Golden Matrix Group Reports Record Revenue in 2023 Despite Widening Net Loss

In a recent financial report, Golden Matrix Group celebrated a remarkable milestone with annual revenue surpassing $43.5 million, driven by its diverse portfolio. This achievement aligns with GMGI's earlier predictions, demonstrating the company's ability to meet its forecasts. However, amidst this success, the company faced challenges in the form of a widening net loss.

Despite the increased net loss, GMGI's CEO, Brian Goodman, remained positive about the company's performance in 2023. He emphasized the significance of the revenue growth as a key highlight and expressed optimism about continued expansion in 2024. Goodman highlighted the importance of investments made in B2B and B2C platforms, underlining their role in sustaining strong revenue growth.

GMGI's revenue for 2023 was divided into B2B and B2C segments, with $15.6 million and $28.5 million, respectively. The company boasted partnerships with 785 gaming operators and over 8.2 million B2B customers. In the B2C segment, the RKings and Mexplay brands attracted over 325,000 and 61,000 registered users, respectively. However, rising costs of goods sold and increased operating expenses posed challenges.

GMGI provided updates on its pending acquisition of MeridianBet, originally valued at approximately $300.0 million. Delays and amendments have extended the closing date multiple times. Still, GMGI remains committed to finalizing the deal in the first quarter of 2024, expecting the acquisition to enhance its global footprint and boost revenues and profitability, particularly in the US and Canada's online gambling markets.