Golden Matrix signals strong Q3 with revenue expected to beat $10m

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Golden Matrix Group has issued a Q3 trading update (period ending July 31), citing that it expects to achieve its third consecutive quarter of over $10m in corporate revenues.

The online gaming platform provider is forecasting revenues to exceed $10m thanks to several key factors including online casino operation progression in Mexico, the company’s aggregate igaming system gaining traction and technology upgrades for RKings.

Commenting on the update, Brian Goodman, CEO of Golden Matrix, said: “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; and 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.”

Golden Matrix stated that MEXPLAY, the company’s B2C online casino in Mexico, has seen “consistent month-on-month progress” following its launch earlier this year in February. Wagering in June on the platform stood at $3.13m, up 167 per cent compared to May’s $1.17m.

Goodman added: “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.”

Regarding Golden Matrix’s B2B aggregate turnkey igaming system GMX-Ag – offering players casino, sportsbook and live gaming content with a single wallet – the company noted that the system “continues to gain traction” with the addition of new operators each quarter.

The group also stated that technology upgrades for RKings brought in during Q2, which has allowed the provider to host more tournament participants, have “resulted in improved offerings”. 

Meanwhile, GMGAsset – a complementary business offering high-ticket item tournament winners a pre-determined cash option in place of their prize, reselling the item with each transaction having a “built-in positive margin” – generated revenues of over $1.2m in the first two months of Q3.

Goodman remarked that Golden Matrix was happy with how their platforms are performing, while also highlighting the MeridianBet acquisition, which is expected to close in Q3 or Q4 this year.

The CEO concluded: “We are extremely pleased with the strength of our B2B and B2C platforms and their popularity with a growing number of participants. 

“And 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.”

Golden Matrix will file its Q3 financial results later this year, on or before September 15.