via NewMediaWire –
Golden Matrix Group Inc.
(NASDAQ:GMGI)(“GMGI” or the “Company”), a developer, licensor
and global operator of online gaming and eCommerce platforms,
systems, and gaming content, today announced that pursuant to
preliminary revenue estimates, it achieved record revenues of more
than $10.5 million for the Company’s first fiscal quarter ended
January 31, 2023. This represents an estimated 19% improvement on
revenues of $8.88 million in the like year-ago period, and an
estimated 10% improvement on revenues of $9.57 million in the
previous quarter.
“Our new fiscal year is off to a great start, with the first
quarter in our Company’s history to record more than $10 million in
revenues,” said GMGI CEO, Brian Goodman, who continued, “Our core
business-to-business (B2B) platform for operators throughout the
Asia Pacific region remains strong, and we are now seeing an
acceleration of growth in the Company’s business-to-consumer (B2C)
segment, UK-based RKingsCompetitions Ltd (“RKings”).
During the quarter ended January 31, 2023, the RKings Tournament
Platform awarded $4 million in prizes, including luxury cars and
other luxury items. Currently, RKings has about 69,000 Instagram
followers, in addition to more than 398,000 RKings Facebook
followers. The number of registered users on the tournament
platform now exceeds 285,000.
During the past fiscal year, according to Mr. Goodman,
“Improvements in marketing, customer acquisition costs and
operating efficiencies at RKings are paying off as evidenced by the
B2C platform’s enhanced performance. Additionally, we believe we
have positioned RKings’ highly scalable platform to be introduced
into other regions, beginning with Mexico this year.”
Mr. Goodman also noted that RKings’ revenues and profitability
are benefitting from the activities of GMG Assets Limited, a
complementary business implemented during the second half of last
year to provide the winners of RKings’ prizes with a cash option.
Mr. Goodman continued, “The cash alternative offered to players is
proving very attractive in that a number of winners have preferred
taking cash instead of delivery on an exotic motor vehicle. Each
transaction has a built-in positive margin, and we expect this
business to make significant contributions to GMGI’s overall
financial results as the number of auto tournament offerings
continues to grow in Great Britain, and are expected to grow in
additional jurisdictions in the future.”
Further information on financial results for the first fiscal
quarter ended January 31, 2023 will be available in GMGI’s
Quarterly Report on 10-Q filing, which is expected to be
filed with the Securities and Exchange Commission on or before
March 15, 2023.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established
B2B and B2C gaming technology company operating across multiple
international markets. The B2B division of Golden Matrix develops
and licenses proprietary gaming platforms for its extensive list of
clients and RKings, its B2C division, operates a high-volume
eCommerce site enabling end users to enter paid-for competitions on
its proprietary platform in authorized markets.
Our sophisticated software automatically declines any gaming or
redemption requests from within the United States, in strict
compliance with current US law.
Preliminary Results of Operations
The preliminary results for the fiscal quarter ended January 31,
2023 described above are an estimate, based on information
available to management as of the date of this release, and are
subject to further changes upon completion of the Company’s
standard quarter-end closing procedures. Such financial results for
the quarter ended January 31, 2023 and related comparisons to prior
periods included in this release are preliminary and have not been
reviewed or audited. This press release does not present all
necessary information for an understanding of the Company’s
financial condition as of the date of this release, or its results
of operations for the quarter ended January 31, 2023. As the
Company completes its quarter-end financial close process and
finalizes its financial statements for the quarter, it will be
required to make significant judgments in a number of areas. It is
possible that the Company may identify items that require it to
make adjustments to the preliminary financial information set forth
above and those changes could be material. Accordingly, undue
reliance should not be placed on this preliminary data. The Company
does not intend to update such financial information prior to the
release of its final quarter-end financial statement information
for the quarter ended January 31, 2023, which is currently
scheduled to be released prior to March 15, 2023.
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 Company’s preliminary revenue results for the fiscal quarter
ended January 31, 2023 and whether actual financial results for the
fiscal quarter ended January 31, 2023 will differ materially from
the preliminary results reported above; 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 fund raising, 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, global conflicts, including the
ongoing war between Ukraine and Russia, 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 Annual Report on Form 10-K for the year ended October 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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https://www.instagram.com/goldenmatrixgroup/Golden Matrix Group :
www.goldenmatrix.com Contact: ir@goldenmatrix.com
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