Press Releases
The Golden Matrix Group Reports a Record-Breaking Q3 Revenue
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.”
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.”
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.
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.
The company’s nine-month loss of $1.9m compared to a profit of $1.5m last year.
Balkans
EGT Digital is shortlisted in 5 categories of BEGE Awards 2024
EGT Digital is proud to be among the finalists in the impressive 5 categories of BEGE Awards 2024. This year’s edition of the prestigious annual competition will be held on November 27 at Black & White Club, Palms Royale Sofia Complex. For the 15th consecutive year, the event will recognize individuals and companies for their outstanding contribution to the gaming and entertainment industry.
Burning Hot Instant, one of the newest offerings in EGT Digital’s ever-growing portfolio of games, is among the shortlisted titles in the Online Game of the Year category. It is also one of the latest additions to the top performer Clover Chance. Although it debuted only 2 months ago, Burning Hot Instant immediately became players’ favorite with its mystery jackpot and numerous rewards.
X-Nave, EGT Digital’s in-house developed “all-in-one” betting platform, is a contender in the Online Platform of the Year category. The product earned the nomination thanks to the fact that it provides operators with the technology and tools they need to build and maintain a successful online business. The X-Nave platform includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Each module can be part of the complete solution or function independently, allowing seamless integration with developments of third-party providers.
Another prestigious nomination for EGT Digital is in the Online Provider of the Year category, recognizing its wide range of iGaming products and services. The company’s games are extremely popular in a number of markets around the world, where players appreciate their fascinating design, high winning chances, and many attractive bonus features. The X-Nave platform is becoming the preferred choice for an increasing number of operators who want to guarantee their business’ long-term success and sustainable development.
The company is a finalist in the Sports Betting Platform of the Year category as well. EGT Digital’s Sportsbook solution, part of X-Nave’s Sport Product, offers everything operators need to secure a competitive bookmaker position. It includes advanced betting, in-depth statistics, different bet types, back-office tools, a variety of jackpots, and 24/7 technical and trading support. It is provided with powerful management tools that allow betting sites to create personalized content and increase player engagement.
The last category for which EGT Digital has been nominated is Innovative Product of the Year, with its 360-degree retail betting solution. This product covers both software and hardware aspects of the business, including the design and management of devices, the company’s omnichannel solution, sports betting, lottery games, vouchers, online deposits, and commissions. Constantly evolving, EGT Digital’s 360-degree retail betting solution continues to add new tools and options for improving user experience.
The post EGT Digital is shortlisted in 5 categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
Balkans
EGT is a finalist in several categories of BEGE Awards 2024
EGT is excited to announce that it has been shortlisted in 6 categories of the prestigious BEGE Awards 2024. The competition, held annually as part of the BEGE Expo, will give prizes to individuals and companies for their significant contributions and excellent achievements in the gaming and entertainment industry for the 15th consecutive year.
After winning the accolade in last year’s edition of the event, the CEO of EGT, Mr. Vladimir Dokov, is once again a finalist in the CEO of the Year category. He received the nomination because of his strategic vision for the company, which has turned it into one of the leading manufacturers and suppliers of gaming equipment on a global level.
EGT will also compete for the awards in the Slot Machine of the Year and Slot Game Product of the Year categories. The company has been shortlisted, respectively, for its slot cabinets and slot games from the latest General Series, which have been demonstrating excellent results in a number of gaming establishments around the world.
Spider CMS is nominated for Casino Management System of the Year. As a result of its continuous development and improvement, the system currently contains 15 modules that make the organization of daily activities in gaming halls easy and efficient. This year, Spider CMS significantly expanded its footprint with several installations in Europe and Africa.
EGT’s bestseller, Bell Link, has earned the company a spot among the finalists in the Jackpot System of the Year category. Including 4 exciting levels and numerous attractive bonus features, this product has quickly become players’ favorite everywhere it has been installed.
EGT has also been shortlisted in the Corporate Social Responsibility of the Year category. It recognizes companies for their efforts to stimulate good social practices and build an ethically oriented business. EGT supports a lot of charity and sports initiatives. In addition, the company pursues a consistent policy for environmental protection and applies all ecological norms in its production processes and overall activities.
The BEGE Awards 2024 ceremony will take place on November 27 at Black & White Club, Palms Royale Sofia Complex.
The post EGT is a finalist in several categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
Balkans
EGT’s latest innovations to shine at the 15th edition of BEGE Expo
EGT is ready to make another memorable show during this year’s 15th edition of BEGE Expo. The company’s impressive product display will await the guests at booth 4.0. on November 27 and 28.
Several new developments in EGT’s portfolio will be presented to the local gaming audience for the first time. Among them will be the Bell Link 2 multigame, the latest addition to the absolute bestseller Bell Link, as well as the Bell Link Boost jackpot. The mix will introduce visitors to the exciting worlds of 10 titles, 5 of which are brand new, offering them numerous opportunities for winning and entertainment.
Bell Link Boost will also captivate players’ attention with its six exciting games, as well as the Boost feature, which will amplify the amount of the Major and Grand jackpots. The highest levels of Bell Link Boost will be combined with the corresponding levels of Bell Link and Gods & Kings Link, adding even more thrill to the gaming experience.
Two new Asian-themed jackpot solutions will be on display as well. Sheng Sheng Bu Xi will offer players a jackpot combo, giving an extra layer of adventure to their gameplay, and the 4-level Zhao Cai Shuang Yu will further enhance the chances of winning with its Keep & Spin bonus and Free Spins & Wheel feature.
EGT will present its newest multigame series, Supreme Selection, which currently features Supreme Green Selection and Mega Supreme Fruits Selection mixes. Powered by the latest Exciter IV platforms, they will make their local debut during the expo, demonstrating a perfect blend of some of EGT’s most popular titles and brand-new games with enormous potential.
The selection of slot products for the show will be complemented by the General Series cabinets and multigames, as well as the well-known Premium Link, Coin Jackpot and Supreme Combo Link jackpots.
The company will also showcase its ETG solutions. The main highlight will be the new RK6C roulette, which will be presented in Bulgaria for the first time. Including sleek design and advanced features, it will provide guests with comfortable play stations, dynamic LED lighting, and engaging sound effects. The players will also be able to explore the numerous variants for keyboard configurations, American roulette, as well as the option for connectivity to other EGT Automated Roulette units, enhancing the overall experience.
The well-established GS 32 T, G 32 T, and G 27 T terminals will also show their eye-catching design, numerous ergonomic features, and great flexibility, allowing many possible configurations with other devices. They will be equipped with multigame mixes of Supreme and Power Series, as well as top-performer Jackpot Cards.
Numerous AWP and VLT products, designed specifically for different markets, will be at the disposal of the stand’s visitors. They will also be able to get acquainted with the latest modules of EGT’s casino management system Spider, thanks to which the organization of the daily activities in gaming facilities is easier than ever.
EGT Digital will demonstrate its vast array of more than 120 popular slot games, as well as the in-house developed “all-in-one” betting platform X-Nave with its 4 main modules, each of which can function as part of the complete solution or operate independently, as they allow integration with products of third-party developers.
“Taking part in BEGE Expo is always a great experience for us, especially since this year is even more special as the event celebrates its 15th birthday,” shared Nadia Popova, Chief Revenue Officer and VP of Sales & Marketing at EGT. “We will be happy to meet again with our clients and partners from the region and discuss with them all new exciting opportunities for collaboration. We are also anticipating BEGE Awards, in which we are finalists in several categories.”
The post EGT’s latest innovations to shine at the 15th edition of BEGE Expo appeared first on European Gaming Industry News.
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