Connect with us
Prague Gaming & TECH Summit 2024

Canada

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

Published

on

 

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.

Advertisement

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

Powered by WPeMatico

Advertisement
Continue Reading
Advertisement

AGCO

Ellipse Entertainment Enters Geolocation Partnership with GeoLocs

Published

on

ellipse-entertainment-enters-geolocation-partnership-with-geolocs

 

mkodo Limited (mkodo) is proud to announce that it has partnered with United Kingdom-based casino operator Ellipse Entertainment. Ellipse Entertainment has chosen mkodo’s advanced geolocation verification service, GeoLocs, to enhance its iGaming operations in Ontario, Canada.

Ellipse Entertainment has seamlessly integrated GeoLocs’ specialised iGaming geolocation platform into its High Flyer Casino brand. This integration will provide a safe, secure and fraud-free environment for its players across Ontario that meets and exceeds the Alcohol and Gaming Commission of Ontario’s (AGCO) regulations and requirements.

GeoLocs is a leading geolocation verification service, one of the largest in the Ontario region, specialising in North America’s regulated sports betting and iGaming markets. The platform was built specifically to support iGaming operators, ensuring they are operating in licenced jurisdictions and guaranteeing that they are providing responsible gaming to their customers.

Through this partnership, GeoLocs will bring its cutting-edge solution to Ellipse Entertainment’s High Flyer Casino brand, addressing unique challenges faced by iGaming operators through a swift and smooth integration process. Ellipse Entertainment will benefit from GeoLocs’ support in enhancing compliance strategies, optimising revenue opportunities and meeting regulatory standards. Additionally, users will experience a seamless journey, eliminating the need for additional downloads or companion apps.

Advertisement

“We’re thrilled to collaborate with Ellipse Entertainment in Ontario introducing GeoLocs to enhance its iGaming operations,” the Managing Director for mkodo, Stuart Godfree, said. “Our partnership supports Ellipse Entertainment’s High Flyer Casino brand, ensuring a secure and seamless geolocation verification experience for players across Ontario.”

“GeoLocs has been the ideal solution for our geolocation verification needs in Ontario,” the Director for Ellipse Entertainment, Andy McDowall, said. “The platform’s advanced technology and expertise, tailored for iGaming operators, align perfectly with our commitment to responsible gaming. Teaming up with mkodo and its GeoLocs service allows Ellipse Entertainment to provide High Flyer Casino players with a compliant and enjoyable online gaming experience.”

Continue Reading

Canada

GGPoker and Great Canadian Casino Bring WSOP Circuit to Toronto

Published

on

ggpoker-and-great-canadian-casino-bring-wsop-circuit-to-toronto

 

GGPoker partners with Great Canadian Casino Resort Toronto to bring first-ever WSOP Circuit event to Daniel Negreanu’s hometown

From March 22 through April 1, Great Canadian Casino Resort Toronto will host eight WSOP Circuit events

GGPoker, the world’s biggest poker room, and Great Canadian Entertainment, Canada’s leader in gaming and hospitality, today announced the richest, most prestigious and longest-running poker series, the World Series of Poker (WSOP), is heading to Toronto for its first-ever WSOP Circuit event at Great Canadian Casino Resort Toronto from March 22 to April 1, 2024.

The new series builds on the momentum generated by the record-breaking 54th annual WSOP, which took place this past summer. Featuring eight Circuit ring events in total, the Toronto edition of WSOP boasts a total of $3.9 million in estimated prize pools including a $2,000 main event with a $2.1 million estimated prize pool and $3,500 high-roller event with over $850,000 in estimated prizes.

Advertisement

“We are thrilled to partner with GGPoker to bring the World Series of Poker to the city of Toronto for the very first time,” the General Manager for Great Canadian Casino Resort Toronto, Robert Katsavelos, said. “This is a fitting milestone that will create further momentum for our 30-table poker room that recently opened at Great Canadian Casino Resort Toronto, Canada’s newest and largest casino resort. We are excited to welcome tournament participants from across the North American poker community and from right here in the city of Toronto.”

GGPoker, which sent 774 players to the main event at last summer’s WSOP and 1,000 players to WSOP Paradise, is launching satellites today across Ontario and Canada with buy-ins starting at only $1.

As well as online qualifiers, GGPoker will be represented at Toronto’s first-ever WSOP Circuit event by some of its brand ambassadors including local poker hero Daniel Negreanu.

“I have been playing WSOP events around the world for over 25 years,” GGPoker Global Ambassador Negreanu said. “There is something quite special about being able to finally compete in one in my hometown.”

The full schedule of events will be announced in the coming days. The WSOP reserves the right to cancel, change or modify the tournament or any tournament event, in part or in whole, without notice.

Advertisement
Continue Reading

Canada

Push Gaming and NEO.bet roll out Ontario deal

Published

on

push-gaming-and-neo.bet-roll-out-ontario-deal

 

B2B gaming supplier Push Gaming has secured fresh regulated expansion in North America thanks to a new partnership live with NEO.bet, providing content for its online casino in Ontario.

Push’s critically acclaimed slots portfolio is now available to players in the burgeoning Canadian province including its high-profile titles. The smash hit of 2023, Razor Returns, now graces the screens of Neo.bet’s players, along with established titles such as Jammin’ Jars, Big Bamboo and Retro Tapes. 

Also featuring in the agreement is the studio’s recent launch Hearts Highway and upcoming launches, Samurai’s Katana and the keenly anticipated sequel to one of Push’s most popular games, Wild Swarm 2.

The partnership marks Push Gaming’s latest commercial activity as it continues to ramp up its 2024 expansion in regulated markets across the globe.

Advertisement

Fiona Hickey, Director of New Business and Markets at Push Gaming, said: “NEO.bet is a fantastic example of a slick, contemporary brand and an exciting new operator, so of course, we’re pleased to see our content feature on its platform.

“We’re proud to boast an equally compelling content library that will suit its players, and with our release schedule for this year, the outlook is extremely positive for slots fans in Ontario.

“We have a busy year ahead of us at Push and we’re hard at work with new deals in regions worldwide to match our expanded content roadmap.”

Simon Erpenbach, Head of Casino at Neo.bet, added: “Push has one of the most vibrant and invigorating range of slots in the market today so we had to make sure they were part of our online offerings. We pride ourselves on providing the very latest in entertainment for our loyal customers and this partnership with Push fits the bill perfectly.”

Advertisement
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