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Golden Matrix posts positive Q3 results, despite initial dip in share price

Golden Matrix Group has released its Q3 results, showing a record $9.1m in revenue and 16th straight quarter of profit.

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The supplier's results highlight a strong quarter for the company and a 180% increase in annual revenue; something which looks more impressive when collated with its H1 result, as it collectively totals a 237% increase against the previous year, with revenue of $26m.

After posting the results, Golden Matrix CEO, Anthony Brian Goodman, commented: “Our ability to generate increasing revenues with quarter-after-quarter of profitability attests to the strengths of our B2B and B2C platforms.

“Because of the highly competitive nature of our industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants. The GMX-Ag platform, which provides numerous features to benefit both operators and their players, continues to gain traction, even outside our traditional markets."

The report finds Golden Matrix in a good fiscal position, which only looks better when taking into account the four years of consistent profitability. However, upon the news of the record quarter, the share price of Golden Matrix fell sharply before recovering, as investors took in the information.

Earlier this year, Golden Matrix applied for a gaming licence in Mexico, which it has yet to provide an update on.

After the application was submitted, Goodman stated: “This a logical move for the company, as it opens up compelling opportunities in the Latin America B2C market; and it begins the expansion of the RKings tournament platform to our first region outside of the UK and Ireland.”

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