Golden Matrix (NASDAQ: GMGI), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, announced that the company is reporting record third-quarter revenues for the period ending July 31, 2023. According to the announcement, revenues for the period exceeded $11 million, with significant contributions coming from RKings Tournament Competitions, the company’s B2C segment operating in the United Kingdom. The company noted that operational improvements at RKings accounted for the revenue growth, including the introduction and popularity of an expanded tournament platform offering multiple prizes of various types and prices. The company noted that another factor in the uptick in revenue is the continued growth of GMGAssets, a complementary business that offers those who win an expensive car or other high-ticket item in RKings tournaments the option to choose a predetermined cash prize instead.
According to the report, RKings revenue from tournament competitions and GMGAssets in Q3 totaled $5.8 million and $1.7 million, respectively. The company also noted that its fully regulated online casino and sportsbook MEXPLAY continues to show consistent progress since its launch earlier this year. “July marked our best monthly financial results at RKings since it was acquired almost two years ago,” said Golden Matrix CEO Brian Goodman in the press release. “It contributed $7.5 million toward total revenues in the quarter, which is $1 million more than contributions of about $6.5 million generated in both Q1 and Q2. . . . In addition to generating record revenues exceeding $11 million for the first time, we made excellent progress during the quarter in securing the financing required to complete the acquisition of the MeridianBet Group; and we anticipate sending out the proxy statement later this month for shareholder approval. Obviously, we are extremely excited to complete this transaction, as it will transform GMGI into a dynamic and highly profitable global gaming company.”
To view the full press release, visit https://ibn.fm/f4Jie
About Golden Matrix Group Inc.
Golden Matrix Group, based in Las Vegas, Nevada, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients. RKings, GMGI’s B2C division, operates a high-volume ecommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The company also owns and operates MEXPLAY, a regulated online casino in Mexico. The company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law. For more information about the company, visit 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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