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Golden Matrix Group Inc (GMGI) lauds its new corporate profile, as the Nasdaq online gambling group boosts its portfolio and performance with the integration of Meridianbet assets.
Q2 accounts saw GMGI achieve group consolidated revenues of $39.4 million, a 75% increase on Q2 2023 results of $22.6 million.
Revenue results top GMGI market guidance, issued in Q2 following the completion of its acquisition of Meridianbet, as year-to-date consolidated revenues stand at $64 million (H1 2023: $45 million).
An enlarged GMGI saw its Q2 consolidated gross profits increase by 31% to $21.7 million and YTD gross profits increase by 16.9% to $39 million.
Registering costs and items related to the acquisition of Meridianbet, Q2 adjusted EBITDA stood at $5 million, consistent with company expectations.
GMGI’s consolidated statement revealed Q2 operating expenses (general and administrative costs) of $21.5 million, with Q2 profits standing at $15,626.
Group CEO, Brian Goodman, stated: “I am pleased to report that the consolidation of Meridianbet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results.
Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives.”
Leadership further highlighted the company’s strategic focus on expanding Merdianbet’s global reach in emerging markets in Latin America and South Africa, where the integration of MeridianBet is expected to yield significant growth opportunities.
As noted Merdianbet is awaiting federal licenses in Brazil, a market projected to reach approximately $20bn with a potential player base of 106m by 2025.
The company has secured new licenses in Peru, where the iGaming industry is valued at USD $1.2bn and growing at 6.4% annually, and in South Africa, where digital gambling revenue is expected to reach $828m in 2024.
Zoran Milošević, CEO of Meridianbet, added, ” Meridianbet’s key performance indicators for this quarter reflect its strong performance, ongoing growth and market expansion. “
The solid results of this past quarter are further evidence of our belief that our strategy and positioning to capture the opportunities ahead of us are sound and are expected to lead to further growth and scale. “
The quarter has been marked by significant achievements and promising opportunities and I am excited about the future of this newly consolidated and diversified business .”
