SBC News Voice of the Sports Betting Industry
Golden Matrix Group (GMGI) has surpassed $100 million in corporate revenues for the year, underscoring its successful integration of MeridianBet.
Publishing its Q3 trading statement, the Nasdaq-listed global online gambling group registered consolidated revenues of $41 million (+85%).
For the year-to-date, GMGI revenues increased to $105 million, driven by the continued growth of MeridianBet and GMGI tech services.
As detailed, Q3 trading saw MeridianBet register a 19% increase in online activity and 6% in retail. Deposits rose to $61.9 million (+13% QoQ), with new registrations up 23% to 125,000. The online casino GGR margin reached 3.37% (+21% turnover), sports betting rose 7.4% YoY with GGR at 9.5%, retail sports GGR at 10.3% (a record 14.1% in August), and retail slots were up 17.5% YoY.
B2C growth was supported by the expansion of the GMAG B2B aggregator platform, which saw substantial growth, with wagering volume increasing 84% to $1.4 billion.
Citing improved efficiencies and product margins, GMGI’s gross profit grew by 39% in Q3 to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million.
Adjusted EBITDA for Q3 reached $4.3 million, reflecting resilient performance across multiple revenue channels with marginal impacts from currency fluctuations across subsidiaries.
Management underscored the performance of its new venture, Mexplay, the company’s online casino in Mexico, which reported a 56% increase in active players and a rise in gross gaming revenue to $15 million, underscoring growth potential in Latin America.
GMGI completed its $330 million acquisition of MeridianBet in April, with a view to advancing the heritage betting group into new South American and African markets.
Zoran Milosevic, CEO of MeridianBet, highlighted the company’s strategic advancements, emphasising the integration of key acquisitions and the enhancement of their operations with the launch of MeridianBet’s 5th generation platform, which they consider to be the world’s most advanced iGaming technology.
GMGI will continue to maximise cost efficiencies and leverage synergies across its global operations to drive sustainable growth and profits. As Golden Matrix enters the fourth quarter, it is focused on operational efficiency and profitability, positioning itself for a record performance in 2024.
