Key points:
- Golden Matrix Group’s Q3 2024 revenue grew by 85%, driven by acquisitions and market expansion
- The GMAG platform and Mexplay reported notable growth, signalling the potential for further expansion in key markets
- Meridianbet’s year-on-year revenue grew 16%, largely supported by strong online and retail sector performance
Golden Matrix Group has reported strong earnings for Q3 2024, demonstrating continued growth through acquisitions and operational expansions.
The company’s financial report for the quarter ending 30 September 2024 highlights notable increases in revenue, gross profit and operational reach.
To begin with, Golden Matrix’s Q3 2024 consolidated revenue rose by 85% year-on-year to reach $41m, and year-to-date revenue rose 55% to $105.3m. This performance reflects the success of its core growth strategy as well as the acquisition of Classics for a Cause, which contributed an additional $2.1m in revenue and $503,000 in EBITDA within two months.
Gross profit also grew by 39% in Q3 to $22.4m, with a year-to-date rise of 24% to $61.8m, signalling improvements in operational efficiency and product margins.
In terms of operational highlights, Meridianbet, a key Golden Matrix brand, delivered solid performance metrics in Q3. Meridianbet’s revenue increased by 16% year-on-year, driven by online and retail sectors that saw 19% and 6% growth respectively.
Additionally, player engagement metrics were up: Deposits rose 13% quarter-on-quarter to $61.9m and new registrations increased by 23% to 125,000.
The gaming segment also saw growth, with a 7.4% increase in sports betting and a gross gaming revenue (GGR) margin of 9.5%.
Golden Matrix’s GMAG platform, a B2B aggregator, demonstrated growth too, with wagering volume rising by 84% to $1.4bn.
Additionally, Golden Matrix’s Mexican online casino Mexplay reported a 56% increase in active players and a gross gaming revenue boost to $15m.
Good to know: A strengthened balance sheet and shareholder equity hope to position the company for further expansion going forward
From an overall financial perspective, Golden Matrix closed Q3 with over $38.4m in cash and equivalents and a short-term debt of $17.5m. The company’s shareholder equity grew by 60% to reach $94m, underlining a solid financial foundation that enables continued investment in growth initiatives.
Adjusted EBITDA for Q3 stood at $4.3m, showing resilience across multiple revenue channels despite minor currency fluctuations.
Commenting on the results, Meridianbet CEO Zoran Milosevic stated: “We achieved some remarkable milestones, with our strategic acquisitions now fully integrated and our ground-breaking fifth-generation platform setting a new benchmark in the global betting and iGaming industry.
“Our global operations are delivering exceptional synergies and efficiencies, setting us up for unprecedented growth. All indicators point to FY2024 being a landmark year for performance."
Golden Matrix CEO Brian Goodman added: “Golden Matrix’s Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position.
“Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades and the expansion of our iGaming portfolio.”
