Golden Matrix recently acquired RKings, a B2C business, by using 165,444 restricted shares of its common stock as payment to the former owners. This acquisition has had a positive impact on Golden Matrix’s performance during the first and second quarters of its 2022 financial year. In Q1, RKings contributed $5.5m to Golden Matrix’s total revenue of $8.6m. In Q2, RKings was responsible for 60% of the total revenue, which amounted to $8.5m.
Golden Matrix CEO Brian Goodman expressed his satisfaction with the acquisition, stating that the B2C business is highly scalable and expected to grow rapidly in multiple regulated jurisdictions. While Golden Matrix anticipates RKings’ tournament platform to be well-received in Great Britain, it also expects popularity in Mexico and potential expansion into other Latin American markets over the next few years.
In addition to the acquisition, Golden Matrix has launched GMGI Assets, a complementary business aiming to strengthen the revenue stream and profit generated by RKings. As an example, when a tournament winner chooses a cash option over an expensive automobile prize, GMGI Assets will take possession of the car and resell it, ensuring a positive margin for each transaction. Golden Matrix expects this business to significantly contribute to its overall financial results as the number of auto tournament offerings continues to grow in Great Britain and other jurisdictions.
