The report, ending 31 October 2022, reveals that the business is expecting a 201% improvement on the whole of 2021 where it generated $11.3m in revenue.
During 2022, Golden Matrix bought 80% of RKings Competitions. However, Golden Matrix CEO Brian Goodman noted that the acquisition did not affect revenue this year, stating: “The company’s traditional B2B gaming segment showed a 30% improvement in revenue growth for the twelve months ended 31 October 2022, compared to 2021.
“And it currently services over 600 Online Casino Brands with more than 6.8 million registered users across all GM-X platforms.”
Meanwhile, Golden Matrix also reported that RKings had awarded over $14.5m in prizes in 2022 – which included cars, jewellery and other luxury items.
Additionally, RKings handed out $54m in prizes across 2020 and 2021, which included residential properties, vehicles, holiday packages, technology packages and cash.
Goodman said of the buy: “Obviously, we are pleased to now have this exciting and successful B2C business as a wholly-owned entity. It is highly scalable and expected to grow quickly in multiple regulated jurisdictions.”
“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.”