via NewMediaWire –
Golden Matrix Group Inc.
(NASDAQ:GMGI), a developer, licensor and global operator
of online gaming and eCommerce platforms, systems and gaming
content, today announced it had achieved record third quarter
(ending July 31, 2023) revenues exceeding $11 million, with
significant contributions from RKings Tournament
Competitions, the company’s B2C segment operating in the United
Kingdom.
“July marked our best monthly financial results at RKings since
it was acquired almost two years ago,” said Golden Matrix CEO Brian
Goodman. “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.”
According to Mr. Goodman, operational improvements at RKings
accounted for its upbeat revenue growth. One primary factor was the
recent introduction – and massive popularity – of an expanded
tournament platform offering multiple prizes of various types and
prices, thus allowing for more winners with each drawing. A second
factor was the continued growth of GMGAssets, a complementary
business offering RKings’ tournament winners of an expensive car or
other high-ticket item the option to take a pre-determined cash
option in lieu of the prize.
RKings revenue contributions in Q3 from tournament competitions
and GMGAssets were $5.8 million and $1.7 million, respectively.
MEXPLAY, the company’s fully regulated online casino and
sportsbook in Mexico, continues to show consistent progress since
its launch earlier this year. When comparing Q3 to Q2, total
wagering increased 383% to $5.8 million from $1.2 million, total
player deposits increased 610% to $476,000 from $67,000, and total
registered players increased 368% to 32,800 from 7,000.
“In addition to generating record revenues exceeding $11 million
for the first time,” said Mr. Goodman, “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.”
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, 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 and RKings, its 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.
Our sophisticated software automatically declines any gaming or
redemption requests from within the United States, in strict
compliance with current US law.
Forward-Looking Statements
Certain statements made in this press release contain
forward-looking information within the meaning of applicable
securities laws, including within the meaning of the Private
Securities Litigation Reform Act of 1995 (“forward-looking
statements”). Words such as “strategy,” “expects,” “continues,”
“plans,” “anticipates,” “believes,” “would,” “will,” “estimates,”
“intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify forward-looking statements
but are not the exclusive means of identifying these
statements.
Important factors that may cause actual results and outcomes to
differ materially from those contained in such forward-looking
statements include, without limitation, the ability of the parties
to close the Meridian Bet Purchase Agreement (the “Purchase
Agreement”) on the terms set forth in, and pursuant to the required
timing set forth in, the Purchase Agreement, if at all; the
occurrence of any event, change or other circumstances that could
give rise to the right of one or all of the shareholders of
MeridianBet Group or GMGI (collectively, the “Purchase Agreement
Parties”) to terminate the Purchase Agreement; the effect of such
termination, including breakup and other fees potentially payable
in connection therewith; the outcome of any legal proceedings that
may be instituted against Purchase Agreement Parties or their
respective directors or officers; the ability to obtain regulatory
and other approvals and meet other closing conditions to the
Purchase Agreement on a timely basis or at all, including the risk
that regulatory and other approvals required for the Purchase
Agreement are not obtained on a timely basis or at all, or are
obtained subject to conditions that are not anticipated or the
expected benefits of the transaction; the ability of GMGI to obtain
the funding required to complete such acquisition, the terms of
such funding, potential dilution caused thereby and/or covenants
agreed to in connection therewith; the ability to obtain approval
by GMGI’s shareholders on the expected schedule of the transactions
contemplated by the Purchase Agreement; potential adverse reactions
or changes to business relationships resulting from the
announcement or completion of the Purchase Agreement; the ability
of GMGI to retain and hire key personnel; the diversion of
management’s attention from ongoing business operations; the
expected synergistic relationships and cost savings from the
transactions contemplated by the Purchase Agreement; uncertainty as
to the long-term value of the common stock of GMGI following the
closing of the Purchase Agreement; the business, economic and
political conditions in the markets in which the Purchase Agreement
Parties operate; the impact of the COVID-19 pandemic on GMGI; the
effect on GMGI and its operations of the ongoing Ukraine/Russia
conflict, increased interest rates, recessions and increased
inflation; the need for additional financing, the terms of such
financing and the availability of such financing; the ability of
GMGI and/or its subsidiaries to obtain additional gaming licenses;
the ability of GMGI to manage growth; GMGI’s ability to complete
acquisitions and the available funding for such acquisitions;
disruptions caused by acquisitions; dilution caused by fund
raising, the conversion of outstanding preferred stock and/or
acquisitions; GMGI’s ability to maintain the listing of its common
stock on the Nasdaq Capital Market; GMGI’s expectations for future
growth, revenues, and profitability; GMGI’s expectations regarding
future plans and timing thereof; GMGI’s reliance on its management;
the fact that GMGI’s chief executive officer has voting control
over GMGI; related party relationships; the potential effect of
economic downturns, recessions, increases in interest rates and
inflation, and market conditions, decreases in discretionary
spending and therefore demand for our products, and increases in
the cost of capital, related thereto, among other affects thereof,
on GMGI’s operations and prospects; GMGI’s ability to protect
proprietary information; the ability of GMGI to compete in its
market; GMGI’s lack of effective internal controls; dilution caused
by efforts to obtain additional financing; the effect of current
and future regulation, GMGI’s ability to comply with regulations
and potential penalties in the event it fails to comply with such
regulations and changes in the enforcement and interpretation of
existing laws and regulations and the adoption of new laws and
regulations that may unfavorably impact our business; the risks
associated with gaming fraud, user cheating and cyber-attacks;
risks associated with systems failures and failures of technology
and infrastructure on which GMGI’s programs rely; foreign exchange
and currency risks; the outcome of contingencies, including legal
proceedings in the normal course of business; the ability to
compete against existing and new competitors; the ability to manage
expenses associated with sales and marketing and necessary general
and administrative and technology investments; and general consumer
sentiment and economic conditions that may affect levels of
discretionary customer purchases of GMGI’s products, including
potential recessions and global economic slowdowns. Although we
believe that our plans, intentions and expectations reflected in or
suggested by the forward-looking statements we make in this release
are reasonable, we provide no assurance that these plans,
intentions or expectations will be achieved.
Other important factors that may cause actual results and
outcomes to differ materially from those contained in the
forward-looking statements included in this communication are
described in GMGI’s publicly filed reports, including, but not
limited to, under the “Special Note Regarding Forward-Looking
Statements,” “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of GMGI’s periodic and current filings with the SEC, including the
Form 10-Qs and Form 10-Ks, including, but not limited to, GMGI’s
Annual Report on Form 10-K for the year ended October 31, 2022 and
its Quarterly Report on Form 10-Q for the quarter ended April 30,
2023. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important
factors is not complete, and does not undertake to update any
forward-looking statements except as required by applicable law.
All subsequent written and oral forward-looking statements
attributable to GMGI or any person acting on behalf of any Purchase
Agreement Parties are expressly qualified in their entirety by the
cautionary statements referenced above. Other unknown or
unpredictable factors also could have material adverse effects on
GMGI’s future results. The forward-looking statements included in
this press release are made only as of the date hereof. GMGI cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, GMGI undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that is not
paid for by GMGI. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
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GroupContact: ir@goldenmatrix.com
Golden Matrix (NASDAQ:GMGI)
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