Golden Matrix Reports Record First Quarter Revenues Exceeding $10.5 Million
Feb 23, 2023 (NewMediaWire via COMTEX) -- Las Vegas, NV - (NewMediaWire) - February 23, 2023 - Golden Matrix Group Inc. (NASDAQ:GMGI)(“GMGI” or the “Company”), a developer, licensor and global operator of online gaming and eCommerce platforms, systems, and gaming content, today announced that pursuant to preliminary revenue estimates, it achieved record revenues of more than $10.5 million for the Company’s first fiscal quarter ended January 31, 2023. This represents an estimated 19% improvement on revenues of $8.88 million in the like year-ago period, and an estimated 10% improvement on revenues of $9.57 million in the previous quarter.
“Our new fiscal year is off to a great start, with the first quarter in our Company’s history to record more than $10 million in revenues,” said GMGI CEO, Brian Goodman, who continued, “Our core business-to-business (B2B) platform for operators throughout the Asia Pacific region remains strong, and we are now seeing an acceleration of growth in the Company’s business-to-consumer (B2C) segment, UK-based RKingsCompetitions Ltd (“RKings”).
During the quarter ended January 31, 2023, the RKings Tournament Platform awarded $4 million in prizes, including luxury cars and other luxury items. Currently, RKings has about 69,000 Instagram followers, in addition to more than 398,000 RKings Facebook followers. The number of registered users on the tournament platform now exceeds 285,000.
During the past fiscal year, according to Mr. Goodman, “Improvements in marketing, customer acquisition costs and operating efficiencies at RKings are paying off as evidenced by the B2C platform’s enhanced performance. Additionally, we believe we have positioned RKings’ highly scalable platform to be introduced into other regions, beginning with Mexico this year.”
Mr. Goodman also noted that RKings’ revenues and profitability are benefitting from the activities of GMG Assets Limited, a complementary business implemented during the second half of last year to provide the winners of RKings’ prizes with a cash option. Mr. Goodman continued, “The cash alternative offered to players is proving very attractive in that a number of winners have preferred taking cash instead of delivery on an exotic motor vehicle. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, and are expected to grow in additional jurisdictions in the future.”
Further information on financial results for the first fiscal quarter ended January 31, 2023 will be available in GMGI’s Quarterly Report on 10-Q filing, which is expected to be filed with the Securities and Exchange Commission on or before March 15, 2023.