Connect with us

Press Releases

The Golden Matrix Group Reports a Record-Breaking Q3 Revenue

Published

on

the-golden-matrix-group-reports-a-record-breaking-q3-revenue
Reading Time: 2 minutes

 

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.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The company’s nine-month loss of $1.9m compared to a profit of $1.5m last year.

Latest News

FDJ UNITED RENEWS PARTNERSHIP WITH QUEENSBERRY PROMOTIONS

Published

on

fdj-united-renews-partnership-with-queensberry-promotions
Reading Time: 2 minutes

 

EXTENDED PARTNERSHIP WILL BRING BOXING FANS BEHIND THE SCENES OF BLOCKBUSTER BOUTS

 

  • FDJ United & Queensberry Promotions expand their long-term partnership
  • The ‘UNIBET Lowdown’ digital series returns for exclusive interviews and insights
  • Previous exclusives from Frank Warren, Daniel Dubois, Anthony Yarde & Ryan Garner
  • Frank Warren: “UNIBET is the place to be when it comes to digital series for boxing fans everywhere”
  • FDJ United, whose brands include UNIBET & 32Red, are Europe’s leading betting and gaming operators

Frank Warren’s Queensberry Promotions and long-term sponsors FDJ United, whose brands include UNIBET and 32Red, are renewing their partnership. The news further cements FDJ United’s commitment to the growth of boxing and will see fight fans go behind the scenes of some of Queensberry’s premium UK fights.

Frank Warren, Founder and Promoter, Queensberry Promotions, said: “We are very happy to be renewing our partnership with UNIBET just before we enter into a sequence of blockbuster fights and shows. I’ve been involved in this sport for many, many years and the way people interact with boxing has changed beyond recognition.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Here at Queensberry, we are certain this partnership will make sure these developments continue in the right direction, giving boxing fans unique access to the fighters and making them feel closer to the action. UNIBET is the place to be when it comes to digital series for boxing fans everywhere, so we are delighted to continue this collaboration.”

When boxing returns to UK soil for the British & Commonwealth Championship fight between Jack Rafferty and Mark Chamberlain on Saturday 23rd August, UNIBET will help to bring boxing fans closer to the action with the return of their ‘UNIBET Lowdown’ digital series. Kickstarting with an exclusive interview from Josh Taylor, fans will be given a special preview of what is set to be an incredible fight and build further excitement for Fight Week.

The series will bring you along for the build-up to Fight Week, giving you unprecedented access. From specially crafted shows, exclusive interviews, to the final press conference and weigh-in, you will see your favourite boxers like you’ve never seen them before.

Sam Mead, General Manager UK, FDJ United said: “We are absolutely delighted to be continuing our partnership with Queensberry Promotions. Our relationship dates back nearly a decade, to 2016, and has helped to showcase our UNIBET-sponsored content alongside some of the most iconic nights in boxing history. Along with Queensberry, we share a similar ethos in delivering a customer-first approach –  using the ever-growing medium of digital content to be innovative and engage existing and attract new fans. For the upcoming season, we aim to take our content even further – giving access that overtakes our previous offerings and gets fans even closer to the action”

The post FDJ UNITED RENEWS PARTNERSHIP WITH QUEENSBERRY PROMOTIONS appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Latest News

Strive Brokers SBK’s First Irish Football Partnership with Dundalk FC

Published

on

strive-brokers-sbk’s-first-irish-football-partnership-with-dundalk-fc
Reading Time: 2 minutes

 

Strategic sports marketing consultancy Strive Sponsorship has announced a new partnership between SBK, the challenger sportsbook app powered by the Smarkets exchange, and Dundalk FC, one of Ireland’s most decorated football clubs.

The multi-year agreement marks SBK’s first foray into Irish football and comes as the League of Ireland experiences record growth, with rising attendances, investment, and increased media attention. Dundalk currently sit top of the League of Ireland First Division, pushing for a return to the Premier Division and building on a legacy that includes multiple league titles and European football campaigns.

As part of the partnership, SBK branding will feature across matchday and digital assets, and the two parties will collaborate on fan-focused initiatives throughout the season.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“We’re proud to help SBK expand into one of Europe’s fastest-growing football markets,” said Malph Minns, Managing Director at Strive Sponsorship.

“Dundalk and SBK are both challenger brands with strong ambitions. This partnership is rooted in shared values, growth potential, and the desire to do things differently. The League of Ireland is a sleeping giant, and forward-thinking brands are starting to recognise the opportunity. We’re excited to play a part in bringing that vision to life.”

The deal extends SBK’s growing football sponsorship portfolio and continues Strive’s work supporting the brand’s data-led strategy for market entry, fan engagement, and long-term brand building across the UK and now Ireland.

Adam Baylis, Marketing Director at SBK, said: “We couldn’t be more excited to stand alongside Dundalk FC as partners this season. SBK are proud to back the Lilywhites and be part of this exciting journey back to the Premier Division!”

Nita Whelan, Head of Operations at Dundalk FC, said: “We’re delighted to welcome SBK to Dundalk FC. While SBK operates in the betting space, what stands out is their tech-first approach, focused on fairness and responsibility. It’s encouraging to align with a brand that’s pushing for better standards across the industry while also backing clubs like ours.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post Strive Brokers SBK’s First Irish Football Partnership with Dundalk FC appeared first on European Gaming Industry News.

Continue Reading

Latest News

iGaming payments and identity firm Yaspa opens Leeds tech hub to serve as engine room for global growth

Published

on

igaming-payments-and-identity-firm-yaspa-opens-leeds-tech-hub-to-serve-as-engine-room-for-global-growth
Reading Time: 3 minutes

 

  • Fast-growing fintech plans to recruit 20 software engineers

  • Teams to be led by former William Hill Head of Development David Turner

  • Yaspa last month received $12m investment to fuel expansion 

Yaspa, a hyper-growth UK fintech specialising in iGaming payments and identity, has announced the opening of a new tech hub in Leeds.

The award-winning company plans to build an initial squad of 10 senior software engineers in the next few weeks to fuel its global growth into new markets, in particular the US.

Yaspa already has an office in Shoreditch, London, and is now recruiting staff for its team based in Platform by Bruntwood in Leeds city centre. The ambition is to grow the team of backend Java developers to 20 before the end of 2025.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Teams at the Leeds office will be led by David Turner, who has joined Yaspa as Head of Engineering. Turner spent more than seven years at William Hill and played an instrumental role in introducing automated sports trading, eventually becoming Head of Retail Development. Turner was also previously Chief Technical Officer at Glean, where he built a cross-functional delivery team based in Leeds, growing the headcount from five to 40.

Yaspa leverages open banking technology and AI to help regulated businesses elevate customer intelligence – and cash flow – via its proprietary real-time payments solution, Intelligent Payments. Its products are particularly suited to online gambling companies, which are able to use the technology to meet compliance requirements, facilitate responsible gambling and optimise their customers’ payments experience.

Yaspa, which last month announced an investment of $12m led by Discerning Capital,  currently serves partners in the UK and Europe and has now incorporated a US entity in Atlanta, Georgia, with plans to open an office there.

Yaspa is led by CEO James Neville, who co-founded the company in 2017 after having previously served as a CTO at Worldpay. The company has grown from 15 to 70 people in the past 18 months.

Leeds is home to several major gambling companies, including Flutter Entertainment’s Sky Betting & Gaming, Paddy Power and Betfair, and Evoke’s William Hill brands – a factor in Yaspa’s decision to open an office in the city.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Yaspa’s Chief People Officer Chris Watkins said: “We see Leeds as the ideal location to open our second UK office, with access to a strong pool of software engineering talent. It also has a strong reputation for talent with experience in iGaming, thanks to the companies that are also located there.

“Our office is at a premium address, just a few metres from Leeds train station. It’s a serviced office, with stunning views across Leeds centre from our sixth-floor office, coupled with amazing services to ensure Yaspa employees have the best experience possible when working onsite.

“We’re growing quickly but we’ll walk before we can run. The immediate goal is to get a squad of mid to senior level engineers on board. They will focus on building the US product for us. As soon as that squad is at full capacity, we’ll hire for a second squad, taking us up to 20 within the year.

“Although we’re open to remote working, we’ve noticed a hybrid working model offers the best collaboration for success and employee growth. At Yaspa, we’re really big on culture, collaboration and transparency, so we want people regularly working together in-person.”

Yaspa’s Head of Engineering David Turner said: “When I heard about the opportunity to join Yaspa, it felt like the perfect role for me. I am passionate about creating a safe, supportive environment where engineers can do their best work and this role allows me to do exactly that – building a talented team in Leeds while delivering the technology to support Yaspa’s next stage of growth.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“What excites me most is that Yaspa has already done the hard part. It has found its value proposition, proved it works and is now scaling. My focus will be on growing the engineering team rapidly, with the aim of having two strong squads in place by the end of the year, initially dedicated to the US proposition, while making the most of the chance to apply best practice from the start.

“Yaspa has the momentum, the vision and the team culture to make a real impact, and I am looking forward to helping take that even further.”

The post iGaming payments and identity firm Yaspa opens Leeds tech hub to serve as engine room for global growth appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania