Golden Matrix expects revenue growth in Q3, exceeding $10M for third consecutive quarter

B2B and B2C gaming technology company Golden Matrix Group has announced its expectations for the third quarter, projecting revenues exceeding $10 million. This would mark the third consecutive quarter in which the company achieves this milestone.

Golden Matrix CEO Brian Goodman stated: “In addition to benefitting from operational improvements in each of the company’s business units during the quarter, we have made excellent progress with the due diligence process of the MeridianBet Group. We now have multiple offers of funding that will help secure the financing required to complete the acquisition."

"We remain confident that GMGI, with its growing internal strength and the pending MerdianBet acquisition, is on the cusp of transforming into not only a diverse and profitable gaming company, but also one that has considerable scale and extensive global representation,” he added.

The company stated that the technology upgrades at RKings in Q2 to accommodate larger numbers of tournament participants have resulted in improved offerings. The Las Vegas-based group first took full ownership of RKings in November last year, having initially purchased a majority holding in November 2021. Golden Matrix also noted GMGAsset generated over $1.2 million in revenue in the first two months of Q3. 

Regarding MEXPLAY, the company's B2C online casino in Mexico, Goodman said: "We believe we are seeing solid compounding growth in our fully regulated Mexican online casino, and we expect our success there to lead to expansion into other Latin American countries."

The online casino is showing consistent month-on-month progress since its launch in February, with total wagering increased to $3.13 million in June, up 167% on $1.17 million wagered in May.

The company's B2B aggregate gaming system, GMX-Ag, also continues to gain traction with the addition of new operators each quarter, noted Golden Matrix.

"We are extremely pleased with the strength of our B2B and B2C platforms and their popularity with a growing number of participants," Goodman added. "With the completion of the MeridianBet acquisition, we will benefit from each other’s strategic contributions and create a new Combined Company with attractive product offerings in multiple gambling jurisdictions worldwide."

GMGI first struck a deal in January to purchase MeridianBet for approximately $300 million, but the terms of the agreement were amended earlier this month, with GMGI hoping to complete the deal in the fourth quarter. The purchase agreement is now valued at $331 million.

Should the deal proceed as expected, the MeridianBet group of companies will become wholly owned subsidiaries of GMGI. The deal would provide GMGI with access to regulated B2C markets in Eastern Europe, an online gambling market that, according to a 2023 report by Statista, is expected to reach $894.60 million in 2023, and $1.231 billion by 2027.