Golden Matrix Group reports record revenues of $44 million

Finance News

Golden Matrix Group a 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 $44 million for the company’s fiscal year ended October 31, 2023, which represents, an approximately 22% improvement on revenues of $36 million in fiscal 2022.

“We are extremely pleased with the consistent progress made during this past year,” said GMGI CEO, Brian Goodman, who continued, “Our core B2B platform for operators throughout the Asia Pacific region remains strong, and we have benefitted from an acceleration of growth, with greater profitability, in the Company’s B2C segment, UK-based RKings Competitions Ltd. Also, our B2C Mexican casino, MEXPLAY, was launched and operating in the second half of the year and showed quarter on quarter improvements in customer deposits and player participation.”

Mr. Goodman also noted that the Company continues to generate positive cash flow, with preliminary estimates showing cash-on-hand increasing 14% as of the end of fiscal ’23, compared to the end of fiscal ’22.

The Company also notes that the preliminary proxy statement related to the planned acquisition of the MeridianBet Group has been filed with the Securities and Exchange Commission (SEC). “We look forward to the closing of this strategic acquisition,” concluded Mr. Goodman, who continued, “We believe the combined enterprise will be a highly competitive participant in gaming markets worldwide, offering casino games, sports betting and tournament competitions in multiple jurisdictions.”