Golden Matrix Group Reports Record Revenue of Over $39 Million for Q2 2024
Date: 2024-07-11 Author: Leon Pierce Categories: PAYMENT SOLUTIONS
Golden Matrix Group, a leading developer and operator of online gaming and e-commerce platforms, announced record revenue for the second quarter of 2024. The result achieved, which exceeded $39 million, was made possible thanks to the successful acquisition of MeridianBet Group and the excellent performance of its subsidiaries.
Impact of MeridianBet Group Acquisition
The quarter marked the first reporting period to include consolidated revenues from Golden Matrix and MeridianBet Group following their acquisition in April. The $300 million deal allowed Golden Matrix to significantly expand its operations and strengthen its position in the international market.
One of the subsidiaries, RKingsCompetitions, acquired by Golden Matrix in 2022, also contributed significantly to overall revenue. The introduction of new technology and website updates contributed to the company's highest quarterly revenue to date.
Expansion of MeridianBet's activities
The MeridianBet group has been actively expanding its global operations, obtaining licenses in South Africa and Peru. In Brazil, the group's bookmaker recorded bets totaling $14.7 million for the second quarter of 2024, up 13% from the previous quarter. Expanse Studios, part of the MeridianBet portfolio, has seen 26% revenue growth since the first quarter of 2024 and announced a strategic partnership with Betika.
Alexander Milovanovic, Golden Matrix's largest shareholder, converted $4 million of deferred debt into common stock at $3 per share. This decision indicates high shareholder confidence in the company's performance and prospects.
Golden Matrix continues to focus on strengthening its business-to-business (B2B) and business-to-consumer (B2C) segments. The Company is also evaluating potential opportunities for further acquisitions to enhance growth and expand its global market presence.
Expected Financial Results
Detailed financial results for the second quarter of 2024 will be available in Golden Matrix's Quarterly Report on Form 10-Q, which is expected to be filed with the Securities and Exchange Commission by August 14, 2024.
The acquisition of MeridianBet Group was first agreed in January 2023 and completed in March 2024 after several amendments were made. Founded in 2001, MeridianBet operates in 15 jurisdictions including Europe, Africa and South America. This acquisition is expected to significantly increase Golden Matrix's revenue and profitability, positioning the company for sustainable growth in the future.
Golden Matrix Group achieved significant progress in the second quarter of 2024, setting record revenues and demonstrating the successful integration of acquired companies. These achievements confirm the correctness of the chosen strategy and strengthen the company’s position in the international arena.
