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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.

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PlayUZU Teams with OCESA to Power Live Music at Iconic Mexican Venue

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PlayUZU, Mexico’s leading online casino brand, is turning up the volume on entertainment. In a powerful new partnership with OCESA, Latin America’s top live entertainment promoter, the Skill-On-Net brand has signed on as an official sponsor of the iconic Palacio de los Deportes for the 2025–2026 season.

From March 2025 to February 2026, PlayUZU will be front and centre at more than 40 world-class concerts and live events, featuring top international artists and top-tier productions. PlayUZU players will have the chance to win tickets and VIP access to some of the hottest shows in the country via exclusive promotions and giveaways, gaining access to premium concert experiences and once-in-a-lifetime events.

The sponsorship is the centerpiece of PlayUZU’s blockbuster new campaign, “Sounds Like PlayUZU”, which positions music, fun, and excitement as the cornerstones of the brand. The campaign seeks to connect with the Mexican public by creating unforgettable moments, both in the digital world on the PlayUZU platform and at iconic venues like the Palacio.

PlayUZU continues to expand its presence in Mexico and offer added value that goes beyond online gaming. From backing the local entertainment scene to putting user safety and responsible gaming first, the brand is all about creating safe, fun, and meaningful experiences for its community.

Iñaki Paz, Country Manager of PlayUZU Mexico, said: “By teaming up with OCESA and the Palacio de los Deportes, we’re bringing the thrill of live entertainment directly to our community — on stage and online. This isn’t just a sponsorship. It’s an invitation: Join the movement. Live the music. Feel the excitement. Experience PlayUZU.”

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BetPlay Partners with TAPPP and DirecTV to Launch New Betting Service

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Colombian operator BetPlay has partnered with interactive payment provider TAPPP and satellite television provider DirecTV to launch the first in-broadcast betting experience available directly from a television screen.

The product, which went live on Colombian Division A soccer games last week, enables BetPlay customers who subscribe to DirecTV to open an overlay on their TV screens while watching a live soccer match and place a bet within the same screen.

TAPPP’s patented payment technology facilitates the transaction between the broadcast and BetPlay, within both linear TV services and DirecTV’s streaming platform for the first time.

Reflecting on the launch at SBC Summit Americas in Fort Lauderdale, Florida, last week, TAPPP Chief Executive and Founder Sandy Agarwal said, while the product has only been live for six games, initial data shows that 14.5% of people watching the games clicked, age-verified, and accessed the betting experience. Moreover, 6.5% scrolled through to see what kind of bets were available and 37.5% showed intent to bet by linking their accounts.

Agarwal also said that early data from trials showed that when viewers placed even a modest bet, their engagement with the game rose from an average of 10 minutes to 21 minutes.

The technology has the potential to revolutionize the way that bettors engage with sports and entertainment on TV, enabling a more intuitive and social online betting experience.

BetPlay board member Paola Echeverri said the operator hoped to see the offering expand across sports and entertainment programming. “A year from now, this is going to be a lot bigger, and it’s going to be a lot more entertaining and a lot more fun than we’re seeing right now,” she said.

“That overlay will hopefully have transformed into a new way of consuming sports and a new way of expressing your passion, which is what our brand is all about, betting on your passion. We are completely betting on transforming that passion in our customers and hopefully, with TAPPP and DirecTV, creating something completely new that we can’t envision right now, but that we completely feel coming our way.”

The project has taken almost 18 months to deliver after DirecTV accepted TAPPP’s proof of concept in January 2024. Describing the process as “very complex, business wise and technology wise,” Agarwal said it took a team of 60 full-time engineers nine months to deliver the product ready for launch.

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However, with sports betting rolled out, Agarwal is ready to expand TAPPP’s innovative payments technology to multiple use cases. “We want to be ubiquitous,” he said. “We’ve taken practice swings with almost every sport. The platform is, in lot of ways, plug and play.”

TAPPP has received investment via two funding rounds. The first was in 2018, followed by a $10 million Series B funding round co-led by Accomplice and Verance Capital in 2022.

Other backers included Stephen Pagliuca of the Boston Celtics and Peter Tomozawa of the Vegas Golden Knights and Seattle Sounders. As well as Permit Ventures, London-based Oakvale Capital and ADvantage, which counts sports betting entrepreneur Laila Mintas among its venture partners.

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SYNOT Games Announces Strategic Partnership with Caliente in Mexico

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SYNOT Games has announced a new partnership with Caliente, one of Mexico’s top gaming platforms. This collaboration marks an exciting expansion for SYNOT Games, as it brings its acclaimed portfolio of gaming content to the Mexican market. It enhances Caliente’s offerings with an extensive array of high-quality slot games such as Respin Joker, Book of Secrets, Realm of Lions, and Forest Maiden, designed to captivate players and boost engagement.

Caliente with its strong presence in Latin America, is the perfect partner for SYNOT Games’ expansion into the region. The partnership aims to deliver an exceptional gaming experience, combining SYNOT’s visually rich, innovative games with Caliente’s extensive reach and reputation.

Kristína Ďaďová, Sales Manager at SYNOT Games, said: “This collaboration is a key step in our strategy to expand our reach and introduce our high-quality gaming content to new audiences. Together with Caliente’s powerful market presence, we are poised to enhance the gaming experience for players across Mexico with our innovative and visually engaging slot games.”

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