Welcome to our dedicated page for Golden Matrix news (Ticker: GMGI), a resource for investors and traders seeking the latest updates and insights on Golden Matrix stock.
Golden Matrix Group, Inc. (NASDAQ: GMGI) generates a steady flow of news as an online gaming and iGaming technology company operating across multiple regulated markets. Based in Las Vegas, Nevada and listed on The NASDAQ Capital Market, the company reports on developments in its B2B platform business, B2C betting operations, acquisitions, and corporate governance through press releases and SEC-related disclosures.
News about Golden Matrix often highlights activity within its key subsidiaries and divisions. Meridianbet, a subsidiary and major segment of the group, features in announcements about licensing in new jurisdictions, product enhancements for online sports betting and gaming, and expansion of B2B operations in regulated markets. Expanse Studios, the company’s B2B iGaming content arm, appears in updates on new game launches, distribution partnerships, and certifications that enable it to supply proprietary slots, crash games, table games, and gamified casino experiences to operators worldwide.
Coverage of GMGI also includes items related to its proprietary GM-AG (Atlas) iGaming aggregator platform, which research summaries describe as offering access to a large catalog of games and incorporating AI-driven user learning and betting recommendation capabilities. Investors and industry followers can find news on platform enhancements, market entries, and the use of artificial intelligence to support user engagement and recurring revenue models.
Corporate and capital markets developments form another important category of Golden Matrix news. Recent communications and Form 8-K filings have addressed leadership transitions, including the appointment of an Interim Chief Executive Officer, Board-level changes, share repurchase authorization, and acquisition-related consideration being settled in common stock. Earnings-related press releases referenced in Form 8-K filings provide updates on quarterly performance and the use of non-GAAP financial measures.
This news page for GMGI brings together these items in one place, helping readers follow updates on licensing milestones, new products and content, strategic partnerships, governance changes, and financial communications as they are announced.
Golden Matrix Group (NASDAQ: GMGI) reported strong Q3 2024 financial and operational results, reflecting a robust growth strategy. Consolidated revenue surged 85% to $41 million, with year-to-date revenue up 55% to $105.3 million. Gross profit increased 39% to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million. Adjusted EBITDA reached $4.3 million. The company maintained a strong balance sheet with $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity grew 60% to $94 million.
Operational highlights include the integration of Classics for a Cause, adding $2.1 million in revenue and $503,000 in EBITDA, and significant growth in the GMAG B2B aggregator platform. Meridianbet's Q3 revenue grew 16% YoY, with online casino GGR margins hitting 3.37% and sports betting rising 7.4%. Mexplay in Mexico reported a 56% increase in active players and a rise in gross gaming revenue to $15 million.
Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and content, has scheduled its third quarter 2024 financial results announcement for Tuesday, November 12, 2024, before market opening. The company will provide an audio webcast of the earnings call along with a presentation reviewing financial results, recent events, and outlook, accessible through the Events & Presentations section of their website.
Golden Matrix Group (NASDAQ: GMGI) has announced the launch of an AI-powered Bet Recommender through its subsidiary Meridianbet. The new system provides real-time, personalized betting suggestions by analyzing thousands of data points from sports events and odds parameters. Built on Meridianbet's Atlas platform, the recommender features data-driven decisions, tailored suggestions, and real-time adaptability with CRM integration.
The Atlas platform supports over 110,000 events monthly and operates across 20+ markets. Meridianbet's operations span Europe, Africa, and Latin America, offering various gaming products including sports betting, iGaming, lotteries, and raffles.
Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, has been invited to present at the 17th Annual LD Micro Main Event. The event will take place from October 28 - 30, 2024 at the Luxe Sunset Bel-Air Hotel in Los Angeles, California.
Brian Goodman, Chief Executive Officer of Golden Matrix, will be presenting and meeting one-on-one with investors at the conference. The presentation is scheduled for Wednesday, October 30th at 10:30 a.m. Pacific time (1:30 p.m. Eastern time). Interested parties can register to watch the live presentation through a provided webcast link.
Golden Matrix Group Inc. (NASDAQ: GMGI) announced its participation in the 2024 Global Gaming Expo (G2E) at The Venetian Expo in Las Vegas from October 7-10. This marks GMGI's first G2E appearance as a combined entity with Meridianbet. The company will showcase its expanded B2B network, featuring proprietary software including the new Atlas System, a fifth-generation core system for sports betting and iGaming.
GMGI will present alongside Meridianbet and Expanse Studios under a unified banner, demonstrating their collaborative strength. The booth will feature Meridianbet's B2B offerings, including the Atlas core system and AI player recommenders, as well as Expanse Studios' new crash games and social casino content.
The company plans strategic meetings with industry stakeholders to explore growth opportunities in regulated markets. Additionally, Meridianbet has been shortlisted for a sports betting and iGaming license in Brazil, expanding GMGI's presence in South America.
Golden Matrix Group Inc. (NASDAQ: GMGI) announces its subsidiary, Meridian Gaming Brasil SPE LTDA, has advanced in Brazil's licensing process for sports betting and iGaming. As one of 89 companies selected at the Federal level, Meridian Gaming Brasil can continue operating nationwide until December 31, 2024. This positions GMGI to tap into Brazil's gaming market, projected to reach $2.2 billion in 2024 and generate $34 billion in sports betting turnover by 2028.
Meridianbet's proprietary platform, marketing plans, and responsible gambling policies have contributed to its shortlisting. The company's application includes both sports betting and iGaming, offering a full suite of gaming experiences to Brazilian players. CEO Brian Goodman states this advancement reaffirms Meridian Gaming Brasil's technological and operational leadership in the Brazilian market.
Golden Matrix Group Inc. (NASDAQ: GMGI) has announced its fifth amendment to the share purchase agreement with Meridianbet, modifying the earnout structure for the previous acquisition. The amendment, effective October 1, 2024, alters the payment terms for the three sellers: Aleksandar Milovanović, Zoran Milošević, and Snežana Božović.
Key changes include:
- Partial conversion of cash payments to GMGI common stock
- Deferred payment schedules for remaining cash considerations
- Milovanović: 40% in stock, remaining cash deferred to November 9, 2024
- Milošević: 40% in stock, remaining cash paid $50,000 monthly from October to December 2024
- Božović: 20% in stock, remaining cash paid $50,000 monthly in October and November 2024
This amendment aims to align stakeholder interests with GMGI's long-term growth and provide the company with enhanced financial flexibility for strategic initiatives and expansion efforts.
Golden Matrix Group (NASDAQ: GMGI) has announced a significant expansion of its subsidiary Meridianbet's sports wagering product suite. The expansion introduces approximately 170 new games with over 2,000 additional betting selections per match, powered by GMGI's proprietary software. The new offering includes five game groups for each match: Players, Special, Corners, Cards, and Time Games.
This strategic move aims to broaden market appeal, increase user engagement, revenue streams, and market share in respective jurisdictions. The expanded Meridian Special is now available for major European and global soccer leagues worldwide. GMGI's CEO, Brian Goodman, emphasized that this expansion represents a significant milestone in their product development strategy and demonstrates the flexibility of their proprietary technology stack.
Expanse Studios, a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), made a significant impact at the SBC Summit Lisbon 2024, engaging in discussions with over 20 potential partners. The event, which attracted 25,000 industry professionals, served as a platform for Expanse Studios to showcase its latest innovations.
The company introduced two new games: 'Beach Penalties', their first game specifically designed for the social casino category, and 'Super Heli', a high-octane crash game that generated considerable interest. These titles reflect Expanse Studios' strategic expansion into the social gaming market and its commitment to innovative gaming content.
With a portfolio of over 50 games spanning various categories, Expanse Studios is positioned for continued growth in the global iGaming market. The company's mobile-first approach and strategic partnerships with operators and aggregators further strengthen its market position.
Golden Matrix Group's subsidiary Meridianbet has partnered with Integrity Compliance 360 (IC360) as it prepares to enter the Brazilian market. This strategic move aims to uphold high integrity standards for Meridianbet's sports offering in Brazil, aligning with global regulatory expectations. Meridianbet's Brazilian subsidiary, Meridian Gaming Brasil SPE, is progressing in the licensing process under request number 56.195.600/0001-07.
The partnership comes as Brazil is poised to become the third-largest gaming market globally, with projections indicating $34 billion in sports betting turnover and $2.8 billion in onshore gross win by 2028. Meridianbet's application includes both sports betting and iGaming, positioning it among select operators offering a full suite of gaming experiences in Brazil.