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Business Booming for Golden Matrix Group Inc. (NASDAQ: GMGI) as Online Gambling Continues Growth in Popularity
October 3, 2022

Business Booming for Golden Matrix Group Inc. (NASDAQ: GMGI) as Online Gambling Continues Growth in Popularity

  • Data Bridge Market Research forecasts a 13.7% CAGR for the casino online gambling market to reach $144.74 billion in 2028
  • Golden Matrix Group is demonstrating growth in both its B2B and B2C businesses, as it prepares to enter the Mexican markets
  • GMGI revenue for the first nine months of fiscal 2022 was $26.46 million, up 237% from a year earlier, while the company notched its 16th consecutive profitable quarter

For decades, there was little substantial innovation in the gambling industry and then along came the miracle of the internet and changed everything with the emergence on online gaming. Still, most traditional casino operators were slow to embrace the digital opportunity until the COVID-19 pandemic and subsequent lockdowns limited travel and shuttered their doors. That sparked a renaissance and provided a growth opportunity for companies like Golden Matrix Group (NASDAQ: GMGI), a provider of turnkey and white label gaming platforms, Esports technology and gaming content.

Even with casinos opened again, the trend towards digital gaming is accelerating with no indications it will slow. Data Bridge Market Research this month forecast 13.7% compound annual growth for the casino online gambling market to reach $144.74 billion in 2028. Drivers abound, including increasingly realistic graphics where the lines between video games and online gaming are becoming blurred.

Toss in the emergence of virtual and augmented reality to create the sensation of being in a casino and suddenly people have more money for gambling by saving on travel costs in favor of putting on a headset.

Golden Matrix’s GM-AG System is the industry standard for gaming platforms, including leading graphics and over 10,000 games to give casino operators a copious number of options and management software to keep customers happy and loyal to their brand. As a rule, casinos can’t have enough online table games, which is right in GMGI’s wheelhouse. According to, cons of Caesars online casino, the company with the highest payout rate in the U.S., include a need for more online games.

Golden Matrix is only scratching the surface of the bounds of its potential domain. Most of its business has historically been business-to-business with operators focused in Asia-Pacific. Last year, the company bought 80 percent of RKings Competitions Ltd., marking its entrance in the European markets, as well as business-to-consumer segment. The company is amid its next expansion move, which will bring RKings’ competitions to the Mexican markets.

Through July, RKings has over 229,000 registered users.

The growth is translating directly to quarterly results. In fact, the efficiently run company holds a streak of 16 consecutive profitable quarters. It is also flush with cash, having $15.87 million in cash and cash equivalents heading into its August-October quarter.

During its third fiscal quarter ended July 31, 2022, Golden Matrix reported revenue of $9.1 million, up 180% from $3.25 million in the year prior quarter. Sales were nearly even between B2B and B2C segments at $4.26 million and $4.85 million, respectively. Net income for the quarter was $628,332, topping $484,613 in profits in Q3 fiscal 2021.

For the first 9 months of the fiscal year, the company logged revenue of $26.46 million, up 237% from $7.84 million a year earlier. Net income was $1.56 million compared to $664,757 last year.

“Because of the highly competitive nature of our industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants,” said Golden Matrix CEO Anthony Brian Goodman in a news release on the recent quarter.

For more information, visit the company’s website at

NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at

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