LAS VEGAS , May 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Golden Matrix Group Inc. (NASDAQ:GMGI) (“GMGI” or the “Company”), a developer and licensor of gaming platforms, systems and gaming content, today announces it has launched a robust upgraded Tournament Platform with added features and functionality for Rkings’ Players in Ireland and the United Kingdom. Participants now have immediate access to all prize competitions at: www.Rkingscompetitions.com.
The new platform can be seen at www.Rkingscompetitions.com.
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. “We believe the GMGI/RKing product offerings will be received enthusiastically by players in all regulated markets where we are licensed. At a time when global economic growth is being challenged, we are fortunate to have a scalable business model that has already demonstrated consistent profitability.”
Mr. 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 (APAC) 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.
About Golden Matrix
Golden Matrix Group, based in Las Vegas, Nevada, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label B2B gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The Company's platform can be accessed through both desktop and mobile applications. As a result of its 80% controlling ownership interest in U.K.-based RKings Competitions Ltd. Golden Matrix also generates revenues from RKings’ scalable B2C tournament platform.
The Company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law.
About RKings
Based in Northern Ireland, RKings is a prize competition business offering customers in Ireland and the United Kingdom paid-for-entry and free-entry routes to enter prize competitions in order to win a range of consumer products as prizes. Customers can access competitions via iOS or Android apps as well as online, where they can win prizes ranging from super cars to luxury holidays.
The competitions are currently open only to residents of Ireland and the United Kingdom.
Forward-Looking Statements
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control and which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic on the Company; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the available funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fundraising and/or acquisitions; the Company’s expectations for future growth, revenues and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the Company’s chief executive officer has voting control over the Company; related party relationships; the potential effect of economic downturns and market conditions on the Company’s operations and prospects; the Company's ability to protect proprietary information; the ability of the Company to compete in its market; the Company’s lack of effective internal controls; dilution caused by efforts to obtain additional financing; the effect of future regulation, the Company’s ability to comply with regulations, and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyberattacks; risks associated with systems failures and failures of technology and infrastructure on which the Company's programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company's products. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. More information on potential factors that could affect the Company's financial results is included from time to time in the "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Transition Report on Form 10-K for the nine-month transition period ended Oct. 31, 2021. These reports are filed with the SEC and available at www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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Golden Matrix Group
Contact: Scott Yan
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