Golden Matrix Announces Launch of Upgraded RKings Tournament Platform
May 17 2022 - 9:00AM
via InvestorWire -- Golden Matrix Group Inc.
(NASDAQ:GMGI) (“GMGI” or the “Company”), a developer and licensor
of gaming platforms, systems and gaming content, today announces it
has launched a robust upgraded Tournament Platform with added
features and functionality for Rkings’ Players in Ireland and the
United Kingdom. Participants now have immediate access to all prize
competitions at: www.Rkingscompetitions.com.
The new platform can be seen at www.Rkingscompetitions.com.
The new platform is expected to increase both the monthly number
of skill tournaments and participants, thus generating even
stronger revenue and profit from RKings’ prize competition
business. Because it is highly scalable, the platform can be
introduced into other regulated markets; and GMGI plans to go live
with the platform in Mexico as soon as its Mexican gaming permit
has been approved.
“This significant upgrade to the RKings platform will accelerate
the growth of our B2C businesses, offering added functionality and
features and also allowing us to expand into new geographic regions
and strengthen our global footprint,” said Golden Matrix CEO Brian
Goodman. “We believe the GMGI/RKing product offerings will be
received enthusiastically by players in all regulated markets where
we are licensed. At a time when global economic growth is being
challenged, we are fortunate to have a scalable business model that
has already demonstrated consistent profitability.”
Mr. Goodman noted that prior to fiscal 2022, Golden Matrix
revenues were derived primarily from licensing fees received from
gaming operators located in the Asia Pacific (APAC) region and
integrated with the Company’s state-of-the-art GM-X platform. As a
result of the Company’s acquisition of RKings, the first half of
fiscal 2022 (ended April 30) included significant revenue and
profit contributions from RKings’ B2C skill tournaments.
About Golden MatrixGolden
Matrix Group, based in Las Vegas, Nevada, is an established gaming
technology company that develops and owns online gaming IP and
builds configurable and scalable white-label B2B gaming platforms
for its international customers, located primarily in the Asia
Pacific region. The gaming IP includes tools for marketing,
acquisition, retention and monetization of users. The Company's
platform can be accessed through both desktop and mobile
applications. As a result of its 80% controlling ownership interest
in U.K.-based RKings Competitions Ltd. Golden Matrix also
generates revenues from RKings’ scalable B2C tournament
platform.
The Company’s sophisticated software automatically declines any
gaming or redemption requests from within the United States, in
strict compliance with current U.S. law.
About RKingsBased in Northern Ireland,
RKings is a prize competition business offering customers
in Ireland and the United
Kingdom paid-for-entry and free-entry routes to enter prize
competitions in order to win a range of consumer products as
prizes. Customers can access competitions via iOS or Android apps
as well as online, where they can win prizes ranging from super
cars to luxury holidays. The competitions are currently open
only to residents of Ireland and the United
Kingdom.
Forward-Looking StatementsCertain statements
made in this press release contain forward-looking information
within the meaning of applicable securities laws, including within
the meaning of the Private Securities Litigation Reform Act of 1995
(“forward-looking statements”). These forward-looking statements
represent the Company’s current expectations or beliefs concerning
future events and can generally be identified using statements that
include words such as “estimate,” “expects,” “project,” “believe,”
“anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,”
“will,” “target” or similar words or phrases. These forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside of the Company’s control and which could
cause actual results to differ materially from the results
expressed or implied in the forward-looking statements, including,
but not limited to, the impact of the COVID-19 pandemic on the
Company; the need for additional financing, the terms of such
financing and the availability of such financing; the ability of
the Company to manage growth; the Company’s ability to complete
acquisitions and the available funding for such acquisitions;
disruptions caused by acquisitions; dilution caused by fundraising
and/or acquisitions; the Company’s expectations for future growth,
revenues and profitability; the Company’s expectations regarding
future plans and timing thereof; the Company’s reliance on its
management; the fact that the Company’s chief executive officer has
voting control over the Company; related party relationships; the
potential effect of economic downturns and market conditions on the
Company’s operations and prospects; the Company's ability to
protect proprietary information; the ability of the Company to
compete in its market; the Company’s lack of effective internal
controls; dilution caused by efforts to obtain additional
financing; the effect of future regulation, the Company’s ability
to comply with regulations, and potential penalties in the event it
fails to comply with such regulations and changes in the
enforcement and interpretation of existing laws and regulations and
the adoption of new laws and regulations that may unfavorably
impact our business; the risks associated with gaming fraud, user
cheating and cyberattacks; risks associated with systems failures
and failures of technology and infrastructure on which the
Company's programs rely; foreign exchange and currency risks; the
outcome of contingencies, including legal proceedings in the normal
course of business; the ability to compete against existing and new
competitors; the ability to manage expenses associated with sales
and marketing and necessary general and administrative and
technology investments; and general consumer sentiment and economic
conditions that may affect levels of discretionary customer
purchases of the Company's products. Although we believe that our
plans, intentions and expectations reflected in or suggested by the
forward-looking statements we make in this release are reasonable,
we provide no assurance that these plans, intentions or
expectations will be achieved. Consequently, you should not
consider any such list to be a complete set of all potential risks
and uncertainties. More information on potential factors that could
affect the Company's financial results is included from time to
time in the "Forward-Looking Statements," "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's periodic and
current filings with the SEC, including the Form 10-Qs and Form
10-Ks, including, but not limited to, the Company’s Transition
Report on Form 10-K for the nine-month transition period ended Oct.
31, 2021. These reports are filed with the SEC and available
at www.sec.gov. All subsequent written and oral
forward-looking statements attributable to the Company or any
person acting on behalf of the Company are expressly qualified in
their entirety by the cautionary statements referenced above. Other
unknown or unpredictable factors also could have material adverse
effects on the Company’s future results. The forward-looking
statements included in this press release are made only as of the
date hereof. The Company cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not
place undue reliance on these forward-looking statements. Finally,
the Company undertakes no obligation to update these statements
after the date of this release, except as required by law, and
takes no obligation to update or correct information prepared by
third parties that are not paid for by the Company. If we update
one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or
other forward-looking statements.
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Golden Matrix Group Contact: Scott Yan
info@goldenmatrix.com
www.goldenmatrix.com
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