for online responsible gaming in the nation.
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