InvestorWire NewsRoom


Golden Matrix Group Inc. (NASDAQ: GMGI) Leading to Way to Better Player Retention, Profits
May 13, 2022

Golden Matrix Group Inc. (NASDAQ: GMGI) Leading to Way to Better Player Retention, Profits

  • GMGI white labels turnkey online casino, sportsbook, and live gaming content solutions complete with a single wallet for players for both desktop and mobile applications
  • Y-o-Y revenue soared 355% to $8.88 million in Q1 fiscal 2022 with 500+ different casino brands and over 6 million players supporting GMGI’s 14th straight profitable quarter
  • Golden Matrix recently acquired R Kings Competition, a leading competitions platform that generated more than $29 million in revenue and net income above $2.4 million in the recent year

With online wagering becoming increasingly popular – and legalized in 18 U.S. states so far since PAPSA was overturned in 2018 – the race is always on to capture users. Odds are that most people have seen an advertisement offering lucrative incentives trying to lure bettors to a particular platform. In the world of B2C (business-to-consumer) gaming, there is a fine balance that needs to be struck between user acquisition expense and revenue per user, an equilibrium that most digital platforms fail to maintain.

Gaming companies don’t mind giving out $100, $200, $300 to a new user under the contention that they will get much more back in the long run. Thing is, it’s not that simple and many gaming companies struggle to ever reach profitability due to customer acquisition costs outweighing revenue generation.

“It sounds like it’s a secret recipe of some sort. It’s a real basic situation, in [B2C] gaming, it depends on how much it costs you to acquire players and, in the longer term, how much you can generate from those players,” explained Brian Goodman, CEO of online gaming platform developer and licensor Golden Matrix Group (NASDAQ: GMGI), in an interview in January with Zingernation. 

Golden Matrix historically has been focused on business-to-business (“B2B”) operations, providing online gaming companies with the tools they need to improve profits and reduce churn, industry nomenclature for losing players. Golden Matrix IP includes its flagship GM-X System and its recently released next-gen GM-Ag System that is regarded as the industry benchmark delivering access to 10,000+ games from more than 25 game providers. The white label platform offers turnkey online casino, sportsbook, and live gaming content solutions complete with a single wallet for players for both desktop and mobile applications.

Most of Golden Matrix’s business comes from Asia Pacific, but management is looking to expand closer to home. In March, the company applied for a Mexican gaming license.

Today, more than 500 different casino brands and over 6 million players use the GM-X System. If there is a secret sauce, it is the wide array of games offered by Golden Matrix in combination with aggregating and managing data. GMGI technology helps gaming companies better understand their players – skill level, what they like to play and for how long, etc. – with analytics tools that are critical to reducing churn and costs while generating additional revenue.

The growing client list translates directly to Golden Matrix’s top and bottom lines. During the first quarter of fiscal 2022 (ended 1/31/2022), GMGI posted record revenue of $8.88 million, up 355% from $1.95 million a year earlier, and net profit of $349,379, up from $52,158 in Q1 2021. In a market where finding profitability is somewhat scarce, Golden Matrix boast a string of 14 consecutive profitable quarters.

The Las Vegas-based company recently made its foray into the B2C market, acquiring 80% of U.K.-based R Kings Competitions Ltd., one of Ireland’s and England’s leading independent online competition companies, with an option for the remaining 20%. During 2020 and 2021 R Kings awarded total prizes valued at more than $54 million, comprised of residential properties, luxury and exotic motor vehicles, holiday packages, technology packages and cash. Current competitions at R Kings today include those ranging from drones to a BMW 320D M Sport.

With the acquisition, Golden Matrix took majority ownership of a company approximately twice its size. During the fiscal year ended October 31, 2021, R Kings generated more than $29 million in revenue and net income above $2.4 million. They also acquired nearly half a million social media followers and 25,000+ active monthly clients.

As Goodman told Zingernation, the economics of R Kings B2C model are ideal for scaling. The company spends less than a pound to acquire a player and generates north of 20 pounds from each one. Metrics like that means R Kings can favorably keep buying users. The R Kings platform is being optimized by integrating GMGI technologies where appropriate.

Goodman added that his company is on the hunt for additional positive cashflow companies that could be immediately accretive and complementary to its core technologies.

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

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published:

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
[email protected]

InvestorWire is part of the InvestorBrandNetwork.

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(862) 930-1404

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).