Press Releases
The Golden Matrix Group Reports a Record-Breaking Q3 Revenue
The GMGI Group reported revenue of $11.3m for the quarter ended 31 July, representing a 24.2% year-on-year increase. Last month, the developer confirmed it fulfilled expectations of record Q3 revenues without disclosing full results.
“We have continued the year with strong momentum and delivered solid results,” Goodman said. “The company achieved record revenues and posted its seventh consecutive quarter with positive cash flow from operations.
“Profitability in Q3 was impacted by several factors… including a significant increase in one-off legal and due-diligence expenses associated with the anticipated acquisition of the MeridianBet Group… as well as the start-up marketing costs related to the roll-out of Mexplay, the company’s B2C online casino in Mexico.”
The MeridianBet takeover
In January, GMGI struck a deal worth about $300m to purchase MeridianBet. Terms were amended in July, with GMGI hoping to complete the deal in Q4.
“We have made important investments during the quarter in systems and people to accelerate the growth of our B2C segments, both RKings and Mexplay,” Goodman added. “At the same time, there was significant progress in seeking to secure the financing required to close the deal for the acquisition of the MeridianBet Group and its related companies.
“Upon the successful acquisition of MeridianBet, the combined enterprise is expected to be generating multiple streams of gaming revenue and profit in regulated jurisdictions worldwide and offering highly popular best-in-class products, including casino games and sports betting.
“Closing of the MeridianBet acquisition will be a watershed event which is expected to catapult Golden Matrix into the global gaming markets as a highly competitive participant.”
The operating costs segment
Revenue contribution from RKings – GMGI’s B2B segment – was $3.7m in Q3, while the contribution from its B2C segment Mexplay was $7.6m.
GMGI took full ownership of RKings in November last year, having initially purchased a majority holding in November 2021.
Gross profit was $2.1m. This resulted from $9.1m in cost of goods sold. Operating costs grew 72.8% year-on-year to $3.0m, bringing the loss to $892,099.
The loss was aided slightly by earned interest of $15.1m, but was affected by $7.6m in interest expense. Following $81.0m in provision for income taxes, the net loss reached its $965,628 total, a $1.6m difference year-on-year.
Aside from the Q3 one-off costs, GMGI recorded a non-cash charge of $931,614 for stock-based compensation.
Meanwhile, adjusted quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $161,783 for the quarter.
In the first nine months of GMGI’s financial year, through to the end of July, revenues reached $32.4m – up 22.4% from $26.5m. Gross profit, after $25.7m in cost of goods sold, was $6.6m.
Operating expenses for the year so far added up to $8.3m, up by 62.0%, bringing the operating loss to $1.7m.
Following other income of $67,956 the loss for the nine months was $1.6m, furthered still by tax of $299,071.
The company’s nine-month loss of $1.9m compared to a profit of $1.5m last year.
Latest News
Saroca Unveils the Transformational Leadership Program for 2025
Saroca Reimagines Leadership Development for the Gaming Industry
Saroca, a leader in professional development for the gaming industry, is proud to announce its Transformational Leadership Program, launching February 2025. Building on the success of the 2024 LeadHERship Program—a pioneering initiative for women in gaming—the new program expands its reach with two distinct cohorts: one exclusively for women and another open to all genders.
The Legacy of LeadHERship
The 2024 LeadHERship Program achieved an exceptional Net Promoter Score (NPS) of 90, with participants citing transformative growth. With participants like Clemence Dujardin citing it as a “game-changer”. Confidence in leadership abilities rose by 46%, resilience increased by 27%, and imposter syndrome diminished by 39%.
Participants praised the program’s focus on emotional resilience, feedback mastery, executive presence and communication all in a supportive community.
Leadership Development: A Game-Changer for Gaming
In a rapidly evolving and diversifying industry, strong leadership is essential. Saroca’s programs go beyond skill-building to foster resilience, trust, and inclusivity—key traits for thriving in the global gaming market.
“We believe leadership is not about hierarchy—it’s about transformation,” said Emily Leeb, CEO of Saroca. “The Transformational Leadership Program reflects our commitment to cultivating leaders who will shape the future of gaming.”
Transformational Leadership Program Highlights
The program builds on the proven curriculum of its predecessor, featuring:
- Two Cohorts: A women-only cohort and a new all-gender cohort to enrich perspectives.
- Eight Modules: Covering topics such as emotional intelligence, self-advocacy, and radical candor.
- Community and Growth Tracking: Strengthening connections and measuring individual progress.
Registration Now Open
The Transformational Leadership Program begins in February 2025, with limited spots available. Scholarships are also offered to ensure accessibility. For more information, visit Saroca’s website or contact [email protected].
About Saroca
Saroca is a leader in leadership development for the gaming industry, committed to empowering professionals through inclusive, high-impact programs that drive personal and professional growth.
The post Saroca Unveils the Transformational Leadership Program for 2025 appeared first on European Gaming Industry News.
Balkans
EGT Digital is shortlisted in 5 categories of BEGE Awards 2024
EGT Digital is proud to be among the finalists in the impressive 5 categories of BEGE Awards 2024. This year’s edition of the prestigious annual competition will be held on November 27 at Black & White Club, Palms Royale Sofia Complex. For the 15th consecutive year, the event will recognize individuals and companies for their outstanding contribution to the gaming and entertainment industry.
Burning Hot Instant, one of the newest offerings in EGT Digital’s ever-growing portfolio of games, is among the shortlisted titles in the Online Game of the Year category. It is also one of the latest additions to the top performer Clover Chance. Although it debuted only 2 months ago, Burning Hot Instant immediately became players’ favorite with its mystery jackpot and numerous rewards.
X-Nave, EGT Digital’s in-house developed “all-in-one” betting platform, is a contender in the Online Platform of the Year category. The product earned the nomination thanks to the fact that it provides operators with the technology and tools they need to build and maintain a successful online business. The X-Nave platform includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Each module can be part of the complete solution or function independently, allowing seamless integration with developments of third-party providers.
Another prestigious nomination for EGT Digital is in the Online Provider of the Year category, recognizing its wide range of iGaming products and services. The company’s games are extremely popular in a number of markets around the world, where players appreciate their fascinating design, high winning chances, and many attractive bonus features. The X-Nave platform is becoming the preferred choice for an increasing number of operators who want to guarantee their business’ long-term success and sustainable development.
The company is a finalist in the Sports Betting Platform of the Year category as well. EGT Digital’s Sportsbook solution, part of X-Nave’s Sport Product, offers everything operators need to secure a competitive bookmaker position. It includes advanced betting, in-depth statistics, different bet types, back-office tools, a variety of jackpots, and 24/7 technical and trading support. It is provided with powerful management tools that allow betting sites to create personalized content and increase player engagement.
The last category for which EGT Digital has been nominated is Innovative Product of the Year, with its 360-degree retail betting solution. This product covers both software and hardware aspects of the business, including the design and management of devices, the company’s omnichannel solution, sports betting, lottery games, vouchers, online deposits, and commissions. Constantly evolving, EGT Digital’s 360-degree retail betting solution continues to add new tools and options for improving user experience.
The post EGT Digital is shortlisted in 5 categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
Balkans
EGT is a finalist in several categories of BEGE Awards 2024
EGT is excited to announce that it has been shortlisted in 6 categories of the prestigious BEGE Awards 2024. The competition, held annually as part of the BEGE Expo, will give prizes to individuals and companies for their significant contributions and excellent achievements in the gaming and entertainment industry for the 15th consecutive year.
After winning the accolade in last year’s edition of the event, the CEO of EGT, Mr. Vladimir Dokov, is once again a finalist in the CEO of the Year category. He received the nomination because of his strategic vision for the company, which has turned it into one of the leading manufacturers and suppliers of gaming equipment on a global level.
EGT will also compete for the awards in the Slot Machine of the Year and Slot Game Product of the Year categories. The company has been shortlisted, respectively, for its slot cabinets and slot games from the latest General Series, which have been demonstrating excellent results in a number of gaming establishments around the world.
Spider CMS is nominated for Casino Management System of the Year. As a result of its continuous development and improvement, the system currently contains 15 modules that make the organization of daily activities in gaming halls easy and efficient. This year, Spider CMS significantly expanded its footprint with several installations in Europe and Africa.
EGT’s bestseller, Bell Link, has earned the company a spot among the finalists in the Jackpot System of the Year category. Including 4 exciting levels and numerous attractive bonus features, this product has quickly become players’ favorite everywhere it has been installed.
EGT has also been shortlisted in the Corporate Social Responsibility of the Year category. It recognizes companies for their efforts to stimulate good social practices and build an ethically oriented business. EGT supports a lot of charity and sports initiatives. In addition, the company pursues a consistent policy for environmental protection and applies all ecological norms in its production processes and overall activities.
The BEGE Awards 2024 ceremony will take place on November 27 at Black & White Club, Palms Royale Sofia Complex.
The post EGT is a finalist in several categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
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