LAS VEGAS, NV, Feb. 22 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Golden Matrix Group, Inc. (OTCQX: GMGI) (“GMGI” or the “Company”), a developer and licensor of gaming platforms, systems and gaming content , announced today that it expects to achieve record quarterly revenue of approximately $7.7 million in the fiscal first quarter ended January 31, 2022.
This represents an estimated 295% improvement over revenue of $1,951,406 in the prior year comparable quarter and a 124% increase over the prior quarter.
Prior to the first quarter of 2022, Golden Matrix’s revenue was primarily derived from licensing fees received from gaming operators located in the Asia-Pacific (APAC) region and integrated with the company’s industry-leading GM-X platform. Following the company’s recent acquisition of an 80% majority stake in UK-based RKingsCompetitions Ltd (“Rkings”), this record first quarter included significant revenue contributions from business-to-consumer skills tournaments (B2C) from Rkings.
There are currently over 580 operators and 6 million registered users across all of GMGI’s traditional gaming platforms. Additionally, Rkings competitions attracted more than 33,000 participants during the first fiscal quarter ended January 31, 2022.
“As expected, Rkings is having an immediate positive impact on our financial performance,” said Golden Matrix CEO Brian Goodman, “It allowed us to enter a well-established B2C vertical in a new international market; and, with its very popular offerings, coupled with historic nominal player acquisition costs, we believe Rkings can be expanded to other regions, subject to regulatory compliance, and continue to grow our overall revenue and profitability.
Mr. Goodman added, “GMGI’s strong balance sheet and current cash position of approximately $14.9 million should help facilitate expansion into new markets and facilitate additional acquisitions during the year. calendar 2022.”
Further information regarding GMGI’s results of operations for the fiscal first quarter ended January 31, 2022 will be included in the quarterly report on Form 10-Q that the company expects to file with the Securities and Exchange Commission by March 10, 2022. .
About the Golden Matrix
Golden Matrix Group, based in Las Vegas, NV, is an established gaming technology company that develops and owns online gaming intellectual property and builds configurable and scalable white-label social gaming platforms for its global clients, located primarily in the Asia-Pacific region. Game IP includes tools for marketing, acquisition, retention and monetization of users. The company’s platform is accessible through desktop and mobile apps.
Our sophisticated software automatically declines any game or trade request from the United States, in strict compliance with applicable US law.
Based in Northern Ireland, Rkings is a competitions business offering customers in Ireland and the UK paid entry and free entry, avenues to enter competitions to win a range of consumer products as prizes . Customers can access contests via iOS or Android apps as well as online where they can win prizes ranging from super cars to luxury vacations.
The competitions are currently only open to residents of Ireland and the United Kingdom.
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”). These forward-looking statements represent the Company’s current expectations or beliefs regarding future events and can generally be identified by statements including words such as “estimate”, “expect”, “project”, ” believe”, “anticipate”, “intend”, “plan”, “expect”, “expect”, “probable”, “will”, “target” or similar words or expressions. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause actual results to differ materially from the results expressed or implied by the forward-looking statements. , including but not limited to the impact of the COVID-19 pandemic on the Company; the need for additional financing, the terms of such financing and the availability of such financing; the Company’s ability to manage growth; the Company’s ability to make acquisitions and the financing available for such acquisitions; disruptions caused by acquisitions; dilution caused by fundraising and/or acquisitions; the Company’s expectations for future growth, revenue and profitability; the Company’s expectations regarding future plans and the timing thereof; the Company’s dependence on its management; whether the CEO of the Company has voting control over the Company; relations with related parties; the potential effect of economic downturns and market conditions on the Company’s business and prospects; the Company’s ability to protect proprietary information; the Company’s ability to be competitive in its market; the Company’s lack of effective internal controls; dilution caused by efforts to obtain additional financing; the effect of future regulations, the Company’s ability to comply with regulations and potential penalties for non-compliance with such regulations and changes in the application and interpretation of existing laws and regulations and the adoption of new laws and regulations that could adversely impact our business; risks associated with gambling fraud, user cheating and cyberattacks; risks associated with systems failures and failures of the technology and infrastructure upon which the Company’s programs rely; foreign exchange and foreign exchange risks; the outcome of contingencies, including legal proceedings in the ordinary course of business; the ability to compete with existing and new competitors; the ability to manage the expenses associated with sales and marketing and the necessary general, administrative and technological investments; and general consumer sentiment and economic conditions which may affect customers’ discretionary purchasing levels of the Company’s products. Although we believe that our plans, intentions and expectations reflected or implied by the forward-looking statements we make in this release are reasonable, we do not guarantee that these plans, intentions or expectations will be realized. Accordingly, you should not consider any such list as a complete set of all potential risks and uncertainties. Further information on potential factors that could affect the Company’s financial results is included from time to time in the “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of the Financial Condition and Results of Operations” of the Company’s periodic report. and current filings with the SEC, including Forms 10-Q and 10-K, including, but not limited to, the Company’s Transition Report on Form 10-K for the transition period of nine months ending October 31, 2021. These reports are filed with the SEC and available at www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or anyone acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors could also have material adverse effects on the Company’s future results. The forward-looking statements included in this press release speak only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company assumes no obligation to update such statements after the date of this release, except as required by law, and assumes no obligation to update or correct information prepared by third parties that are not paid by the Company. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements.
The revenues and cash position referred to in this press release only reflect the Company’s 80% ownership interest in Rkings.
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Golden Matrix Group
Contact person: Scott Yan