Golden Matrix Group Inc. (NASDAQ:GMGI) shares lost some of their strength Tuesday, on word it has launched a robust upgraded Tournament Platform with added features and functionality for Rkings’ Players in Ireland and the United Kingdom.
The Vegas-based company says the new platform is expected to increase both the monthly number of skill tournaments and participants, thus generating even stronger revenue and profit from RKings’ prize competition business. Because it is highly scalable, the platform can be introduced into other regulated markets; and GMGI plans to go live with the platform in Mexico as soon as its Mexican gaming permit has been approved.
“This significant upgrade to the RKings platform will accelerate the growth of our B2C businesses, offering added functionality and features and also allowing us to expand into new geographic regions and strengthen our global footprint,” said Golden Matrix CEO Brian Goodman.
Goodman noted that prior to fiscal 2022, Golden Matrix revenues were derived primarily from licensing fees received from gaming operators located in the Asia Pacific region and integrated with the Company’s state-of-the-art GM-X platform.
As a result of the Company’s acquisition of RKings, the first half of fiscal 2022 (ended April 30) included significant revenue and profit contributions from RKings’ B2C skill tournaments.
GMGI shares lost 16 cents, or 3.3%, to $4.66.
