Developer and operator of online gaming and e-commerce platforms, Golden Matrix Group, announced that revenue for the second quarter is estimated to surpass $39 million.
RKingsCompetitions, acquired by Golden Matrix in 2022, achieved its highest quarterly revenue to date, thanks to the launch of new technologies and website updates.
The MeridianBet Group was acquired for $300 million and expanded its global operations by obtaining licenses in South Africa and Peru.
The group's sports betting company in Brazil reported a total betting amount of $14.7 million for the second quarter of 2024, a 13% increase from the previous quarter. Additionally, the revenue of Expanse Studios, under MeridianBet, grew by 26% from the first quarter of 2024, and announced a strategic partnership with Betika.
Golden Matrix's largest shareholder Aleksandar Milovanović converted $4 million in deferred debt into common shares at $3 per share, demonstrating strong confidence in the company's performance.
It is reported that Golden Matrix continues to focus on strengthening its business-to-business (B2B) and business-to-consumer (B2C) operations and is evaluating potential acquisition opportunities to foster growth. Detailed financial results for the second quarter of 2024 will be published in Golden Matrix's 10-Q quarterly report, which is expected to be filed with the U.S. Securities and Exchange Commission on August 14, 2024.
The acquisition of MeridianBet Group was initially agreed upon in January 2023, and after multiple amendments, was finally concluded in March 2024. Established in 2001, MeridianBet operates in 15 jurisdictions across Europe, Africa, and South America. This acquisition is expected to enhance Golden Matrix's revenue and profitability.
