Gaming operator and platform provider Golden Matrix Group (GMGI) is on track to post record revenue for Q2, with its recent acquisition of MeridianBet driving expansion into South Africa and Latin America.
Golden Matrix Group is set to release its full Q2 results in mid-August, but early figures suggest record-breaking revenue of R747 million ($39.0m). This impressive total is primarily attributed to the acquisition of MeridianBet for R5.75 billion ($300m) in April, contributing two months’ worth of revenue.
MeridianBet’s South African Debut
MeridianBet’s global expansion has recently secured new licenses in South Africa and Peru. The South African market is particularly significant, representing a major opportunity for Golden Matrix.
The group’s CEO, Brian Goodman, commented, “Our acquisition of MeridianBet Group is off to a great start, with this strong initial quarter and expectations for continued growth of revenues and profits for the foreseeable future.”
Latin American Growth and Brazilian Boom
In addition to its South African ventures, MeridianBet is making waves in Latin America. The sportsbook in Brazil saw a handle of R282 million ($14.7m) in Q2, marking a 13% increase from the previous quarter.
With Brazil’s regulated market set to launch in January 2025, Golden Matrix anticipates continued growth in the region.
Expansion in Kenya and B2B Operations
MeridianBet’s B2B operations are thriving, with a 26% revenue increase from Q1. In Q2, Expanse Studios partnered with Betika to enter the Kenyan market, leveraging high internet penetration and a burgeoning online industry.
Golden Matrix’s 2022 acquisition of prize draw specialist RKings also yields positive results. Investment in product and technology has driven RKings to its best revenue performance since the acquisition.
Shareholder Confidence and Financial Strength
Golden Matrix’s largest single shareholder, Aleksandar Milovanović, has converted R76.5 million ($4.0m) of deferred debt into shares, reflecting confidence in the group’s performance.
Goodman added, “We plan to continue to work to strengthen our B2B and B2C segments worldwide. We are currently evaluating acquisition opportunities, which we hope will further boost our strong core business growth and overall financial performance.”
Q2 Expectations and Looking Ahead
If Golden Matrix meets its Q2 expectations, it will surpass the record revenue of R226.2 million ($11.8m) reported in Q1. The group also moved into profitability in Q1, posting a net profit of R5.2 million ($272,396) and an adjusted EBITDA of R22.9 million ($1.2m). Full Q2 results will be announced on 14 August.
Golden Matrix’s strategic expansions and strong financial performance signal a promising future for the gaming operator in South Africa and beyond.
