Canada
Golden Matrix Reports Fiscal 2022 Financial Results With Record Revenues of $36 Million
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
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BGaming
CasinoCanada launches free social slot tournament
CasinoCanada.com launches a new social tournament system built around free-to-enter slot competitions, combining daily, weekly, and monthly events with leaderboards, bonus prizes, and exclusive merchandise.
The tournaments are powered entirely by BGaming slots, marking the first industry collaboration between an affiliate brand and BGaming focused specifically on social tournament engagement.
Participation in all tournaments is free for registered users of legal gambling age.
Players compete across rotating tournaments featuring a changing lineup of BGaming titles, including hit titles Aztec Magic Bonanza, Bonanza Billion, and Elvis Frog, among others.
Prizes include various bonuses and free spins from CasinoCanada partner casinos.
Selected special tournaments also feature exclusive BGaming merchandise prizes.
Tournament performance is reflected in public leaderboards, adding a competitive and community-driven layer to the CasinoCanada experience.
While social slot tournaments have become increasingly common in iGaming, many existing formats are built around the same providers and similar tournament structures.
CasinoCanada’s approach focuses on free participation, rotating BGaming content, partner casino bonus rewards, merchandise prizes, and recurring competition.
Eugene Ravdin, Head of PR at CasinoCanada, said: “The affiliate industry is moving beyond static review pages and traditional bonus listings. Community features, recurring engagement formats, and social competition are becoming increasingly important for long-term audience retention.
“Our goal is to create something more interactive and community-driven while also giving more visibility to BGaming’s slot portfolio through a format that players can engage with on a daily basis.”
Kate Puteiko, CMO at BGaming, said: “Players and the community have always been the beating heart of everything we do here at BGaming.
Online play no longer has to be a solitary activity, and tournaments like this are an excellent way to connect players and enhance everyone’s experience.
CasinoCanada shares this vision, and this collaboration is a natural extension of that.
We are excited to see our games front and centre of these tournaments and for players to begin creating memorable moments competing with them.”
CasinoCanada plans to introduce additional community features in the future, including gamification systems and forum functionality designed to expand user interaction around the tournament ecosystem.
The tournaments are now live at: https://casinocanada.com/tournaments/
The post CasinoCanada launches free social slot tournament appeared first on Americas iGaming & Sports Betting News.
Betnova
Delasport Accelerates Canadian Growth
Delasport continues to strengthen its position in the Canadian regulated market, now powering three live brands in Ontario while preparing for further expansion into Alberta as the province moves toward opening its regulated online gaming market.
Delasport’s technology is currently live in Ontario with TitanPlay.ca, Maverick Games, and Betnova.ca. The company provides a combination of full turnkey platform solutions of Casino, Sport, Player Account Management and Managed Services as well as its high-performance Sportsbook iFrame technology. This enables operators to launch quickly while delivering a premium user experience tailored to the Canadian audience.
With Ontario continuing to establish itself as one of North America’s most competitive regulated markets, Delasport’s growing local presence reflects the company’s long-term commitment to Canada and its confidence in the market’s continued evolution.
“Ontario is a strategically important market for us, and it has already proven to be a strong success story. Seeing multiple brands successfully operating on our technology and services demonstrates the strength of our platform in acquiring and retaining players in Ontario. We’re excited to continue this momentum as we prepare for Alberta,” said Oren Cohen Shwartz, CEO of Delasport.
As part of its next phase of Canadian growth, Delasport has officially applied for Alberta’s upcoming B2B licensing framework and is already preparing to go live with a partner operator once the market opens.
The company’s Canadian momentum is further supported by its mobile-first approach. TitanPlay’s iOS application is already available on the Apple App Store for users in Ontario, delivering a seamless casino and sportsbook experience powered by Delasport technology.
Delasport’s platform in Canada includes a wide range of personalization and engagement tools designed to enhance user retention and entertainment value.
The company has continued to position itself as one of the industry’s leading providers in regulated markets worldwide, with a strong focus on scalable technology, localization, compliance, and player-centric innovation.
The post Delasport Accelerates Canadian Growth appeared first on Americas iGaming & Sports Betting News.
Canada
Responsible Gambling Council Urges Financial Institutions to Strengthen Protections Against Gambling Harm
The Responsible Gambling Council (RGC) has urged Canada’s financial sector to take a proactive role in mitigating gambling-related financial harm. A new whitepaper released highlights how banks and credit unions are uniquely positioned to protect the financial well-being of their customers.
The whitepaper, Opportunities for Impact: The Role of Financial Institutions in Mitigating Gambling-Related Harm, argues that financial institutions have a unique duty of care. Financial institutions have direct access to gambling transaction data that reveals early warning signs of financial vulnerability. These indicators include rapidly shrinking savings and an increased reliance on overdrafts or credit.
“The rapid expansion of regulated gambling in Canada requires an evolved response from our financial systems. By adopting tools already proven in other jurisdictions, Canadian banks can become leaders in protecting customer financial health,” said Tracy Parker, SVP, Accreditation, Advisory & Insights at RGC.
Jurisdictions like the UK and Australia have already recognized the powerful role financial institutions play. Banks such as Monzo and Starling in the UK were the first to offer voluntary gambling blocks to their customers. Similarly, the National Australia Bank provides dedicated support pages and links to financial counseling.
RGC recommends that Canadian financial institutions implement several key strategies:
• Improving the accuracy of Merchant Category Codes to better track gambling spend.
• Offering voluntary transaction blocks and self-defined monthly spend limits.
• Providing targeted messaging and support resources within digital banking platforms.
Beyond retail banking, RGC highlights the importance of commercial relationships. Financial institutions can influence industry practices by setting high harm prevention expectations for gambling operators. Integrating these considerations into due diligence processes helps mitigate reputational and regulatory risks.
The post Responsible Gambling Council Urges Financial Institutions to Strengthen Protections Against Gambling Harm appeared first on Americas iGaming & Sports Betting News.
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