Golden Matrix Group Announces Robust Q2 2024 Results, Driven by MeridianBet Acquisition

Golden Matrix Group Inc. has unveiled its financial outcomes for the second quarter of 2024, showcasing an impressive 75% increase in consolidated revenue to $39.4 million. This substantial growth is attributed largely to the strategic acquisition of MeridianBet, a move that has significantly bolstered the company’s financial and operational profile.

Following the $300 million acquisition of MeridianBet, Golden Matrix not only reported a jump in quarterly consolidated profits by 31% to $21.7 million but also saw Year to Date (YTD) consolidated profits reach the same figure. Additionally, YTD revenue climbed by 41% compared to the first half of 2023, totaling $64.3 million.

Despite the positive surge in revenue and profits, the integration of MeridianBet has slightly impacted Golden Matrix’s net income, which settled at $15,000 for the quarter. This figure reflects various non-cash items and one-off costs related to acquisition, restructuring, and implementation.

Brian Goodman, CEO of Golden Matrix Group, expressed satisfaction with the integration process, stating: “I am pleased to report that the consolidation of MeridianBet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results.”

The second quarter of 2024 was marked by significant operational achievements across all business units of Golden Matrix, driven by product diversity and cross-platform initiatives. The company’s adjusted EBITDA for the quarter remained stable at $5 million, consistent with Q2 2023 figures, despite the integration expenses.

Zoran Milošević, CEO of MeridianBet, reflected on the performance, noting: “MeridianBet’s key performance indicators for this quarter reflect its strong performance, ongoing growth, and market expansion. The solid results of this past quarter are further evidence of our belief that our strategy and positioning to capture the opportunities ahead of us are sound and are expected to lead to further growth and scale.”

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As Golden Matrix positions itself for continued success, the company’s financial stability is evident with shareholders’ equity reportedly doubling since the start of the new year. The firm also holds a net debt leverage ratio of only 1.6 as of June 30, 2024, showcasing its robust financial health.

Looking ahead, Golden Matrix is optimistic about the synergies and operational leverage that the MeridianBet integration will bring. With a promising pipeline of opportunities and a strategic approach to market expansion, Golden Matrix is poised to maintain its trajectory of growth and enhance its market presence further.

Golden Matrix also offers live casino content from third-party suppliers to both its own iGaming brands and other online casino operators with which it has partnership agreements in place. In 2023, the company signed an agreement with TVBET, a powerful supplier of live dealer games, to boost its live casino offerings.

Source:

, feeds.issuerdirect.com, August 13, 2024.