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Golden Matrix Group Reports Strong Growth Post-Meridianbet Acquisition

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Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a leading developer, licensor, and global operator of online gaming and eCommerce platforms, has filed its pro forma financial statements with the U.S. Securities and Exchange Commission (SEC).

This filing follows the recently announced acquisition of Meridianbet Group (“Meridianbet”).

Pro Forma Combined Results for Fiscal Year 2023
• Total revenue: $137.17 million
• Gross margin: 56.95%

Pro Forma Combined Quarterly Results for Q1 2024
• Total revenue: $36.69 million
• Gross margin: 57.41%
• Net income: $2.06 million

Meridianbet 2023 Results
• Sales growth: 24.1%, reaching $92.99 million
• Gross margin: 73.39%
• Cash flow from operating activities to net income ratio: 170%

Meridianbet Q1 2024 Results
• Sales growth: 8.33%, reaching $24.85 million
• Gross margin: 71.19%
• Net income: $3.95 million

The combined entity demonstrated impressive financial performance in fiscal year 2023, with total pro forma sales of $137 million and a gross margin of 57%. These results underscore the successful integration of Meridianbet as a subsidiary and highlight the strategic synergies realized from the acquisition.

For additional information on the pro forma financial performance and Meridianbet Group’s financial results, please refer to the Company’s Form 8-K/A report, available at SEC Filings or SEC.gov.

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Lee Hills Joins the International Association of Gaming Advisors

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SolutionsHub is proud to announce that its CEO, Lee Hills, has officially joined the International Association of Gaming Advisors (“IAGA”), the globally respected organization connecting the world’s leading legal, financial, and regulatory advisors through shared experiences and education to influence the advancement of global gaming.

As Director of SolutionsHub, he has been instrumental in establishing the company as a leading authority in licensing and regulatory compliance for innovative and emerging tech businesses. Under his leadership, SolutionsHub has become renowned for its deep understanding of complex regulatory and operational matters affecting gaming business.

“I am delighted to be joining IAGA, an organization I’ve long admired,” said Lee Hills. “This is an exciting opportunity to collaborate with some of the most respected minds in the field, and to contribute insight from our work at the cutting edge of iGaming and blockchain regulation.”

The International Association of Gaming Advisors includes prominent executives, attorneys, financial experts, regulators, and consultants. Membership provides access to high-level dialogue on gaming policy, regulatory challenges, and market evolution.

With Lee joining its ranks, IAGA gains a unique perspective from the Isle of Man, one of the world’s most forward-thinking regulatory environments, as well as specialist insight into Web3, tokenized economies, and esports betting.

The post Lee Hills Joins the International Association of Gaming Advisors appeared first on European Gaming Industry News.

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Promatic Group enters the Irish Market

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Gaming terminals from Polish manufacturer Promatic have made their debut on the Irish market. The company’s first slot machines can now be found in gaming halls and casinos operated by six local operators across 10 Irish cities: Dublin, Cork, Galway, New Ross, Wexford, Tallaght, Dun Laoghaire, Bray, Malahide, and Arklow.

The Polish manufacturer, one of the leading suppliers of gaming equipment for Poland’s state-owned chain slot gaming arcades operated by Totalizator Sportowy, has high hopes for the Irish market.

“The Irish love slot games, and access to them is relatively widespread in this country. That’s why we decided to enter the market and take part in the Irish Gaming Show. It led to a number of promising contracts that we are now looking to expand,” said Kacper Kupczyk, Key Account Manager.

“It’s no secret that many Poles live in Ireland and are already familiar with our games. They are also part of our target audience,” he added.

Currently, the Irish gaming market includes approximately 450 venues (arcades and casinos). In a country of over 5.3 million people, there are around 25,000 gaming machines installed.

Promatic is supplying Irish operators with four machine models: Casino 27, PRO 24, PRO 27 VIP, and PRO 32 VIP. These devices feature game packages such as Energy+Orange – the flagship product of the ENERGY series, Energy+Green, and the latest addition – Pro Selection, a multigame set featuring the best of Promatic’s retail and online titles. Pro Selection has only just debuted in Polish casinos.

Additionally, all Irish operators working with Promatic have opted to implement the Fruitpot Jackpot system – a progressive jackpot solution designed by Promatic for casinos and gaming arcades. The Promatic Group plans further expansion in Ireland and is also developing a local service and technical support base to ensure efficient and comprehensive assistance for operators.

“The initial results and customer feedback from the market are very promising, and all signs point to Ireland being a potentially strong market for us. The competition is tough here – but that’s the case in every mature market where players know what they want. I’m confident we can compete for a significant share of the Irish gaming pie,” concludes Kacper Kupczyk.

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Compliance Updates

St8 enters the United Kingdom after securing B2B licence

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Casino games aggregator St8 has secured a UK Gambling Commission (UKGC) remote gambling software licence, as the company continues its strategic expansion into key regulated markets worldwide.

The newly-granted licence means that St8 can now provide its market-leading casino aggregation platform to UK-licensed operators.

The platform has already won plaudits for streamlining integrations and delivering content with speed, simplicity and reliability.

Vladimir Negine, founder and CEO at St8, said: “Securing a UK licence is another major milestone for St8. The UK remains a benchmark for regulation and player protection, and we’re excited to bring our tech-led approach to this mature and competitive market. We’re absolutely committed to supporting our operator partners in regulated markets around the world, and we’re already working on securing additional licences.”

The UKGC licence adds to St8’s growing list of regulated market approvals, which already includes Romania, Malta, and the Isle of Man, with further jurisdictions in progress as part of its broader European and global growth strategy.

St8 partners in the UK and beyond enjoy the industry’s leading back office, built to offer real-time reporting, deeper insights and simple promo management.

The post St8 enters the United Kingdom after securing B2B licence appeared first on European Gaming Industry News.

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