Canada

Golden Matrix Reports Fiscal 2022 Financial Results With Record Revenues of $36 Million

Published

3 years ago

January 30, 2023

Golden Matrix Group Inc., developer, licensor and global operator of online gaming and eCommerce platforms, systems, and gaming content, today reported financial results for its fiscal year ended October 31, 2022.

Full year revenues of $36 million, an increase of 219% on revenues of $11.3 million in the comparable 12-month period ended October 31, 2021.
Adjusted EBITDA of over $3.5 million * for the year ended October 31, 2022.
Cash and cash equivalents of $14.9 million and total assets of $32.5 million as of October 31, 2022.
Total liabilities as of October 31, 2022 of $2,774,932, comprised of $2,715,154 in current liabilities and $59,778 in non-current liabilities.
GMGI shareholders’ equity of $26.8 million , up from $18.9 million on October 31, 2021, an increase of 42% over the 12-month period. ended October 31, 2021.
Current game operations and registered user numbers of 685 and 7 million, respectively, in business-to-business (B2B) traditional business.
Business-to-consumer (B2C) segment – RKings Competitions Ltd. (RKings) – now has over 45,000 unique active users per month.
Subsequent event: On January 12, 2023, GMGI entered into a definitive agreement to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million.

Revenue contributions in fiscal 2022 from GMGI’s B2B and B2C segments were $14.8 million and $21.2 million, respectively. There were no contributions from the (RKings) B2C segment during fiscal 2021, as GMGI had not acquired its 80 percent controlling ownership interest in RKings until the beginning of fiscal 2022. At the end of the fiscal year, GMGI exercised its option and acquired the remaining 20 percent interest. The revenues and adjusted EBITDA discussed above include the 20% non-controlling interest which was held in RKings during the year ended October 31, 2022. More detailed information on the minority interest can be found in our most recent Annual Report on Form 10-K for the year ended October 31, 2022, which was filed with the Securities and Exchange Commission (SEC) today.

The increase of general and administrative expenses – to $5,442,591 in fiscal 2022 from $1,264,672 in the prior year – was due primarily to $3,131,121 of G&A expenses from the Company’s RKings B2C segment. The 83% year-over-year increase in G&A expenses in the B2B segment was due mainly to increases in marketing and payroll costs.

“This has been a highly constructive year for our rapidly growing company,” said Golden Matrix CEO Brian Goodman, who continued, “We believe the increased costs incurred and investments made in our B2B and B2C platforms have positioned GMGI to sustain and even accelerate our strong revenue growth. To remain competitive in the worldwide gaming industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants.”

Mr. Goodman said, the entry into the agreement to purchase MeridianBet Group, announced recently (the “Purchase Agreement”) and expected to be completed in the first half of the current year, “will significantly advance GMGI’s global footprint with numerous B2B and B2C product offerings on most continents and, we believe, create the opportunity for us to participate in online gambling markets in the U.S. and Canada.”

Mr Goodman further added, “The combined pro forma revenues of Golden Matrix and MeridianBet are expected to be greater than $100 million for FY2022, with an Adjusted EBITDA estimated to be greater than $22 million for the pro forma year ended October 31, 2022, making the combination financially appealing and earnings-accretive.”

Mr. Goodman said that GMGI expects to begin generating considerable revenues in the first half of this year via its B2C Mexican Casino, which offers Online Casino Games, Sportsbook and the successful RKings Tournament product and continued, “We believe it should serve as the first major step toward GMGI’s planned expansion throughout Latin America.”

Selective amounts stated above are rounded to the nearest $100,000, please see Form 10-K for exact numbers

Canada

St8 launches in Ontario through partnership with Tonybet

Published

1 day ago

February 20, 2026

GamingAmericas.com

st8-launches-in-ontario-through-partnership-with-tonybet

Casino games aggregator and full-service technology provider, St8 has officially gone live in Ontario’s regulated market through a new partnership with international brand Tonybet.

Through the partnership, Tonybet gains access to St8’s casino games aggregation platform, offering a wide range of premium titles from leading providers through a single API, alongside bonusing and promotional tools, compliance and licensing solutions, advanced reporting and data capabilities.

Built as a single scalable platform, St8’s products are designed to help operators launch and grow across regulated markets with fast, flexible technology solutions while maintaining full compliance.

The agreement marks a further step in St8’s global growth strategy as the company continues to expand its presence across regulated jurisdictions.

Vladimir Negine, CEO at St8, said: “Going live in Ontario is an important milestone for St8 and reflects our continued commitment to growth in regulated markets. Since receiving our Ontario licence, we have focused on building strong local partnerships and delivering a platform that combines scalability, speed and compliance.

“As a respected international brand, Tonybet shares our commitment to building reliable solutions for regulated markets, and we look forward to working closely together as we continue to expand our presence in regulated jurisdictions worldwide.”

Kiryl Liudvikevich, Head of Product at Tonybet, added: “As we expand our presence in Ontario, it is important for us to work with technology partners that support continued growth while meeting the highest regulatory standards.

“St8’s platform gives us the flexibility to integrate a wide range of content and tools through a single connection, helping us scale smoothly while maintaining a strong focus on player experience.”

St8 continues to lead the way as a partner of choice for regulated markets. In addition to its Ontario licence, the company holds licences in key regulated jurisdictions like the United Kingdom, Sweden and Romania, among others.

The post St8 launches in Ontario through partnership with Tonybet appeared first on Americas iGaming & Sports Betting News.

Canada

Rivalry Corp. Announces Significant Reduction in Operations and Evaluation of Strategic Alternatives

Published

4 days ago

February 17, 2026

GamingAmericas.com

rivalry-corp.-announces-significant-reduction-in-operations-and-evaluation-of-strategic-alternatives

Rivalry Corp. announced that its Board of Directors has approved a significant reduction in operating activity as the Company evaluates strategic alternatives in respect of its assets and operations.

The Company is engaged in discussions with third parties regarding potential transactions. However, in light of recent performance volatility, the Board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced.

Effective immediately, the Company is implementing substantial cost reductions, including a significant workforce reduction and reduced operating expenditures. The Company has paused player activity on its platform and is facilitating player withdrawals in the ordinary course.

The Company is assessing a range of potential alternatives, which may include asset-level transactions, corporate transactions, restructuring initiatives or other strategic outcomes.

Given the Company’s reduced operating scale and the ongoing evaluation process, there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form.

The post Rivalry Corp. Announces Significant Reduction in Operations and Evaluation of Strategic Alternatives appeared first on Americas iGaming & Sports Betting News.

Alex Malchenko

Evoplay Strengthens Canadian Presence with BetMGM Partnership

Published

1 week ago

February 13, 2026

GamingAmericas.com

evoplay-strengthens-canadian-presence-with-betmgm-partnership

Evoplay is celebrating another milestone in its regulated-market journey with a new launch in Ontario, teaming up with BetMGM to bring its games to one of Canada’s most dynamic and competitive jurisdictions.

The rollout introduces 18 Evoplay titles to BetMGM Casino in Ontario, carefully selected to deliver long-term engagement and appeal to a wide range of player preferences. The first wave includes proven performers such as:

• Hot Triple Sevens

• Hot Volcano

• Gold of Sirens Bonus Buy

• Inner Fire Bonus Buy.

These are games that have already demonstrated strong results across multiple regulated markets.

This launch marks another confident step in Evoplay’s Canadian expansion, reinforcing the company’s commitment to aligning its content with local market requirements, player expectations, and regulatory standards.

Alex Malchenko, Head of Sales at Evoplay, said: Ontario continues to set a high standard for regulated online casinos, making it a market where the right partnerships truly matter. Collaborating with BetMGM allows us to expand our reach with a portfolio that has already performed strongly across multiple areas and territories.

Oliver Bartlett, VP of Gaming at BetMGM, said: “Partnering with Evoplay adds a strong selection of proven, high-performing titles to our growing portfolio in Ontario.”

The post Evoplay Strengthens Canadian Presence with BetMGM Partnership appeared first on Americas iGaming & Sports Betting News.