Golden Matrix Group Inc (GMGI) announced exceptional third-quarter outcomes, with earnings surpassing $11 million (£8.7 million/€10.1 million).
The enterprise did not disclose complete quarterly figures for the period ending July 31, but in a market update, stated the record earnings were in line with projections GMGI established the previous month before the third quarter concluded.
GMGI indicated the growth was propelled by its B2C division, RKings tournaments, in the UK. The organization fully acquired RKings in November of the previous year, having obtained a controlling interest in November 2021.
Chief Executive Officer Brian Goodman emphasized a number of operational enhancements at RKings during the third quarter. These included an expanded tournament platform, offering numerous prizes and enabling more victors per draw.
Goodman also referenced the influence of GMGAssets, a supplementary business that provides an option for high-value prize winners in RKings tournaments to select cash instead of awards.
RKings tournaments generated $5.8 million in earnings during the third quarter, while GMGAssets produced $1.7 million.
“July was the most successful monthly financial performance for RKings since we acquired it nearly two years ago,” Goodman stated. “It contributed $7.5 million to total earnings this quarter, which is $1 million more than the roughly $6.5 million contribution in the first and second quarters.”
GMGI is witnessing continued success with Mexplay, its online gaming and sports wagering platform in Mexico.
GMGI also emphasized Mexplay’s performance, which is its online gaming and sports wagering platform operating in Mexico. Mexplay’s betting reached $5.8 million, a 393.0% surge compared to the preceding quarter. Total user deposits also climbed by 610.0% to $476,000 from the previous quarter.
Furthermore, Mexplay’s total registered users reached 32,800 by the end of the third quarter, a 368.0% increase from the prior quarter.
GMGI will disclose further details of its third-quarter results in due time.
GMGI is nearing the completion of the acquisition of MeridianBet Group. Meanwhile, Goodman updated the market on GMGi’s plans to acquire MeridianBet Group.
GMGI reached an accord in January to acquire MeridianBet for approximately $300 million. The terms of the agreement were altered in July, with GMGI aiming to finalize the deal in the fourth quarter.
Goodman stated that GMGI has made strides in securing the funding required to finalize the deal. This will be presented to shareholders for approval in the coming weeks.
“Clearly, we are very enthusiastic about completing this transaction as it will transform GMGI into a dynamic and highly lucrative global gaming enterprise,” Goodman stated.
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