LAS VEGAS, NV, Aug. 03, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Golden Matrix Group Inc. (NASDAQ: GMGI)a developer and licensor of gaming platforms, systems and content, today announced that it recorded record revenue exceeding $9 million during the fiscal third quarter ended July 31, 2022. This represents a estimated improvement of 177% over comparable year revenues of $3.25 million. – a quarter ago.
“We are delighted with the significant progress and growth of our B2B and B2C divisions,” said Brian Goodman, CEO of Golden Matrix. “The company has now recorded its first quarter of $9 million, which is even more impressive given the impact of headwinds in the global economy and an unfavorable foreign exchange rate throughout the quarter.”
Mr. Goodman noted that there are currently around 635 operators and around 6.5 million registered users across all of GMGI’s traditional B2B gaming platforms. RKings B2C contests attracted over 46,000 new registered users in the last quarter.
Prior to FY2022, Golden Matrix’s revenue was primarily derived from licensing fees received from game operators located in the Asia-Pacific (APAC) region and integrated with the company’s cutting-edge GM-X and Aggregate platforms. Following the company’s acquisition of an 80% majority stake in UK-based RKings, the first nine months of fiscal 2022 delivered strong revenue contributions from the skills tournament platform by RKings.
Mr. Goodman added that, as previously announced, Golden Matrix plans to launch RKings’ scalable platform in other approved gaming markets, starting with Mexico where its gaming license was recently approved. “We are currently finalizing the merchant services required to operate there and expect to go live in the current quarter.”
Further information regarding GMGI’s results of operations for the fiscal third quarter ended July 31, 2022 will be included on Form 10-Q, which the company expects to file with the Securities and Exchange Commission in early September 2022.
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 B2B white-label gaming platforms for its global customers, located mainly in the Asia-Pacific region. Game IP includes marketing, acquisition, retention, and user monetization tools. The company’s platform is accessible through desktop and mobile apps. Due to its 80% majority stake in the British company RKings Ltd Competitions. Golden Matrix also generates revenue from RKings’ scalable B2C tournament platform.
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 prize competition business providing customers in Ireland and the UK with paid entry and free entry, avenues to enter prize competitions to win a range of consumer products as prizes. Customers can access competitions 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”, “anticipate”, “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 ended 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.
Connect with us:
Golden Matrix Group
Contact person: Scott Yan