Golden Matrix reports $11.3m in Q3 revenue

September 8, 2023
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The company credited its RKings UK segment for surpassing its quarterly revenue goal, but lost almost $1m net.

Golden Matrix Group has released its financial results for the third quarter of 2023. The company reported that its revenue for the quarter exceeded $11.3m, contributing to what CEO Brian Goodman referred to as its best monthly numbers for July.

Revenue reflected a 24% increase year-over-year. Adjusted EBITDA during Q3 was $161,783.

The company posted a net loss of $965,628 during the quarter.

Goodman said a bulk of Golden Matrix Q3 revenue came from “significant contributions” from its UK B2C segment, RKings Tournament Competitions.

He commented, “We have continued the year with strong momentum and delivered solid results. The company achieved record revenues and posted its 7th consecutive quarter with positive cash flow from operations. July marked our best monthly financial results at RKings since it was acquired almost two years ago.

“It contributed $7.5m toward total revenues in the quarter, which is $1m more than contributions of about $6.5m generated in both Q1 and Q2.”

Goodman noted that RKings' operational improvements played a significant role in boosting Q3 revenue.

Golden Matrix fully regulated Mexican online casino and sportsbook, Mexplay, increased its wagering activity by 383% during the third quarter, when compared to second-quarter results. Mexplay players placed $5.8m in bets during the third quarter and deposited nearly $476,000 into their accounts during the quarter.

Goodman went on to discuss other company Q3 wins, including gaining the necessary financing for purchasing MeridianBet Group.

He concluded by saying, “In addition to generating record revenues exceeding $11m for the first time, we made excellent progress during the quarter in securing the financing required to complete the acquisition of the MeridianBet Group; and we anticipate sending out the proxy statement later this month for shareholder approval.

“Obviously, we are extremely excited to complete this transaction, as it will transform GMGI into a dynamic and highly profitable global gaming company.”

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