Golden Matrix Group has reported a robust financial performance for the third quarter of 2024, demonstrating significant growth across key metrics. This surge reflects the company’s strategic acquisitions and increased operational efficiency.

Golden Matrix Group Announces Record Q3 2024 Financial Performance, Highlighting Revenue and Profit Growth

Key Financial Highlights

• Revenue Surge: Q3 2024 consolidated revenue soared to $41 million, marking an impressive 85% year-over-year increase.
• Year-to-Date Gains: Total revenue for the first nine months of 2024 rose to $105.3 million, a 55% increase compared to the same period in 2023.
• Gross Profit Growth: Q3 gross profit increased by 39%, reaching $22.4 million. The year-to-date gross profit stands at $61.8 million, a 24% rise year-over-year.

Strategic Acquisitions and Core Business Success

The company’s expansion strategy included acquiring Classics for a Cause, a move that contributed $2.1 million in revenue and $503,000 in EBITDA within just two months. The acquisition bolstered Golden Matrix’s diverse portfolio, reinforcing its market position.

Meridianbet, one of Golden Matrix’s prominent assets, saw a 16% year-on-year revenue increase in Q3 2024. This growth was supported by a 19% rise in online gaming and a 6% uptick in retail operations. Meridianbet’s player engagement continued to strengthen, with deposits rising by 13% to $61.9 million and new player registrations up by 23%, reaching 125,000.

B2B Growth through GMAG

Golden Matrix’s B2B platform, GMAG, recorded an 84% increase in wagering volume, which hit $1.4 billion during Q3. This expansion signifies the success of GMAG’s offerings in meeting partner demands for innovative gaming solutions.

Market Expansion with Mexplay

The Mexican online casino, Mexplay, experienced a surge in activity, with active players increasing by 56% and gross gaming revenue climbing to $15 million. This reinforces Golden Matrix’s strategy of entering and excelling in new markets.

Financial Stability

Golden Matrix ended Q3 2024 with $38.4 million in cash and equivalents and maintained $17.5 million in short-term debt. The company’s shareholder equity grew by 60% compared to the previous year, indicating a sound financial foundation to support future growth.

Conclusion: The Q3 2024 Results

Golden Matrix Group’s Q3 2024 results underscore its commitment to strategic expansion and operational excellence. Through strategic acquisitions and innovative offerings, the company continues to fortify its position as a leader in the global gaming industry.

FAQs About Golden Matrix Group’s Q3 2024 Financial Performance

1. What was Golden Matrix Group’s total revenue for Q3 2024?

Golden Matrix Group reported a consolidated revenue of $41 million for the third quarter of 2024, marking an 85% year-over-year increase.

2. How much has the company’s revenue grown year-to-date?

For the first nine months of 2024, Golden Matrix’s total revenue reached $105.3 million, representing a 55% increase compared to the same period in 2023.

3. What was the gross profit for Q3 2024?

The gross profit for Q3 2024 was $22.4 million, which is a 39% increase compared to Q3 2023.

4. What impact did the acquisition of Classics for a Cause have on the company’s performance?

The acquisition of Classics for a Cause added $2.1 million in revenue and $503,000 in EBITDA within just two months, enhancing Golden Matrix’s revenue and profit margins.

5. How did Meridianbet perform during Q3 2024?

Meridianbet achieved a 16% year-on-year increase in revenue for Q3, supported by 19% growth in online operations and a 6% rise in retail gaming.

6. What were the trends in player engagement for Meridianbet?

Player engagement at Meridianbet improved, with deposits up by 13%, totaling $61.9 million, and new player registrations increasing by 23% to reach 125,000.

7. How did Golden Matrix’s B2B GMAG platform perform in Q3 2024?

The GMAG platform showed an 84% increase in wagering volume, which reached $1.4 billion, highlighting the platform’s strong growth and market penetration.

8. What growth did Mexplay, the Mexican online casino, experience in Q3 2024?

Mexplay reported a 56% rise in active players and gross gaming revenue reaching $15 million, supporting the company’s strategic market expansion efforts.

9. What is Golden Matrix Group’s current financial standing?

As of Q3 2024, Golden Matrix held $38.4 million in cash and equivalents and reported $17.5 million in short-term debt. The company’s shareholder equity increased by 60% year-over-year, demonstrating robust financial health.

10. What do the company leaders say about the Q3 results?

Golden Matrix CEO Brian Goodman highlighted the results as proof of their strategic focus on sustainable growth and expansion. Similarly, Meridianbet CEO Zoran Milosevic emphasized the achievements from acquisitions and platform advancements contributing to global growth.