Home > Finance > Quarterly results > GMGI revenue exceeds $11m in record Q3
Golden Matrix Group Inc (GMGI) reported a record performance during the third quarter, during which revenue exceeded $11.0m (£8.7m/€10.1m).
The developer did not publish full results for the quarter ended 31 July but said in a market update that record revenue was in line with expectations GMGI set out last month before the end of Q3.
GMGI said growth was driven by RKings tournaments within its B2C segment in the UK. The group took full ownership of RKings in November last year, having initially purchased a majority holding in November 2021.
CEO Brian Goodman highlighted a number of operational improvements within RKings in Q3. These included an expanded tournament platform, offering multiple prizes and allowing for more winners with each drawing.
Goodman also noted the impact of GMGAssets, a complementary business offering RKings’ tournament winners of high-ticket items the option to take a pre-determined cash option in lieu of prizes.
RKings tournament competitions revenue in Q3 hit $5.8m, with GMGAssets at $1.7m.
“July marks our best monthly financial results at RKings since it was acquired almost two years ago,” Goodman said. “It contributed $7.5m toward total revenues in the quarter, which is $1.0m more than contributions of about $6.5m generated in both Q1 and Q2.”
Further success for GMGI with Mexplay
GMGI also noted the performance of Mexplay, its online casino and sportsbook operating in Mexico.
Wagering on Mexplay amounted to $5.8m, which was 393.0% more than during the second quarter. Total player deposits were also 610.0% higher quarter-on-quarter at $476,000.
In addition, total registered players on Mexplay hit 32,800 by the end of Q3, some 368.0% higher than the previous quarter.
GMGI will publish further details on its Q3 performance in due course.
GMGI edging closer to MeridianBet Group acquisition
Meanwhile, Goodman updated the market on progress with GMGi’s planned acquisition of MeridianBet Group.
GMGI struck a deal in January to purchase MeridianBet for approximately $300m. Terms of the agreement were amended in July, with GMGI hoping to complete the deal in the fourth quarter.
Goodman said GMGI made progress in securing the financing required to complete the deal. This will be put forward for shareholder approval in the coming weeks.
“Obviously, we are extremely excited to complete this transaction, as it will transform GMGI into a dynamic and highly profitable global gaming company,” Goodman said.
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