Golden Matrix Group acquires remaining 20% interest in RKings Competitions

Online gaming developer and licensor Golden Matrix Group announced Tuesday it has acquired the remaining 20% interest in RKings Competitions for a total of 165,444 restricted shares of GMGI’s common stock payable to the two former owners of RKings.

Golden Matrix CEO Brian Goodman said: “We are pleased to now have this exciting and successful B2C business as a wholly-owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions.”

“In addition to Great Britain, we expect RKings’ tournament platform to be popular and well-received by participants in Mexico, where it is already permitted to operate; and we believe it can expand into other Latin American markets over the next couple years,” he added.

Goodman stated the company had also recently launched a complementary business, GMGI Assets, which will serve to enhance the revenue stream and profit being generated by RKings division. 

“As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car,” he explained. “When this occurs, GMGI Assets will take possession of the car and resell it.”

“Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future,” Goodman continued. 

Based in Las Vegas, Golden Matrix Group is a gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label B2B gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. 

The developer had acquired the majority of RKings in November 2021, and said that the deal had a positive impact on its performance during both the first and second quarters of its 2022 financial year.

Last month, the company announced the launch of a licensed proprietary B2C online casino in Mexico called MEXPLAY. The content became available on November 1,  in both Spanish and English. According to the company, the launching of MEXPLAY fulfills the first objective of GMGI’s strategy to expand its B2C business in Latin America.