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

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4 weeks ago

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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.
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IGT Delivers World Premiere of Powerbucks Blackjack Online Game in Canada

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2 days ago

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December 6, 2024

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International Game Technology PLC announced that its new Powerbucks Blackjack game is now available to online players in multiple jurisdictions in Canada. The theme links to IGT’s Powerbucks omnichannel wide-area progressive (WAP) jackpot prize pool, Canada’s largest jackpot connecting land-based, online and mobile games.

“IGT is excited to build on its omnichannel jackpot leadership in Canada and the success of our Powerbucks portfolio by delivering a new evolution of one of the most popular casino card games. Designed to deliver the ultimate gaming experience, IGT’s Powerbucks Blackjack offers players the opportunity to win life-changing jackpots and provides operators with another compelling content option to help drive strong performance results,” said David Flinn, IGT SVP Canada, EMEA, and LATAM Gaming Sales.

Bringing a player-favorite card game to a new level, IGT’s Powerbucks Blackjack offers a state-of-the-art user interface with vibrant animations, language localization, and a sleek design for an engaging experience.

Launched in 2016, IGT Powerbucks slots is the world’s first omnichannel WAP game that links the jackpot prize pool between gaming machines found in land-based casinos with digital-based games in Canada. Since their debut, Powerbucks slots have paid over 50 jackpots of 1 million dollars or more across the country.

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THE CANADIAN GAMING ASSOCIATION ANNOUNCES ELECTION OF NEW BOARD MEMBERS

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2 days ago

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December 6, 2024

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THE CANADIAN GAMING ASSOCIATION ANNOUNCES ELECTION OF NEW BOARD MEMBERS

 

The Canadian Gaming Association (CGA) announced the appointment of four new members of the Association’s Board of Directors, which took place during the CGA’s Annual General Meeting on December 4, 2024.
Peter Czegledy, Aird & Berlis LLP
Peter Czegledy is a Partner and member of the Corporate/Commercial Group at Aird & Berlis LLP, as well as Chair of the firm’s Gaming Group, and co-Chair of the firm’s Esports & Gaming Group and Sports, Media & Entertainment Group. Peter has substantial expertise in the area of gambling and gaming law, with experience both in the acquisition/establishment phase and as ongoing corporate counsel managing compliance with applicable regulatory regimes and advising on technological applications. He is regularly consulted by governments and their regulators for policy and legal advice. He has acted in both private transactions and public procurements, and has represented a multitude of leading participants in the casino, track, igaming, mobile gambling, skills gaming and social gaming industries.
Lindsay Slader, GeoComply
Lindsay Slader is the SVP of Compliance at GeoComply, a cybersecurity and fraud prevention firm that delivers geolocation and user authentication technologies to the gaming, media & entertainment, online banking, payments, and cryptocurrency industries. Having worked in the internet gaming and digital services industries for seventeen years, Lindsay is a recognized expert in her field. Over the last decade, she has provided expert witness testimony on regulatory compliance, geolocation technologies, and her gaming industry expertise at several legislative hearings. Prior to GeoComply, she spent five years specializing in regulatory compliance and business development at Gaming Laboratories International. Lindsay’s contributions to the iGaming industry have led her to win awards such as the 2019 Emerging Leaders of Gaming 40 Under 40 and the 2021 iGaming Business Most Influential Women.  Lindsay also currently serves on the board of directors of MVB Financial Corp.
Derek Ramm, Kinectify
Derek Ramm is the Global Head of Advisory Services at Kinectify, an AML risk management technology and advisory company that focuses on the gaming industry. He has extensive experience in the compliance and financial intelligence fields, and has brought his expertise to both the public and private sectors, providing him with a unique and well-rounded perspective to business challenges. Prior to joining Kinectify, Derek served as the Director of Anti-Money Laundering at the Alcohol and Gaming Commission of Ontario, where he led the agency’s AML regulatory oversight initiatives in the gaming, horse racing, liquor and cannabis industries. Derek was previously the Managing Principal at MT>Play, an advisory venture of McCarthy Tetrault that provided strategic advice to gaming organizations and governments around the world. He has also held senior roles at Canada’s federal financial intelligence unit (FINTRAC), the Ontario Lottery and Gaming Corporation, and was the chief anti-money laundering officer at one of North America’s largest independent investment management firms. He was also appointed by the Government of Bermuda to serve as a Commissioner on the Bermuda Casino Gaming Commission.
Terry McInally, Gateway Casinos
Terry McInally is the Chief Compliance Officer and Chief Technology & Interactive Officer for Gateway Casinos and Entertainment, one of the largest and most diversified gaming and entertainment companies in Canada.  At Gateway he oversees compliance, surveillance, security, AML, RG, internal audit, insurance, risk, interactive and all aspects of technology. He has 20+ years of industry experience in compliance, operations, risk management, audit, stakeholder management, business strategy development, change/project management, regulatory reform, and IT.  Prior to joining Gateway, Terry has been a gaming executive in numerous organizations including, an executive with the Alcohol and Gaming Commission of Ontario (AGCO), Managing Director and National Consulting Gaming Practice Leader for PwC Canada and a Risk & Technology Partner and Gaming Practice Leader with Richter LLP.  Along with his extensive private and public experience, Terry is also a CPA and holds a CISA and Honors BA from the University of Toronto.
In addition, Neil Erlick and Chuck Keeling were reappointed for a second three-year term.
“We are delighted to welcome Peter, Lindsay, Derek, and Terry to the Board. Their diverse expertise and insights will play a critical role in helping CGA further its mission to support a regulated and responsible industry through education, collaboration, and advocacy,” said Paul Burns, President and CEO of the CGA. “Their perspectives and regional representation will strengthen our efforts and ensure we continue making meaningful progress.”
The Full 2024/2025 CGA Board of Directors
  • Bruce Caughill, Managing Director, Canada, Rush Street Interactive
  • Peter Czegledy, Partner, Aird & Berlis LLP
  • Neil Erlick, Chief Corporate Development Officer, Nuvei
  • Charmaine Hogan, Head of Regulatory Affairs, Playtech
  • Dale Hooper, General Manager Canada, FanDuel
  • Chuck Keeling, EVP, SH Engagement, Community and Social Responsibility, Great Canadian Entertainment
  • David Lucchese, Executive Vice President, Sales & Marketing, Everi
  • Adrianne McGrath, Vice President, Business Development, Konami Gaming
  • Terry McInally, Chief Compliance Officer & Chief Information Officer, Gateway Casinos
  • Niaz Nejad, Managing Director, Americas – Gaming, Light & Wonder
  • Bob Parente, SVP Chief Revenue Officer, Gaming, Light & Wonder
  • Derek Ramm, Global Head, Advisory Services, Kinectify
  • Lindsay Slader, SVP Compliance, GeoComply
  • Richard Taylor, President, MGE Entertainment – Fallsview
  • Scott Vanderwel, Chief Executive Officer Canada, PointsBet Canada
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Latest News

Hard Rock Atlantic City Kicks Off “12 Days of Giving” with Over $50,000 to Local Charitable Organizations

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2 days ago

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December 6, 2024

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Hard Rock Hotel & Casino Atlantic City and the Boardwalk 1000 Foundation celebrated National Giving Day by donating $10,000 to the Community FoodBank of New Jersey. This donation marks the start of Hard Rock Atlantic City’s “12 Days of Giving” campaign during which funds and services totaling more than $50,000 will be donated to 12 organizations. Hard Rock Atlantic City has donated to more than 500 charities since opening in 2018 supporting the company’s motto to Love all – Serve All.

Additional recipients include Covenant House Atlantic City, Kelly’s Kidz, Live to Serve, Holidays for Heroes’ Shop with a Cop, ARC of Atlantic County, Court Appointed Special Advocates (CASA), Atlantic County Toys for Kids, Garden State Equality, Atlantic City Rescue Mission, Boys & Girls Club of Atlantic City, and Jewish Family Services.

“We are proud to live by our company’s mottos through our 12 Days of Giving holiday campaign to offer support to our community in such an impactful way. I am deeply grateful for our customers who generously donate to the Boardwalk 1000 Foundation which partnered with Hard Rock Hotel & Casino Atlantic City in helping to make a difference this holiday season,” said George Goldhoff, President of Hard Rock Atlantic City.

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