Golden Matrix Group Posts 2Q Financials

Online betting firm Golden Matrix Group has announced its second quarter 2024 financial results, showing that the company generated preliminary revenues of more than $39 million during the period.

The company said that the growth in revenue stems from the purchase of Meridianbet Group, which they purchased in April. This marks the first fiscal reporting period that includes totals from both companies. Also of note was the performance of RKingsCompeititons, which posted its highest revenue totals since it was purchased by GMG in 2022.

Brazil appeared as a major market during the reporting time, as revenues from the country jumped 13% to $14.76 million.

The company's Expanse Studios subsidiary also reported strong growth of 26% during the period, boosted by news that it had partnered with Betika.

Golden Matrix is continuing to grow its business-to-business and business-to-consumer verticals, and noted that more purchases could be on the horizon. The company currently trades on the Nasdaq, and share prices were up 0.84% on Wednesday morning to $2.34 per share.

Regarding his company's performance, Golden Matrix Group CEO Brian Goodman said: "Our acquisition of MeridianBet Group is off to a great start, with this strong initial quarter and expectations for continued growth of revenues and profits for the foreseeable future. Mr Aleksandar Milovanović, the largest shareholder of the Company, recently convert (sic) $4 million of deferred debt into shares of common stock at a conversion price of $3 per share. We believe this clearly shows confidence in the Company and its ongoing performance."