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Golden Matrix Q3 2023 Results: Navigating Loss while Sustaining Growth

Golden Matrix Takes $970K Loss in Stride in Q3 2023 Results Image

Golden Matrix Group Inc. has recently released its third-quarter results for 2023, unveiling both significant achievements and a substantial loss of $965,628. Specializing in the development, licensure, and operation of online gaming and e-commerce platforms, the company’s Q3 revenue reached a remarkable $11.3 million, marking a new record. This surge in revenue was overshadowed by the reported loss, which the company attributed to several factors.

One of the key contributors to the loss was the recent acquisition of MeridianBet Group, which incurred due diligence and legal expenses. Additionally, the rollout of the Mexplay brand, Golden Matrix’s B2C online casino venture in Mexico, involved substantial marketing costs. Despite these setbacks, the company remains optimistic about its future prospects, driven by anticipated synergies that will introduce new opportunities and enhance its financial performance.

Golden Matrix’s CEO, Brian Goodman, expressed confidence in the impending closure of the MeridianBet acquisition, which is expected to catapult the company into a highly competitive position in the global gaming markets. Mexplay, another focal point of Golden Matrix’s strategy, has already displayed promising results. As of July 31, 2028, Mexplay boasts 32,800 registered consumers, with a third-quarter total wagering volume of $5.8 million and total deposits amounting to $476,000.

In addition to Mexplay, Golden Matrix also oversees RKingsCompetitions Ltd, which has conducted 1,212 competitions and awarded over $12 million in various prizes during the first nine months of the fiscal year. These achievements underscore the company’s commitment to expanding its presence in the online gaming sector and reinforce its positive outlook for the future.

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