Golden Matrix Hits Again with Accelerating Sales Growth and an M&A Kicker

In This Article:

  • Global gaming operator Golden Matrix Group, Inc. (NASDAQ: GMGI) reported an 85% jump in third quarter revenue on strength across segments

  • Golden Matrix continues to be profitable with cash on hand at $38.4 million

  • Tracking to target of $76 million of Ebitda expected in 2025

  • MeridianBet launched an AI-powered Bet Recommender during the quarter

  • Purchased and successfully integrated Australian discount platform Classics for a Cause Pty Ltd

  • Passed another key round in Brazil’s exclusive licensing process for sports betting and iGaming

  • Trades at just 4.8 times 2025 expected Ebitda, sharply below DraftKings Inc. and Caesars Entertainment Inc.

By John Jannarone

Golden Matrix Group, Inc. (NASDAQ: GMGI) reported faster sales growth in the third quarter as the global gaming powerhouse saw strength across markets and continued to broaden its footprint through M&A and key regulatory wins.

The company, which offers tournaments and sports betting while also selling technology to other operators, said sales rose 85% in the third quarter after a 75% increase in the second quarter. The company continues to be profitable, with adjusted EBITDA of $4.3 million in the third quarter, reflecting health across segments.

“Golden Matrix’s Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position,” Brian Goodman, CEO of Golden Matrix, said Tuesday. “Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades, and the expansion of our iGaming portfolio.”

Golden Matrix has operations in more than 15 countries and continues to benefit from a boom in online gambling around the world. As more jurisdictions relax regulations, bettors worldwide can gamble in person or on smartphones around the clock.

Following the April purchase of MeridianBet Group for $300 million, the company continues to use its healthy balance sheet to support M&A. During the third quarter, Golden Matrix purchased an 80% stake in Australian discount platform Classics for a Cause Pty Ltd (CFAC).

The deal marks Golden Matrix’s first foray into the consumer rewards industry, complementing its existing operations in the gaming and sports betting sectors. CFAC runs a consumer platform that gives paying members access to a wide range of discounts from retailers across Australia, along with giveaways featuring luxury cars and vacations. Golden Matrix can take that business into other markets using its vast existing footprint.

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