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The Golden Matrix Group Reports a Record-Breaking Q3 Revenue

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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.”

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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.”

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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.

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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.

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The company’s nine-month loss of $1.9m compared to a profit of $1.5m last year.

Fumb Games

ZBD and TapNation forge new status quo in rewarded gaming

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ZBD, the payments innovator powering real-money rewards for games, has introduced embedded in-game rewards, an evolution in how mobile games use real-money rewards to engage players, alongside launch partners including TapNation and Fumb Games.

Embedded rewards are a new approach to rewards in the mobile gaming industry, taking lessons learned from the rise of rewarded play apps to give any game the ability to incentivize users to play more, for longer and more profitably. Players can now earn real-money rewards inside the game, not a separate app, resulting in triple-digit retention boosts.

This solves an issue inherent in rewards apps which, while undeniably effective, limit the scale at which games can benefit from rewards by only applying rewards systems to users sent to a game from a specific app. Additionally, this system mostly performs well for IAP-monetized games due to the high cost of rewarded users, which are difficult to absorb for ad-monetized titles.

ZBD’s solution changes that. Already successfully integrated into titles such as Idle Bank, an idle tycoon hit by TapNation with more than 12M downloads, it embeds rewards directly into the gameplay experience. Powered by a lightweight SDK, the ZBD model drives improved retention and monetization for titles that monetize with ads as well as IAPs.

Philippe Lenormand, Head of Web3 at TapNation said:

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“ZBD is taking a bold approach to boosting game monetization while keeping players happy, which comes at a good time for the industry. Embedded rewards have the potential to transform performance for games, especially those that partly rely on ad monetization.”

Beyond TapNation, the new SDK is already live in 20+ games from 7 other partners, including Fumb Games, PlayEmber and Hazmob. This includes a mix of older games, like Merge Monsters from Fumb Games, which saw a +181% increase in D7 retention after years of little activity, as well as new titles geared towards rewards, like Crypto Idle Tycoon by Ruleks Games, which saw its D30 retention climb by +355% and ad revenue per user by +124%.

Ben Cousens, Chief Strategy Officer at ZBD said:

“Rewards are proven beyond doubt to improve the value exchange between games and gamers, leading to powerful upticks in engagement, retention and monetization. With embedded rewards, we’re unlocking that potential beyond the constraints of rewarded UA channels. We’re using real-money payments to make a game more worth playing. And removing all the complexity that usually comes with payments to create a solution tailor-made for mobile game studios.”

Rewards powered by ZBD are always real money, not just in-game points. To facilitate this kind of money movement for amounts as small as a cent, ZBD uses the Bitcoin Lightning Network. But developers can choose whatever icon and currency name they want to show for the rewards, the Lightning Network is just the underlying payments layer that enables the transactions in real-time all over the world. ZBD has long offered a powerful payments API for studios to craft bespoke reward systems with custom logic, interfaces, and UX flows. The SDK builds on that foundation, transforming what was once an extensive technical integration into a ready-to-deploy layer that gets games live with rewards in less than a week.

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Last month, ZBD announced its payments technology had been approved by Apple to enable native Bitcoin microtransactions in the mobile game SaruTobi, making it the first iOS game to integrate in-app purchases using Bitcoin. Now, embedded rewards are making it easy for any game to send microtransactions to players and gain massive performance boosts.

The post ZBD and TapNation forge new status quo in rewarded gaming appeared first on Gaming and Gambling Industry in the Americas.

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Dario Leiman Head of Business Development in Latin America at SOFTSWISS

SOFTSWISS Releases 19-in-1 Market Overview: iGaming in Latin America

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SOFTSWISS, a global tech provider of iGaming software solutions, has unveiled its latest report on Latin America’s iGaming landscape, providing a comprehensive, data-rich guide for operators navigating one of the industry’s fastest-evolving regions. 

After becoming the first certified iGaming software provider in Brazil and obtaining further approval in Peru, SOFTSWISS has deepened its regional expertise to help operators, regulators, and stakeholders better understand and operate within the dynamic LatAm iGaming market.

As the iGaming sector turns its eyes toward emerging markets, Latin America stands out as both a challenge and an opportunity. The newly released Latin America’s iGaming Market Overview from SOFTSWISS offers a detailed, country-by-country analysis of the region’s regulatory frameworks, market potential, and player behaviour. 

The report serves as a starting point for understanding gambling regulation across Latin America. It helps analysts, governmental institutions, and operators solve the problem of scattered and unclear information about the market peculiarities of the region’s countries, equipping stakeholders with the knowledge to build strategies grounded in local realities.

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What’s Inside the Report?

The iGaming in Latin America Market Overview examines 19 jurisdictions and outlines their licensing conditions, taxation models, local ownership requirements, and digital infrastructure, which collectively shape the operating landscape. The 2025 edition offers:

  • Detailed regulatory snapshots for land-based and online gambling in LatAm countries
  • In-depth assessments of mobile penetration, payment infrastructure, and demographic trends
  • Analysis of traditional betting culture and its impact on online product strategies
  • Insights into upcoming reforms and their competitive implications

Many local experts note that the Latin American market is highly fragmented, with each country presenting its own unique regulatory landscape for iGaming. From Costa Rica’s legal grey zones to Paraguay’s border casinos and Brazil’s regulatory leap with Law No. 14.790, the report underscores how nuanced and fragmented the market remains. Understanding distinct frameworks is critical for any operator looking to succeed in the region, whose potential is really powerful when approached strategically.

Magnho José, President of Instituto Jogo Legal (IJL), comments: “Costa Rica’s open licensing model has positioned the country as a global hub for online gambling, serving operators from both Latin and North America. Meanwhile, border zones like Ciudad del Este in Paraguay host some of the region’s most established land-based casinos. Latin America’s market isn’t just growing, it’s geographically layered and commercially diverse.”

The SOFTSWISS overview gives operators a clear, data-informed view of where the region stands today – and where it is headed next.

Dario Leiman, Head of Business Development in Latin America at SOFTSWISS, shares his excitement: “With Brazil’s full-scale iGaming regulation now in place, SOFTSWISS is fully ready to operate in the market. In parallel, we’ve been evaluating opportunities in other Latin American countries. This report is more than a regional snapshot – it’s a practical tool for any operator looking to eliminate the guesswork from market entry and make informed decisions.”

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The Latin America report is part of a broader effort by SOFTSWISS to deliver strategic, market-specific intelligence for iGaming professionals. Earlier this year, the company released the iGaming in South Africa 2025 report – an in-depth analysis of one of Africa’s most promising regulated markets.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 35,000 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.

The post SOFTSWISS Releases 19-in-1 Market Overview: iGaming in Latin America appeared first on Gaming and Gambling Industry in the Americas.

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Affiliate Industry

ReferOn Earns Dual Nominations for Innovation and Marketing Excellence at SiGMA Euro-Med Awards 2025

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The company continues its growth in 2025 with key industry recognition

ReferOn, a next-gen affiliate management platform has been shortlisted for the “Affiliate Product Innovation” and “Best Marketing Solution Provider” categories at the upcoming SiGMA Euro-Med Awards 2025.

These nominations come after an important year for the company, defined by strong market traction, continuous product development, and an increased demand from operators and affiliate managers looking to transition from outdated legacy platforms to a more agile, transparent, and scalable solution.

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Since its launch, the ReferOn team has demonstrated its commitment to solving real problems for affiliate teams. At the core of its value propositions is creating a simple and accessible platform that’s built for modern needs. Core developments like full-cycle automation, customisable dashboards, instant postbacks, and real-time data visibility help to reduce chaos and boost performance. Additionally, tools like the Sub-Affiliate System, No Bundling Model, and dynamic variables assist with increased operational control.

Vlad Bondarenko, ReferOn’s Head of Product, commented on the nominations, “We didn’t build ReferOn to compete with legacy platforms — we built it to replace them. Every development, addition, and decision is guided by the goal of empowering our users to move faster, make more insightful decisions, and scale efficiently. These nominations have shown us that we’re moving in the right direction and that our incredible team is working towards something truly impactful.”

ReferOn’s roadmap remains ambitious and future-focused, with numerous investments in product developments, customer-facing services, and initiatives that help affiliate teams act faster and move smarter.

Voting for the SiGMA Euro-Med Awards 2025 is now open.

The post ReferOn Earns Dual Nominations for Innovation and Marketing Excellence at SiGMA Euro-Med Awards 2025 appeared first on European Gaming Industry News.

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