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Golden Matrix Group (GMGI) will aggressively expand its online gambling, commercial, and technology services within new and existing markets in 2025, following its corporate transformation.
The announcement headlines the Nasdaq iGaming group publishing its full-year 2024 accounts, in which it closed a “pivotal year” for its businesses, completing its acquisition of Meridianbet.
Meridianbet changes all GMGI dynamics
The group-wide enlargement saw GMGI generate revenues of $151m, up 63% on FY2023 comparatives of $93m. Active across 18 markets, Meridianbet maintained its growth profile, generating revenues of $106m (+14%), split at $80m for online gambling and $23m for its betting franchises.
Benefiting from enlargement efficiencies, the inclusion of Meridianbet saw GMGI increase its gross profits to $88m, up 30% on FY2023 results of $68m.
Closing group accounts, GMGI recorded a net loss of $1.5m (FY2023: $13m), as administrative costs scaled to $85m, combined with a shareholder compensation reward of $5m.
Brian Goodman, CEO of GMGI, reflected on the company’s strong performance: “2024 has been a pivotal year for Golden Matrix. We have successfully scaled our iGaming and sports betting operations, expanded our global footprint, and delivered record revenue growth. Our strategic acquisitions of Meridianbet and Classics for a Cause, combined with our AI-powered platform enhancements, position us for sustained success.”
Positive outlook for Tech units
The technology units delivered a strong performance in 2024, with Classics for a Cause surpassing 10,000 VIP members and generating $300,000 per month in recurring revenue, while approaching 2 million orders.
MexPlay maintained solid momentum in Latin America, with gross gaming revenue increasing 9% quarter-over-quarter. Expanse Studios recorded an impressive 174% revenue growth, expanding its portfolio to 55 proprietary games.
Strong start to 2025 trading
Golden Matrix expects strong growth in 2025, with projected Q1 revenues between $42m and $45m — a year-over-year increase of 69% to 80%. The company’s key priorities include expanding into new markets, enhancing AI-driven gaming experiences, improving operational efficiency, and pursuing strategic acquisitions.
Rich Christensen, CFO of GMGI reinforced the company’s focus on profitability and strategic expansion: “Our financial results demonstrate our ability to scale efficiently while maintaining profitability. With a strong balance sheet and disciplined capital allocation, we are well-positioned for sustainable long-term value creation.”
