A Closer Look Into Golden Matrix Group's (GMGI) Sweepstakes Business Segments: Adding to Meridianbet's Success

Rhea-AI Summary

Golden Matrix Group (NASDAQ: GMGI) has reported significant success from its sweepstakes business segments, RKings Competitions and Classics for a Cause. These divisions collectively contributed 27% of Q3 2024 revenue. RKings specializes in luxury prize draws in the UK and Ireland, while Classics for a Cause operates in Australia, focusing on classic car raffles for charitable fundraising. The company's sweepstakes operations demonstrate impressive efficiency with an average customer acquisition cost of approximately $2.

Positive

• Sweepstakes segments contribute 27% to Q3 2024 revenue
• Low customer acquisition cost of $2 indicates efficient marketing
• Diversified revenue streams across multiple geographical markets (UK, Ireland, Australia)

Negative

• None.

News Market Reaction

+2.49%

1 alert

+2.49% News Effect

On the day this news was published, GMGI gained 2.49%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Sliema, Malta--(Newsfile Corp. - December 13, 2024) - Golden Matrix Group, Inc. (NASDAQ: GMGI), the parent company of renowned brands such as Meridianbet, has seen significant contributions from its sweepstakes business segments as well - RKings Competitions and Classics for a Cause. These two brands have emerged as strong performers within the company's portfolio, blending entertainment with broader impact and adding notable value to its overall operations.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• GMGI's sweepstakes business segments, RKings Competitions and Classics for a Cause, have emerged as strong contributors, accounting for 27% of Q3 2024 revenue combined.
• RKings leads in the UK and Ireland with luxury prize draws, while Classics for a Cause in Australia supports charitable fundraising through classic car raffles, amplifying awareness for vital causes.
• With an average customer acquisition cost of cca. $2, GMGI's sweepstakes businesses showcase a highly cost-effective approach to audience engagement.

Click image above to view full announcement.

Founded in 2001 and part of the Golden Matrix (NASDAQ: GMGI), Meridianbet Group is a well-established online sports betting and gaming group, licensed and/or currently operating in 17 jurisdictions across Europe, Africa, and South America. Meridianbet's successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online, and mobile.

Contact information:
Milan Koricanac, Head of Global PR
milan.koricanac@meridianbet.com

Source: Meridianbet Group

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233670

FAQ

What percentage of GMGI's Q3 2024 revenue came from sweepstakes operations?

GMGI's sweepstakes business segments (RKings Competitions and Classics for a Cause) accounted for 27% of Q3 2024 revenue.

What is the customer acquisition cost for GMGI's sweepstakes business?

GMGI's sweepstakes businesses have an average customer acquisition cost of approximately $2.

Which markets does GMGI's RKings Competitions operate in?

RKings Competitions operates in the UK and Ireland markets, specializing in luxury prize draws.

What is the focus of GMGI's Classics for a Cause division in Australia?

Classics for a Cause in Australia focuses on classic car raffles for charitable fundraising purposes.