The Golden Matrix Group Inc (OTC: GMGI), a developer and licensor of online gaming technologies and content, reported record revenues in excess of $9.3 million in the nine months ending Oct. 31, 2021.
The company changed its fiscal year from Jan. 31 to Oct. 31.
What Happened: Golden Matrix develops and owns online gaming intellectual property, and builds turnkey white label gaming platforms.
In its development of modular, white-label gaming platforms that promote better user acquisition, engagement, retention and monetization through such things as loyalty and reward programs, Golden Matrix managed to increase revenues by 185%.
Net income of stood at $648,072 while adjusted EBITDA ended at $1,654,187. This was the 13th consecutive quarter of profitability for the company.
Operator and registered user numbers topped 520 and 5.3 million, respectively, as of October, with its aggregation gambling platform currently being used by nine operators in five countries.
The firm acquired an 80% interest in U.K.-based RKings, marking GMGI’s entry into the B2C space, and meaningful expansion into markets outside of the Asia Pacific region.
Why It Matters: In concluding statements on the company’s go-forward strategy and trajectory, CEO Brian Goodman added that the RKings transaction is game-changing. It marks an entry into a high-growth and profitable vertical, alongside an opportunity to expand to other additional markets, beyond the U.K.
“This and other strategic opportunities now under consideration are expected to serve to facilitate our entry into additional B2B and B2C markets, improve operating margins, accelerate both revenues and earnings, and expand the company’s global footprint.”
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