Interactive
US – RKings Tournament Competitions help drive record quarter for Golden Matrix
By Phil - 15 August 2023
Golden Matrix Group, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, achieved record third quarter revenues exceeding $11m, with significant contributions from RKings Tournament Competitions, the company’s B2C segment operating in the United Kingdom.
“July marked our best monthly financial results at RKings since it was acquired almost two years ago,” said Golden Matrix CEO Brian Goodman. “It contributed $7.5m toward total revenues in the quarter, which is $1 million more than contributions of about $6.5m generated in both Q1 and Q2.”
According to Mr. Goodman, operational improvements at RKings accounted for its upbeat revenue growth. One primary factor was the recent introduction – and massive popularity – of an expanded tournament platform offering multiple prizes of various types and prices, thus allowing for more winners with each drawing. A second factor was the continued growth of GMGAssets, a complementary business offering RKings’ tournament winners of an expensive car or other high-ticket item the option to take a pre-determined cash option in lieu of the prize.
RKings revenue contributions in Q3 from tournament competitions and GMGAssets were $5.8m and $1.7m, respectively.
MEXPLAY, the company’s fully regulated online casino and sportsbook in Mexico, continues to show consistent progress since its launch earlier this year. When comparing Q3 to Q2, total wagering increased 383 per cent to $5.8m from $1.2m, total player deposits increased 610 per cent to $476,000 from $67,000, and total registered players increased 368 per cent to 32,800 from 7,000.
“In addition to generating record revenues exceeding $11m for the first time,” said Mr. Goodman, “we made excellent progress during the quarter in securing the financing required to complete the acquisition of the MeridianBet Group; and we anticipate sending out the proxy statement later this month for shareholder approval. Obviously, we are extremely excited to complete this transaction, as it will transform GMGI into a dynamic and highly profitable global gaming company.”
