Golden Matrix Group, a developer and operator of online gaming and eCommerce platforms, announced preliminary revenue estimates of over $39m for the second quarter ending 30 June 2024.
This quarter marks the first reporting period that includes the consolidated revenues of Golden Matrix and MeridianBet Group, following their acquisition in April.
During this quarter, RKingsCompetitions, acquired by Golden Matrix in 2022, achieved its highest quarterly revenues to date, attributed to the rollout of new technology and an updated website.
MeridianBet Group, which was acquired in a deal valued at $300m, expanded its global operations by securing licences in South Africa and Peru.
The group's sportsbook in Brazil reported wagers totalling $14.7m for Q2 2024, reflecting a 13% increase from the previous quarter. Additionally, Expanse Studios, part of MeridianBet’s portfolio, saw a 26% revenue increase from Q1 2024 and announced a strategic partnership with Betika.
Aleksandar Milovanović, the largest shareholder of Golden Matrix, converted $4m of deferred debt into common stock at $3 per share, indicating confidence in the company's performance.
Golden Matrix reportedly continues to focus on strengthening its business-to-business (B2B) and business-to-consumer (B2C) segments and is evaluating potential acquisition opportunities to enhance growth. The detailed financial results for Q2 2024 will be available in Golden Matrix's Quarterly Report on Form 10-Q, expected to be filed with the Securities and Exchange Commission by 14 August 2024.
The acquisition of MeridianBet Group was first agreed upon in January 2023 and finalized in March 2024 after several amendments. MeridianBet, founded in 2001, operates in 15 jurisdictions, including Europe, Africa and South America. The acquisition is expected to boost Golden Matrix's revenue and profitability.
