Golden Matrix to Launch Online Casino in Mexico on November 1st
October 24 2022 - 9:20AM
via NewMediaWire – Golden Matrix Group Inc.
(NASDAQ:
GMGI), a developer and licensor of online
gaming platforms, systems and gaming content, today announced it
will launch a licensed proprietary B2C online casino in Mexico on
November 1, 2022.
The company said the online casino, MEXPLAY,
will feature an extensive number of table games and slots, as well
as a sportsbook, and offer tournament competition prizes similar to
those offered by the company’s RKings subsidiary in Great
Britain.
MEXPLAY’s content will be available in both
Spanish and English.
“This represents the next major step by our company to expand
its B2C footprint,” said Golden Matrix CEO Brian Goodman. “The
recently acquired B2C operations of RKings now account for over 50%
of our revenues and over 50% of our profits; similarly, we now
expect important contributions to revenue and profit growth from
our operations in Mexico. While MEXPLAY offers
many traditional and popular online casino games and a sportsbook,
it also incorporates the added excitement of the tournament
business, which is unique to Mexican gaming and should attract
considerable player interest and participation.”
The launching of MEXPLAY fulfills the first
objective of GMGI’s strategy to expand its B2C business in Latin
American (LATAM), which, according to iGamingBusiness, “Slots into
first place for most enticing market for the gambling industry.”
Following the successful launch of the Mexican casino, added Mr.
Goodman, the company will focus on entering additional LATAM
markets where gaming is regulated.
Statista recently reported that gross gaming revenue (GGR) of
the LATAM betting market is estimated to grow from roughly 1.3
billion USD in 2020 to 3.4 billion USD by 2025. The online GGR in
Latin America was roughly 400 million USD in 2020 and is forecast
to peak at around 2.6 billion USD by 2025.
About Golden Matrix
Golden Matrix Group, based in Las Vegas, NV, 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 percent controlling ownership
interest in UK-based RKings Competitions Ltd., Golden Matrix also
generates revenues from RKings’ scalable B2C tournament
platform.
Forward-Looking Statements
Certain 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 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 and/or
its subsidiaries to obtain additional gaming licenses; 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,
the conversion of outstanding preferred stock and/or acquisitions;
the Company’s ability to maintain the listing of its common stock
on the Nasdaq Capital Market; 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,
recessions, increases in interest rates and inflation, and market
conditions, decreases in discretionary spending and therefore
demand for our products, and increases in the cost of capital,
related thereto, among other affects thereof, 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 current and 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 cyber-attacks; 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, including potential recessions
and global economic slowdowns. 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 "Special Note Regarding 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 October 31, 2021 and its Quarterly Report
on Form 10-Q for the quarter ended July 31, 2022. 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 GroupContact: Scott Yaninfo@goldenmatrix.com
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