Canada

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

Published

1 year 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

Red Rake Gaming launches with The Score

Published

14 hours ago

June 11, 2024

GamingAmericas.com

Red Rake Gaming are delighted to have partnered with Penn Entertainments, The Score, in the provision of the Red Rake Gaming content across North America, in New Jersey, Pennsylvania and Ontario, through its partnership with Light and Wonder.

Penn, one of the most renowned gaming companies across North America will have access to Red Rake Gaming’s top performing, high action games to further complement Penn’s delivery of the best gaming offering to its players. Players can expect a wide range of thrilling games, cutting-edge technology, and exclusive tournaments that will keep them engaged and entertained like never before. With the collective strengths of Red Rake Gaming and Penn, this partnership is set to elevate the gaming experience to new heights, setting a benchmark for excellence in the industry.

The partnership covers the distribution of Red Rake Gaming’s diverse, localised portfolio, including its gamification tools. Games will include the newest releases, including its record breaking Super30Stars – the non-stop, action-packed slot which combines feature games and bonus rounds from all its predecessors in the Super series of games, “Gods of Ireland,” a game that boasts a plethora of features, free spins, and immersive minigames, “777 Heist 2: The Art Forger,” which introduces thrilling “Cascading Reels” and intriguing skill-based gameplay elements, or “Mystic Spirits”, that offers a unique twist by providing payouts in both directions, adding an extra layer of excitement to the gaming experience.

This partnership represents a pivotal milestone in Red Rake Gaming’s ongoing commitment to providing unparalleled content within its current roster of regulated markets. It also underscores the resounding demand from players worldwide for the adrenaline-fueled gaming experiences that Red Rake Gaming is renowned for delivering.

Nick Barr, Managing Director for Red Rake Gaming Malta, commented on the partnership stating: “Partnering with The Score for the roll out of the Red Rake Gaming portfolio of games reaffirms the demand for action-packed and engaging content from players across the globe. We could not be more thrilled to be working with one of the industry’s leading brands across the regulated gaming space and we very much look forward to contributing to their ongoing successes.”

Canada

Play’n GO joins the Canadian Gaming Association

Published

16 hours ago

June 11, 2024

GamingAmericas.com

play’n-go-joins-the-canadian-gaming-association

Play’n GO, the world’s leading casino entertainment provider, has today announced it has joined the Canadian Gaming Association (CGA), a trade association that represents operators and suppliers in Canada’s gaming, sports betting, esports, and lottery industries.

Active for almost 20 years and with over 70 members, the CGA advocates for a regulated, responsible, sustainable industry, in complete alignment with Play’n GO’s values and mission.

Play’n GO are active in Canada in the provinces of Ontario and Quebec, where they recently announced a partnership with Loto-Québec, a state-owned corporation who operate gaming in the province.

Saam Hafezi, Head of Region, North America at Play’n GO, remarked “Play’n GO has long advocated for a safe, regulated iGaming industry, and we’re proud to join an official body like the Canadian Gaming Association that shares those goals.

“We look forward to collaborating with fellow stakeholders within the Association to achieve a brighter, more sustainable future for us all, and we thank the Canadian Gaming Association for accepting our membership application.”

Paul Burns, President and CEO, Canadian Gaming Association added “We’re pleased to welcome Play’n GO to the Canadian Gaming Association. Play’n GO’s values align perfectly with our own- advancing the evolution of Canada’s gaming industry in a safe way that protects players. We’re glad to have them on board.”

Caesars Digital

Greentube Expands Caesars Digital Partnership with Ontario Launch

Published

2 days ago

June 10, 2024

GamingAmericas.com

greentube-expands-caesars-digital-partnership-with-ontario-launch

Greentube, the NOVOMATIC Digital Gaming and Entertainment division, has expanded its collaboration with Caesars Digital after launching its high-performing content portfolio with the operator in Ontario.

Players visiting Caesars Palace Online Casino and Caesars Sportsbook & Casino in the Canadian province can now enjoy a wide offering of popular titles from Greentube, including exclusive access to the latest launch, Silver Lux: Big Win Spinner and games localised for North American audiences.

The launch in Ontario comes hot on the heels of a rollout with Caesars Digital in New Jersey and Michigan, where players have resonated well with titles such as Thunder Cash, Dolphin’s Pearl, Diamond Cash Mighty Buffalo and Charming Lady’s Boom.

North America is a region of key strategic importance for Greentube and after receiving its supplier licence from the regulator in Ontario in late 2023, its content has gone live with a number of leading local operators.

The launch with Caesars Digital sees Greentube reach a substantial new audience in Ontario and underpins the popularity of the supplier’s games library in the region.

Markus Antl, Director Global Sales and Key Account Management at Greentube, said: “We are thrilled to extend our already successful partnership with Caesars Digital and launch in another North American region together. Players in Ontario are enjoying our content, and this launch will further propel our foothold in this exciting market.”

Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital, said: “We have seen Greentube’s content perform well with our customers in the United States, and we’re excited about the potential for success in Ontario. We’re pleased to take this collaboration to new levels and introduce Greentube’s diverse and proven content to an even wider player base.”