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MeridianBet opens up LatAm and Africa for Golden Matrix in Q2

| By Robert Fletcher
Gaming operator and platform provider Golden Matrix Group (GMGI) expects to post record revenue of $39.0m (£30.3m/€36.0m) in Q2, with its MeridianBet deal driving expansion into Latin America and Africa.
Golden Matrix Q2

The group is not due to publish its Q2 results in full until mid-August. However, given its recent acquisition of MeridianBet, Golden Matrix is revealing certain preliminary figures.

Revenue is now expected to hit a record total thanks to the $300m acquisition. Golden Matrix finalised the deal for MeridianBet in April, meaning there is two months’ contribution to revenue.

MeridianBet opens up Africa and LatAm for Golden Matrix

The MeridianBet business is expanding globally, securing new licences in both South Africa and Peru last month. 

It also runs a sportsbook in Brazil, with handle reaching $14.7m in the second quarter, a 13% quarter-over-quarter increase. With the regulated market launching from 1 January 2025, this will continue to grow, Golden Matrix said.

MeridianBet’s B2B operations are also growing, with revenue up 26% from Q1. Early in Q2 Expanse Studios partnered Betika to move into Kenya, a market with high levels of internet penetration and a growing online industry.

“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,” Golden Matrix CEO Brian Goodman said.

RKings acquisition paying off for Golden Matrix

One of its 2022 acquisitions, that of prize draw specialist RKings, is also growing thanks to investment in the product and technology. This led to its strongest revenue performance since the 2022 acquisition.

In terms of other developments, Golden Matrix revealed that Aleksandar Milovanović, its largest single shareholder, has converted $4.0m of deferred debt into shares of common stock at a conversion price of $3 per share. This shows confidence in the group and its ongoing performance Goodman said. 

“We plan to continue to work to strengthen our B2B and B2C segments worldwide,” Goodman said. “We are currently evaluating acquisition opportunities which we hope will further boost our strong core business growth and overall financial performance.”

Q2 expectations vs Q1

Should Golden Matrix achieve expectations in Q2, this would follow on from record revenue in Q1. The $11.8m was the highest quarterly total reported by the group, although this is now set to be surpassed in Q2.

The operator also moved into the black in Q1, posting a net profit of $272,396, with adjusted EBITDA for the quarter rising to $1.2m, following a $1m net loss for its 2023 financial year. The full Q2 results are due to be released on 14 August.

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