Golden Matrix sees 219% revenue increase, to $36m

In 2021， revenue totalled $11.3m， which has been significantly bettered by 2022’s $36m company-record haul.

Meanwhile， adjusted EBITDA stood at $3.5m， with cash and cash equivalents adding up to $14.9m – and total assets of $32.5m.

Golden Matrix CEO Brian Goodman said of the results: “This has been a highly constructive year for our rapidly growing company.

“We believe the increased costs incurred and investments made in our B2B and B2C platforms have positioned GMGI to sustain and even accelerate our strong revenue growth. To remain competitive in the worldwide gaming industry， we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants."

Mr Goodman further added: "The combined pro forma revenues of Golden Matrix and MeridianBet are expected to be greater than $100m for FY2022， with an Adjusted EBITDA estimated to be greater than $22m for the pro forma year ended October 31，Play Casino Online 2022， making the combination financially appealing and earnings-accretive.”

The results represent Golden Matrix’s performance before it acquired the MeridianBet Group as part of a $300m deal in January 2023.

The acquisition will be completed in a hybrid cash/stock transaction and is expected to complete in H1 2023. 

The deal is also subject to shareholder & regulatory approval.

Speaking of the deal， Zoran Milosevic， CEO of MeridianBet Group， said: “Today marks a major milestone for MeridianBet Group and its employees."