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Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth

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Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth

 

Year-to-Date Revenue up 55% to $105.3 Million Company’s Classics for a Cause Acquisition Successfully Integrated
Golden Matrix Group Inc., a global developer, licensor, and operator of online gaming platforms, today announced strong financial and operational results for the third quarter ended September 30, 2024. The results reflect the Company’s robust growth strategy and expansion efforts across key markets, including the successful acquisition and integration of Classics for a Cause.
Brian Goodman, CEO of Golden Matrix, commented, “Golden Matrix’s Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position. Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades, and the expansion of our iGaming portfolio.”
Financial Highlights
  • Revenue Growth: Q3 2024 consolidated revenue increased by 85% to $41 million, with year-to-date revenue up 55% to $105.3 million, driven by consistent performance across key markets.
  • Gross Profit Increase: Gross profit grew 39% in Q3 to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million, reflecting improvements in operational efficiency and product margins.
  • AEBITDA: Adjusted EBITDA for Q3 reached $4.3 million, reflecting resilient performance across multiple revenue channels with marginal impacts from currency fluctuations across subsidiaries.
  • Balance Sheet Strength: As of September 30, 2024, Golden Matrix maintained a robust financial position with over $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity also grew 60% to $94 million, reinforcing the Company’s ability to pursue strategic growth initiatives.
Operational Highlights
Golden Matrix achieved significant milestones during Q3 2024, including:
  • Meridianbet Strong Growth Continues: Meridianbet’s Q3 revenue grew 16% YoY, led by a 19% online increase and 6% in retail. Deposits rose to $61.9M (+13% QoQ), with new registrations up 23% to 125K. Online casino GGR margin hit 3.37% (+21% turnover), sports betting rose 7.4% YoY with GGR at 9.5%, retail sports GGR at 10.3% (record 14.1% in August), and retail slots up 17.5% YoY.
  • Expansion of GMAG Platform: The GMAG B2B aggregator platform saw substantial growth, with wagering volume increasing 84% to $1.4 billion. Enhanced customer retention tools and the addition of high-margin games have driven engagement and profitability.
  • Classics for a Cause Acquisition: This newly acquired Australian business added $2.1 million in revenue and $503,000 in EBITDA within two months, expanding Golden Matrix’s market reach and contributing to overall profitability.
  • Mexplay Growth: Mexplay, the Company’s online casino in Mexico, reported a 56% increase in active players and a rise in gross gaming revenue to $15 million, underscoring growth potential in Latin America.
Zoran Milosevic, CEO of MeridianBet, highlighted the company’s strategic advancements, emphasizing the integration of key acquisitions and the enhancement of their operations with their launch of Meridianbet’s 5th generation platform resulting in what they consider to be the world’s most advanced iGaming technology. He mentioned a commitment to maximizing cost efficiencies and leveraging synergies across their global operations to drive sustainable growth and profits. As Golden Matrix enters the fourth quarter, they are focused on operational efficiency and profitability, positioning themselves for a record performance in 2024.

Industry News

Gaming and Leisure Properties Inc. Names Carlo Santarelli Senior Vice President, Corporate Strategy and Investor Relations

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Gaming and Leisure Properties Inc. announced that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating Officer, Brandon Moore.

Mr. Santarelli brings over 25 years of Wall Street experience in Equity Research and Investment Banking to his new role and joins the Company from Deutsche Bank where he was Managing Director of Gaming & Lodging Equity Research. Prior to Deutsche Bank, Mr. Santarelli held similar positions at Bear Stearns, JP Morgan and Wells Fargo. He consistently ranked highly in Institutional Investor and other sell-side analyst research polls as a thought leader in the space, providing unique perspectives on industry events and trends with his data-driven approach and stock picking talent. Carlo Santarelli graduated from the University of Pennsylvania with a B.A. in Economics in 2000.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, said: “We’ve known and respected Carlo’s research work on the gaming, lodging and gaming REIT sectors for many years. Carlo brings to GLPI an in-depth knowledge of the industry and its participants, having experienced GLPI’s original formation of the gaming triple-net-REIT structure from a research analyst and capital markets perspective. We value his deep network of contacts among institutional investors, sell-side analysts and a wide range of gaming industry operators and we look forward to the value of his contributions.”

In his new role, Mr. Santarelli will work with Mr. Carlino and GLPI’s senior management to develop and evaluate growth opportunities and strategic relationships, and will oversee investor relations interactions.

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Industry News

VIP Play Announces Departure of Chief Financial Officer

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VIP Play, a technology-driven leader in interactive consumer engagement, announced that Jim Mackey, the Company’s Chief Financial Officer, will step down from his role, effective August 8, 2025.

The Company has initiated a transition process and is in the process of identifying a successor. Mackey will assist in an orderly transition over the coming weeks.

“We thank Jim for his contributions to the Company, particularly during a transformative period for our business. We remain focused on executing our strategic priorities, including financial visibility, operating efficiency, and delivering value to our stakeholders,” said Les Ottolenghi, CEO of VIP Play.

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BETBY LAUNCHES COMPREHENSIVE REPORT ON PERU’S REGULATED GAMBLING MARKET

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BETBY LAUNCHES COMPREHENSIVE REPORT ON PERU’S REGULATED GAMBLING MARKET

 

BETBY, the premium supplier of cutting-edge sportsbook solutions, has published a detailed report titled “The Peruvian Breakthrough: A Market Ready for Takeoff”, offering a thorough analysis of the country’s newly regulated iGaming industry.

Following the implementation of Peru’s online gambling framework in 2024, this report explores the legislative transformation, market growth trends, and consumer behavior shaping one of Latin America’s most promising emerging markets.

The report covers several key aspects, including:

Evolution of Peru’s gambling legislation and its impact on market structure and operator licensing;
Market performance analysis, including land-based vs. online growth and mobile channel adoption;
Economic indicators, such as GDP contribution, per capita GGR, and projected market size through 2030;
Player profiles and betting behavior, with insights into frequency, motivations, and engagement across age and gender groups;
Digital readiness, including mobile usage, internet speeds, and device preferences;
Competitive landscape, with a breakdown of leading operators and changes in market share.

🔗 DOWNLOAD the report to discover strategic insights and unlock growth opportunities in Peru’s regulated gambling ecosystem.

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