- Since the federal government stepped out of the way with laws, 6 states so far have legal online casino games, with 3 already topping $1.0 billion in annual revenue
- Las Vegas-based Golden Matrix Group has built a robust platform it customizes and white labels to international casino operators providing access to over 10,000 games
- Well-suited to curate systems for American operators, Golden Matrix has experienced a surge in sales in 2022 from its Asia-Pacific customers
Americans have always embraced gambling, but it has only been in the last decade or so that they had any ease of access outside of traveling to Las Vegas, New Jersey, or a tribal casino. The Department of Justice changed that in 2011 with a new opinion on how the federal government interpreted the Wire Act, opening the door to internet-based casinos. Sports betting remained verboten until 2018 when the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act (“PASPA”) legalizing sports betting at the federal level too.
Only a handful of years into implementing regulations, the market is thriving with plenty of room for growth for companies in the B2B (business-to-business) space as operators fight to win and retain customers with engaging games. That plays right into the hands of Las Vegas-based Golden Matrix Group (NASDAQ: GMGI) which already has an international presence providing over 10,000 games to 25+ game providers.
To lend some color to the opportunity, consider that only six states have legal online casinos so far and three of those – New Jersey, Michigan, and Pennsylvania – each generated over $1.0 billion in annual revenue from internet casinos in 2021. It was Michigan’s first year for online betting. That is still a fraction of the record $53.03 billion in revenue produced by the commercial gaming industry last year.
As it went, all 34 jurisdictions with commercial casino or sports betting reported an increase in gaming revenue in 2021 over 2020, including 23 states hitting all-time highs.
The growth spells opportunity Golden Matrix, a leading provider of turnkey and white label gaming platforms, Esports technology and gaming content. The company’s primary footprint is in Asia Pacific where it has over 635 operators in its portfolio reaching 6.5 million end users. Golden Matrix flagship product is its GM-X System, a configurable and scalable turnkey gaming platform regarded as the industry standard.
Golden Matrix reported a 278% surge in year-over-year revenue during the first six months of fiscal 2022, reaching $17.4 million.
Legalization of online betting could see an acceleration in the coming years as states seek new ways to generate tax revenue. While only six currently allow online casinos, 34 have enacted laws allowing sports betting, albeit sportsbooks or daily fantasy sports (“DFS”). Vixio Gambling Compliance estimates that the U.S. sports betting and online casino market combined for $7.75 billion in gross revenue in 2021 and will leap to $24.3 billion by 2026, which would make it the largest market in the world.
After many legislative actions were delayed because of the COVID-19 pandemic, 2022 and 2023 represent fresh starts for states looking to legalize. In fact, resistance to online gambling may be softened going forward as states revenue streams took a hit with shuttering brick-and-mortar casinos during pandemic lockdowns. Bonus.com does a good job with tracking state’s legislative actions towards legalized gambling, which provides a great overall view of just how explosive the market could be in the coming years. With its robust portfolio of products from analytics to loyalty tools, Golden Matrix could be a solid beneficiary from the growth.
For more information, visit the company’s website at www.GoldenMatrix.com.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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