Golden Matrix Group Inc. (NASDAQ: GMGI) Reports Fastest 1QFY2022 Revenue Growth within the Online Gaming Sector
Jul 26, 2022
- Golden Matrix Group recorded revenue growth of +355% YoY in 1QFY22, the highest growth rate within the online gaming sector
- Golden Matrix attributed part of the increase to strong revenue contributions from UK-based RKingsCompetitions Ltd, which it purchased an 80% stake in as of November 2021
- RKings has emerged as one of the UK’s largest online competition companies, reporting revenues of over $32 million last year
- The acquisition of RKings bodes favourably for GMGI’s bid to further expand their B2C segment whilst geographically diversifying their revenue stream away from their traditional Asia-Pacific based B2B clientele
The online gaming market is on a roll. In the first quarter of FY2022, online gaming providers on averages saw their revenues rise by 24 percent year-over-year; however, that belied the true picture, with median growth rate for the sector rising by 6 percent relative to the first quarter of FY2021. Rather, the results were skewed by rapidly growing outliers, no more than that recorded by Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content. Golden Matrix Group reported 1QFY22 revenue growth of 355 percent year-over year, over twice the rate of the next fastest growing company within the sector and outpacing the likes of betting industry stalwarts such as Penn Interactive Gaming, Flutter US, and DraftKings (https://ibn.fm/H9xVS).
Golden Matrix Group saw its revenues rise to $8,482,743 million for the second quarter, with net income rising to $586,984 over the same interim, a significantly increase relative to the $127,986 recorded in the equivalent period a year ago (https://ibn.fm/SM2Qv). Golden Matrix Group attributed part of the…
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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