Golden Matrix previously acquired an 80% controlling interest in RKings Competition back in December 2021.
“Obviously, we are pleased to now have this exciting and successful B2C business as a wholly-owned entity,” said Golden Matrix CEO Brian Goodman. “It is highly scalable and expected to grow quickly in multiple regulated jurisdictions.”
In 2020 and 2021, RKings Competitions reportedly awarded more than $54m in prizes, which included residential properties, vehicles, holiday packages, technology packages and cash. The tournament platform has more than 25,000 active clients each month, and Golden Matrix plans to expand the platform to other countries.
“In addition to Great Britain, we expect RKings’ tournament platform to be popular and well-received by participants in Mexico, where it is already permitted to operate; and we believe it can expand into other Latin American markets over the next couple years,” said Goodman.
Golden Matrix has also launched GMGI assets, a company that will resell prizes that winners of Rkings Competitions choose not to claim.
“As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car,” Goodman explained.
“When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future.”
