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.
Revolutionary platform solution provider adds over 12,000 cutting-edge casino titles to its portfolio after integrating with industry-leading casino aggregator
Elantil, the ambitious new platform solution provider aiming to redefine relationships between operators and suppliers, has announced it has significantly expanded the range of options available via its online marketplace after striking a new partnership with Hub88.
A high-profile integration with one of iGaming’s most successful casino aggregators, the deal will see an incredible range of 12,000+ state-of-the-art casino titles from over 120 of the industry’s leading software studios made available to Elantil clients – and all at no extra cost to the operator.
As the Elantil model enables clients to form contracts with suppliers without the need of an intermediary, the company doesn’t dictate the terms of their agreements and never charges any additional commission, allowing operators to enjoy simple, cost-effective one-click integrations.
Boasting one of the largest content libraries in the industry, a powerful back office and customer support that’s available 24/7 in a variety languages, Hub88 prides itself on offering the next generation of casino aggregation and can help operators provide a more tailored user experience.
The aggregator’s advanced personalisation model draws on player interaction data to create recommendations for top games, similar games and custom lobbies, meaning customers can find the content they love faster and also enjoy titles that have been curated to their preferences.
Offering all this and more, the addition of Hub88 to the Elantil’s Marketplace will provide a major boom to the company’s clients and marks the third such expansion Elantil has made in the past month – again reiterating its commitment to rewriting the playbook for online platform solutions by connecting as much third-party providers it can to its current and future operators.
John Debono, Chief Technical Officer at Elantil, said: “The Elantil marketplace was designed to connect operators with a comprehensive range of iGaming products and the addition of Hub88’s content will only strengthen this proposition further. Offering one of the largest libraries in the industry, Hub88 puts over 12,000 games at operators’ fingertips – all of which are now available via our easy and cost-effective plug-and-play solution.”
Ollie Castelman, Managing Director at Hub88, said: “At Hub88 we pride ourselves on providing the next generation of casino aggregation, so it’s only natural that we’d choose to partner with a company that’s rewriting the rulebook when it comes to online platform solutions. With all our content now available via the Elantil Marketplace, interested clients can reach out to us with their requests and we’ll supply the details they need to integrate our games directly from the platform.”
The post Elantil strengthens its marketplace with Hub88 partnership appeared first on European Gaming Industry News.
Spinmatic, leading B2B provider of premium casino games, keeps growing massively across key markets such as Greece, by working hand in hand with Novibet, cutting-edge gametech operator known for its strong presence across multiple international markets.
This partnership allows Spinmatic to extend its reach well beyond Greece, offering players worldwide access to its top-tier casino games, known for popular mechanics, rich themes and superior graphics.
Norbert Mathies, Managing Director at Spinmatic, has proudly stated: “It’s a pleasure to be part of Novibet’s offering in core markets and reach all their players with our superior casino games. Greece has been a stronghold for us and we’re thrilled to build on that success and extend it worldwide.”
This partnership is part of a broader Softquo Holding strategy as GoldenRace, Spinmatic’s sister company and trusted Virtual Sports provider Greece and worldwide, is also partnering with Novibet.
Foteini Matthaiou, Casino Product and CRM Director at Novibet said, “This exciting partnership with Softquo marks a significant step forward in enhancing our gaming portfolio and delivering an enriched experience to our players. We are confident that teaming up with Softquo will drive innovation and bring fresh entertainment options to our valued customers.”
As part of its non-stop expansion, Spinmatic brings a selection of fruit-themed Slots – long-time favourite among players – including the top ranked Sizzling Blaze Deluxe. It also introduces its fast-paced Crash games, with adrenaline-fueled titles like Meteoroid & Meteoroid Deluxe.
Players will enjoy Spinmatic’s Jackpot collection – highly sought-after in Greece and around the globe – with different titles like Sizzling Blaze Jackpot Deluxe & Poseidon Jackpot available depending on the country.
The post Spinmatic scales up in Greece and other core markets with Novibet appeared first on European Gaming Industry News.
BMM
THE VISUALIZE GROUP TO ACQUIRE BMM TESTLABS, PARTNERING WITH CEO MARTIN STORM TO ACCELERATE GROWTH IN REGULATED GAMING
Strategic acquisition positions BMM for rapid global expansion and increased operational scale in the fast-growing regulated gaming sector
The Visualize Group (“Visualize”), a private investment firm focused on concentrated investing in mission-critical, services-based companies, announced that it has agreed to acquire BMM Testlabs (“BMM”), a leading provider of testing, inspection, compliance, and certification (“TICC”) services for the global regulated gaming industry. BMM Testlabs’ President and Chief Executive Officer Martin Storm will retain a significant stake as part of the transaction and continue leading the business. Financial terms of the transaction were not disclosed, and the transaction is subject to regulatory approvals.
Headquartered in Las Vegas, Nevada, and founded in 1981, BMM provides TICC services to gaming product suppliers in regulated gaming markets across six continents. With a 44-year track record of commitment to integrity, innovation, and technical excellence, BMM ensures that gaming products meet regulatory standards and deliver secure, fair, and reliable experiences. Visualize will seek to uphold BMM’s reputation of service excellence and invest in supporting its customer base as regulated gaming markets continue to expand and grow globally.
As part of the transaction, Visualize will implement a broad-based employee ownership program to allow BMM’s employees the opportunity to participate in Visualize’s value creation plan for BMM, which includes several pre-identified organic and inorganic growth initiatives.
BMM Testlabs President and Chief Executive Officer Martin Storm said, “For 44 years, BMM has dedicated itself to becoming the premier service provider and partner to gaming regulators, suppliers, and operators, ensuring that regulated gaming is conducted safely, transparently, and compliantly. It’s a privilege to contribute to this journey and witness the achievement of our ambitious goals. Partnering with Visualize marks an exciting new chapter, as together we will drive growth for BMM and seize the immense opportunities within the evolving gaming market.”
C.C. Melvin Ike, Managing Partner of Visualize, said, “As thematic investors, we strive to invest in exceptional businesses and management teams providing mission-critical services in growing markets. BMM exemplifies this. Our team has closely studied the rapid global expansion of regulated gaming markets, and we believe this trajectory will continue. As new jurisdictions open around the world, the need for safe and compliant gaming continues to rise. With its global footprint, track record of technical leadership, and trusted reputation in the market, we believe BMM is the best-positioned regulatory technology platform to capitalize on the market opportunity. We’re thrilled to collaborate with Storm and the entire team at BMM.”
Advisors
Weil, Gotshal & Manges LLP acted as legal counsel to Visualize. Gadens acted as legal counsel to BMM Testlabs.
The post THE VISUALIZE GROUP TO ACQUIRE BMM TESTLABS, PARTNERING WITH CEO MARTIN STORM TO ACCELERATE GROWTH IN REGULATED GAMING appeared first on Gaming and Gambling Industry in the Americas.
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