Golden Matrix Group (GMGI) has announced the acquisition of the remaining 20% interest in RKings Competitions, for a total of 165,444 restricted shares of GMGI's common stock.
The common stock of the developer and licensor of online gaming platforms, systems and gaming content will be payable to the former owners of RKings.
Golden Matrix CEO Brian Goodman stated: "Obviously, we are pleased to now have this exciting and successful B2C business as a wholly owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions.
"In addition to Great Britain, we expect RKings’ tournament platform to be popular and well-received by participants in Mexico, where it is already permitted to operate; and we believe it can expand into other Latin American markets over the next couple years."
It was also revealed that the company recently launched GMGI Assets, which will serve to enhance the revenue stream and profit generated by the RKings division.
Goodman continued: "As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car.
"When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin; and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future."
The Golden Matrix Group is based in Las Vegas, Nevada, and develops and owns online gaming IPs while building configurable and scalable white-label B2B gaming platforms for its international customers.
