- The online gaming sector got its start in 1994, through the launch of Microgaming
- The sector has seen hundreds of online gaming platforms come online in the ensuing decades, with the vast majority opting to white-label their gaming offering from third-party providers
- Golden Matrix Group has sought to cater to this demand through its GMX-Ag platform, providing its customers with access to a portfolio of over 10,000 games
- GMGI’s focus on their white-label business was reflected in the 28% top-line growth seen within their B2B segment in their most recent fiscal quarter
In 1994, a little-known company by the name of Microgaming based in Durban, South Africa would go on to launch what was then, the world’s first online casino – the appropriately named, ‘Gaming Club’ (https://ibn.fm/bNtr3). Debuting at a time when few households boasted an internet connection, much less an affinity to online gambling, Microgaming would go on to spark a revolutionary shift into online gaming, an industry valued as high as $61.5 billion as of 2021 (https://ibn.fm/Rue04). The online gaming industry has spawned hundreds of gambling platforms in the interim since Microgaming took its initial steps within the sector – however, the majority of these have not developed their own games, opting rather to white label product offerings from third party providers whilst devoting their resources on marketing and promotional efforts. Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms and systems, purveying online gaming and gambling platforms, has been a key beneficiary of this trend, providing its end customers with access to a substantial portfolio of upwards of 10,000 games.
The growth of the online gaming market has been further boosted by the US Supreme Court’s decision to repeal the Professional and Amateur Sports Protection Act (“PASPA”) in 2018, effectively clearing the way for legalized sports betting across the United States on a federal level. The value of the online gaming market is now expected to surpass the $100 billion mark by 2026, a target which is being accelerated through new inventions and technological advancements –the latter including the likes of Virtual Reality, Internet of Things, Artificial Intelligence, and Augmented Reality.
Golden Matrix Group has looked to cater to growing demand from online gaming platforms, most recently through the launch of their B2B aggregate gaming system, GMX-Ag. The turnkey iGaming system seeks to offer online gaming platforms with an optimal casino, sportsbook, and live gaming offering via a single integration with the operators’ existing business systems, whilst simultaneously providing their players with a single, simplified wallet.
“The adoption of the GMX-Ag system is both strategic and timely,” said Golden Matrix CEO Brian Goodman (https://ibn.fm/mvGHI). “It expands our B2B offerings to operators in the Asia Pacific (‘APAC’) region, our traditional market, and at the same time opens new market opportunities for Golden Matrix outside of APAC. We expect our growth strategy to expand the GMGI brand and accelerate the company’s global market penetration.”
The growth of the online gaming market as well as GMGI’s burgeoning B2B white-labelling business was clearly displayed in the most recent quarter, with Golden Matrix reporting quarterly revenues which rose by 221% year-over-year to $8,482,743 whilst simultaneously recording their 15th consecutive quarter of profitability. At the time of the results, the Company revealed that the strong results were partly attributable to the robust growth witnessed within their B2B business, with the business vertical seeing its top-line expand by 28% year-over-year.
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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