LAS VEGAS, NV, July 9, 2024 - Golden Matrix Group Inc. (NASDAQ:GMGI)(“Golden Matrix”, “GMGI” or the “Company”), an international developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today announced that pursuant to preliminary revenue estimates, it achieved record revenues of more than $39 million for the Company’s second quarter ended June 30, 2024.
Because GMGI’s acquisition of the MeridianBet Group was completed at the beginning of April, and both companies are now operating with the same calendar/fiscal year, this is GMGI’s first reporting period to include consolidated revenues of the combined Company.
SECOND QUARTER HIGHLIGHTS:
- The recent roll out of new technology and a new updated website for RKingsCompetitions Ltd (“RKings”) has already demonstrated significant success, with RKings posting its strongest quarterly revenues in Q2, since being acquired by the Company in 2022.
- Global expansion of MeridianBet Group’s operations is well underway with MeridianBet Group recently announcing in June, it had been granted two new major licenses, South Africa and Peru.
- MeridianBet Group’s operating Sportsbook in Brazil continues to post strong results and expectations, wagering reached 14.7M USD in Q2 '24, which is 13% more than Q1 '24 and expectations are that it will continue to grow over time.
- Expanse Studios, MeridianBet’s state-of-the-art gaming portfolio, has continued to generate strong revenues Q2 ’24 being 26% higher than in Q1 '24. Expanse continues to sign up new casino operators and has recently announced a strategic partnership with Betika, Kenya’s leading online gaming company. This collaboration will further increase Expanse Studios’ iGaming market exposure across Africa." According to Statista, Kenya’s iGaming market is poised for substantial growth, with online gambling revenues expected to grow at a CAGR of 6.25% until 2028.
“Our acquisition of MeridianBet Group is off to a great start, with this strong initial quarter and expectations for continued growth of revenues and profits for the forseeable future,” said GMGI CEO, Brian Goodman, who continued, “Mr Aleksandar Milovanović, the largest shareholder of the Company, recently convert $4 million of deferred debt into shares of common stock at a conversion price of $3 per share. We believe this clearly shows confidence in the Company and its ongoing performance.
We plan to continue to work to strengthen our business-to-business (B2B) and business-to-consumer (B2C) segments worldwide, and we are currently evaluating acquisition opportutnities which we hope will further boost our strong core business growth and overall financial performance.”
Further information on financial results for the second quarter ending June 30, 2024 will be available in GMGI’s Quarterly Report on Form 10-Q filing with the Securities and Exchange Commission, expected to be filed on or about August 14, 2024.
Preliminary Results of Operations
The preliminary results for the quarter ended June 30, 2024, described above are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the Company’s standard quarter-end/year-end closing procedures. Such financial results for the quarter ended June 30, 2024 and related comparisons to prior periods included in this release are preliminary and have not been reviewed or audited. This press release does not present all necessary information for an understanding of the Company’s financial condition as of the date of this release, or its results of operations for the quarter ended June 30, 2024. As the Company completes its quarter-end financial close process and finalizes its financial statements for the quarter, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the preliminary financial information set forth above and those changes could be material. Accordingly, undue reliance should not be placed on this preliminary data. The Company does not intend to update such financial information prior to the release of its final financial statement information for the quarter ended June 30, 2024, which is currently scheduled to be released on or around August 14, 2024.
