Golden Matrix Group Inc. (NASDAQ: GMGI) Reports a Record $9 Million in Quarterly Revenues

  • Golden Matrix Group Inc revealed that revenues for the third fiscal quarter ending July 21, 2022, exceeded $9 million
  • The record top-line result marks a significant, 177% increase on a year-over-year basis
  • Management attributed the strong performance to continued growth within the company’s B2B and B2C segments, noting that there were approximately 635 operators and 6.5mn registered users across its platforms at the present juncture

Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, set a record for the third fiscal quarter ended July 21, 2022, reporting revenues exceeding $9 million – equivalent to an estimated 177 percent increase relative to the $3.25 million registered in the equivalent period a year ago. Moreover, the company’s strong third quarter results will likely extend Golden Matrix Group’s robust recent performance, a trend which saw the company report its 15th consecutive quarter of profitability in 2QFY2022. 

While detailed quarterly results are set to be released following the submission of the company’s Form 10-Q, which is set to be filed with the Securities and Exchange Commission in early September 2022, Golden Matrix Group’s strong top-line performance is likely to stem from continued development and expansion of the firm’s B2B and B2C business lines. 

Prior to fiscal 2022, Golden Matrix Group’s revenues were largely derived from licensing fees received from gaming operators located within the Asia Pacific region, who partook of the company’s GM-X turnkey solution, a complete software package designed to support online gaming businesses. The white-labelled service provided third party gaming platforms with access to GMGI’s expansive portfolio of over 10,000 games, ranging from online slots, casino table games, live operator games, and more drawn from Golden Matrix Group’s partnership with upwards of 25 providers. 

The historic reliance on the B2B business line was dramatically revamped following the company’s acquisition of an 80 percent controlling interest in UK-based RKings Competitions Ltd in November 2021, a purchase that allowed GMGI to significantly boost their B2C business vertical. In addition to contributing approximately $5.1 million of the group’s total revenues for the second quarter of the 2022 fiscal year, RKings’s unique competitions have also resulted in GMGI acquiring thousands of new players a quarter at relatively low cost – a crucial factor towards growing out their addressable consumer universe going forward.

Golden Matrix CEO, Brian Goodman commented following the release of the third quarter result highlights, “We are excited by meaningful progress and growth in both our B2B and B2C divisions. The company has now recorded its first $9 million quarter, which is even more impressive when considering the impact of global economic headwinds and an unfavorable exchange rate throughout the quarter.”

Mr. Goodman further elaborated upon the ongoing expansion of the company’s B2B and B2C verticals in recent months, noting that there were approximately 635 operators and about 6.5 million registered users across all GMGI’s traditional B2B gaming platforms at present. Moreover, he noted that RKings’ B2C competitions had engaged more than 46,000 new registered users during the most recent quarter.

Lastly, Mr. Goodman also revealed that the company’s gaming permit in Mexico had recently been approved, a key milestone set to permit GMGI to continue its recent move towards the diversification of its geographic revenue base. “We are now finalizing required merchant services to operate there and expect to go live during the current quarter,” he remarked.

For more information, visit the company’s website at www.GoldenMatrix.com.

NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI

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