Golden Matrix Group, a global developer, licensor, and operator of online gaming platforms, has announced solid financial and operational performance results for the third quarter of 2024, ending September 30.
Golden Matrix’s consolidated revenue for Q3 2024 reached US$41 million, an 85 percent increase year-over-year, contributing to a year-to-date revenue total of US$105.3 million, a 55 percent rise.
This revenue growth aligns with the company’s broader strategic focus on enhancing its presence in key global markets.
Gross profit also showed positive trends, climbing by 39 percent in Q3 to US$22.4 million, and by 24 percent, year-to-date to US$61.8 million.
Adjusted EBITDA came in at US$4.3 million for the quarter, reflecting steady performance across multiple revenue channels.
Milestones
Financially, Golden Matrix reported a robust position with cash and equivalents totalling US$38.4 million, against short-term debt of US$17.5 million.
The company achieved several significant operational milestones in Q3.
Meridianbet, a key contributor, continued to see revenue growth, with a 16 percent year-over-year increase, driven by a 19 percent increase in online activity and a six percent rise in retail.
Meridianbet deposits rose to US$61.9 million, a 13 percent quarterly increase, while new registrations were up by 23 percent to reach 125,000.
Strategic
Golden Matrix’s acquisition of Classics for a Cause, an Australian-based business, generated an additional US$2.1 million in revenue and contributed US$503,000 in EBITDA within the first two months post-acquisition, highlighting its potential in expanding market reach and profitability.
In Latin America, Mexplay, the company’s online casino in Mexico, recorded a 56 percent increase in active players and reached a gross gaming revenue of US$15 million, emphasising strong growth potential within the region.
“[Our] Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position,” affirmed Golden Matrix CEO Brian Goodman.
“Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades, and the expansion of our iGaming portfolio.”
