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Pandemic, Dinosaurs and Raffles: Why Golden Matrix Group Inc. (NASDAQ: GMGI) is a Diamond in the Rough
October 13, 2022

Pandemic, Dinosaurs and Raffles: Why Golden Matrix Group Inc. (NASDAQ: GMGI) is a Diamond in the Rough

  • While a tough economic climate has hurt many businesses in recent years, Golden Matrix has amassed a streak of 16 consecutive profitable quarters
  • The GMGI portfolio includes over 10,000 games and a turnkey system designed to promote user acquisition, engagement, retention, and monetization
  • After buying 80% of RKings International, GMGI is preparing to expand the business from its roots in the U.K. and Ireland into the Latin American markets

The online gambling space is highly competitive, lending to most of the world’s biggest operators burning through tons of cash for marketing in a bid to try and attracts (and keep) customers. That’s cash that comes straight off the bottom line, explaining why many struggle to achieve profitability. That’s certainly not the case for Golden Matrix Group (NASDAQ: GMGI), which continues to experience revenue growth on its way to amassing an impressive streak of 16 straight profitable quarters.

The Las Vegas-based upstart is a developer and licensor of highly modular, configurable, and scalable gaming platforms for its international customers designed to promote user acquisition, engagement, retention, and monetization. Golden Matrix white labels its industry-leading GM-AG System that can be custom built from 10,000+ game options for its roughly 650 clients serving about 6.8 million end users.

While the coronavirus pandemic was a detriment to many businesses and industries forced to shutter their doors in compliance with distancing orders meant to control the spread of the disease, Golden Matrix experienced growth. It’s well recognized that in times of turmoil, so-called “sin stocks” generally outperform because people generally won’t eliminate vices like gambling, alcohol, and tobacco from their lives.

When it comes to gambling, consumers had to become familiar with the digital world with physical businesses closed for months on end. Unfortunately for some operators, business was lost because they simply weren’t prepared for the online demand. As Golden Matrix CEO Brian Goodman recently said in a Benzinga interview, “If you don’t have an online presence in today’s world, then you’re a dinosaur.”

Thankfully for Golden Matrix, there were still plenty of dinosaurs roaming around in dire need for customizable mobile and desktop gambling technology.

Exclusively operating a business-to-business (“B2B”) model since inception in 2008, Golden Matrix expanded into the business-to-consumer (“B2C”) market late last year with the acquisition of an 80% stake in United Kingdom-based RKingsCompetitions Ltd. RKings runs online raffle competitions throughout England and Ireland.

With RKings folded into the mix, Golden Matrix has continued to build momentum during its fiscal year 2022. In the nine months ended July 31, 2022, revenue jumped to $26.46 million, a gain of 237% from $7.84 million in the year earlier period. Net income for the nine months was $1.56 million, up 135% year-over-year, even with added expenses related to the RKings acquisition. Golden Matrix has now been profitable for four consecutive years on a calendar basis.

Going forward, the company is preparing to make its initial foray into the Latin American markets in 2023. After acquiring RKings, GMGI secured a gaming license in Mexico and assembled an in-house team fluent in Spanish and Portuguese to overcome any language barriers as it launches its online B2C casino business.

With only a few weeks to go in the fiscal year, Golden Matrix will look to run its streak to 17 profitable quarters and 4 straight complete fiscal years.

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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