Australia
Golden Matrix Enters Into Definitive Agreement to Acquire a Controlling Interest in Australian-Based Classics for a Cause
Golden Matrix Group, Inc. (Nasdaq: GMGI) (“GMGI” or the “Company”), a developer and licensor of online gaming platforms, systems and gaming content, today announced that it has entered into a definitive agreement to acquire an indirect 80% controlling interest in Classics for a Cause Pty Ltd (“CFAC”), a leading independent online discount platform in Australia.
This strategic acquisition marks GMGI’s entry into the consumer loyalty and rewards industry, complementing its existing operations in the gaming and sports betting sectors and solidifying its position as a premier tournament operator. Moreover, it provides a significant opportunity to scale CFAC’s business and expand the firm’s operations globally.
CFAC operates a well-established business-to-consumer (B2C) platform that offers paid members access to a wide range of discounts from retailers across Australia. The company rewards its members with free entries into promotional giveaways, which feature luxury, high-end American and Australian classic cars, caravans and campers as well as cash and vacation giveaways.
Business Highlights:
- CFAC generated over $10 million in revenue and more than $1.9 million in operating profit before tax* for the 12-month fiscal year ending June 30, 2024.
- CFAC has generated considerable free cash flow over the last two fiscal years.
- The company boasts a social media following exceeding 50,000 and a customer base of more than 300,000, with over 10,000 active monthly subscribers.
- Recurring monthly subscribers contribute over 30% of CFAC’s total revenue.
*Net operating income before tax calculated for the 12-month period ending June 30th 2024. Financials presented in Australian Dollars and written on a cash basis. With cash basis accounting, revenue and expenses are recorded when cash is received or paid out. Post transaction financials will be presented in terms of GAAP and presented on an accrual basis.
Under the terms of the agreement, GMGI will acquire its 80% stake in the entity which owns CFAC at a purchase price representing a multiple of roughly 5x profits before tax, declared for fiscal year ending June 30th 2024, totalling approximately $8.4 million inclusive of the earnout component. Of this amount, 70% will be paid in cash, with the remaining 30% settled through the issuance of restricted shares of GMGI common stock. The agreement includes provisions for a holdback amount and an earnout, contingent upon CFAC meeting certain post-closing profit targets. Additionally, GMGI will inherit a call option to acquire the remaining 20% minority interest.
The acquisition is subject to customary closing conditions, expected to be fulfilled within the next several days, with an effective date of August 1, 2024.
Commenting on the acquisition, Brian Goodman, CEO of Golden Matrix, said, “We are thrilled to proceed with this acquisition as it aligns perfectly with our strategy of acquiring profitable and accretive businesses. Our previous acquisition of RKings Competitions has been a phenomenal success, significantly contributing to our revenues and profits, and we anticipate similar results with CFAC. CFAC will provide a strong foundation to build on, as was the case with RKings, and we expect this acquisition will not only enhance our revenue and cash flow but will also add to our bottom-line profitability. We are confident in our ability to scale CFAC, implement cost efficiencies, upgrade its technology and further strengthen its free cash flow.”
Thomas Bailey, founder of CFAC, added, “We are incredibly excited to join forces with GMGI and contribute to their ongoing success. This partnership offers a significant opportunity to expand CFAC into new markets and elevate the company to new heights.”
Thomas Bailey will continue in an executive role with CFAC, where he will oversee the company’s growth and lead the roadmap for its planned expansion into the U.S. Tom co-founded CFAC in 2019 to support Australian veteran charity programs. Over the past decade, he has played a pivotal role in successfully establishing over 14 start-ups and has a strong background in marketing and implementing growth strategies.
According to Research and Markets, the consumer loyalty and rewards market will continue to grow and is forecasted to record a CAGR of 9.5% from 2024-2028, as well as an increase from $3.64 billion in 2023 to $5.79 billion by 2028.
For full details of the purchase agreement and related terms, please refer to the Current Report on Form 8-K filed today with the Securities and Exchange Commission.
Australia
Crown Perth Announces Two Leadership Appointments

The Crown Perth Board (Burswood Limited) has announced two significant leadership appointments, subject to regulatory approval.
Ben Wyatt was appointed Director and Chair-Elect to the Board of Crown Perth, bringing a wealth of experience to the position and having previously held range of Ministerial portfolios during his 15 years in the West Australian State Parliament, including as Treasurer.
Current Chair John Van Der Wielen will remain on the board over the coming months to ensure a smooth transition.
In addition to this, the Board has appointed Brian Pereira as Crown Perth CEO, pending regulatory approvals.
Mr Pereira joined Crown in 2023 as Chief Financial Officer having previously held the role of CFO at Perth Airport. He brings more than 30 years of financial and corporate strategic leadership experience in the tourism, entertainment, aviation and banking sectors, in both Australia and UK.
Mr John Borghetti, Chair of Crown Resorts, said: “Both of these appointees are highly regarded and are ideally positioned to lead Crown Perth. I would also like to thank John Van Der Wielen for his leadership and dedication to Crown over the last three years and deeply appreciate his decision to remain with Crown to ensure a smooth transition.”
Crown Resorts CEO David Tsai said: “I am confident that these two appointments, with their deep local knowledge of the WA tourism sector and economy, are the right people to lead the Perth team into the next exciting era of growth for the State’s only fully integrated entertainment resort.”
Crown Perth Board Chair John Van Der Wielen said: “My appointment as Crown Perth Chair in 2022 has been a great challenge, assisting the team in undertaking one of the most complex transformations in Australia. Appointing a new CEO and Chair-Elect brings to fruition much of the significant work undertaken in the last three years and I am very confident the business will prosper with so many new and exciting opportunities.”
Chair-Elect Ben Wyatt said: “As Western Australia’s largest single site employer, Crown is a key part of the Western Australian economy, and I am excited to be joining a business that delivers some of Perth’s most exciting developments, entertainment offerings and tourism opportunities.”
Crown Perth CEO Brian Pereira said: “I couldn’t be prouder to have been appointed to lead the great team of more than 5000 people here at Perth’s ultimate entertainment destination. It is an enormous privilege to be appointed to this role, and I look forward being a part of a growing business that continues to create memorable guest experiences, supports the local economy and gives back to our community.”
The post Crown Perth Announces Two Leadership Appointments appeared first on European Gaming Industry News.
Australia
ACMA Imposes $1 Million Fine on Unibet

The Australian Communications and Media Authority (ACMA) has imposed a fine of $1,014,120 on Betchoice Corporation Pty Ltd, trading as Unibet, for failing to close the accounts of 954 of its customers who had registered with BetStop – the National Self-Exclusion Register (NSER).
An ACMA investigation found more than 100,000 contraventions by Unibet of the Interactive Gambling Act 2001 (IGA rules) for not closing the accounts of 954 customers as soon as practicable after they had registered on the NSER.
The investigation found that 45 of these customer accounts remained open for 190 days or more, including many who had registered to self-exclude from online and telephone betting on the first day of the NSER. While none of these self-excluded customers were able to place bets during their self-exclusion period, the accounts should have been closed.
The company also provided wagering services to 45 customers after they ceased to be registered with the NSER, using old accounts that should have been closed. The ACMA found evidence that these customers were able to place thousands of bets through these accounts after their NSER registration ended, including one customer who placed more than 1200 bets on their old account.
Under the IGA rules, once an individual registers with the NSER, wagering service providers must close that person’s account as soon as practicable, with additional contraventions for each day the account remains open. If the person’s self-exclusion ends and they choose to place bets again, they must be required to open a new account rather than being allowed to log into their old account.
ACMA member and gambling lead Carolyn Lidgerwood said this was a significant lapse in Unibet’s NSER compliance processes.
“Our investigation found very serious breaches by Unibet over a sustained period of time,” Ms Lidgerwood said.
“Taking in some cases 190 days to close accounts is clearly unacceptable and does not reflect the decisions made by Unibet customers to seek support to help them not gamble.
“The NSER rules are also there to ensure that people are making a clear and deliberate choice to recommence gambling. That is not the case if they can simply access old accounts.
“We recognise that no bets were made from these Unibet accounts or marketing sent while customers were self-excluded. However, this outcome puts the industry on notice that they must comply with the rules or face potential financial penalties and other actions available to the ACMA under the IGA,” she said.
In addition to the first financial penalty imposed by the ACMA for breaches of NSER rules, the ACMA has accepted a 2-year court-enforceable undertaking from Unibet. The undertaking commits Unibet to a comprehensive independent review of its compliance systems and processes and the implementation of recommended improvements.
Unibet has also voluntarily undertaken to issue refunds to affected customers who were able to access accounts that should have been closed. The ACMA considers these important commitments from Unibet, directed at ensuring future compliance.
The post ACMA Imposes $1 Million Fine on Unibet appeared first on European Gaming Industry News.
Australia
ACMA Imposes Fine of $500,800 on PointsBet

The Australian Communications and Media Authority (ACMA) has imposed a fine of $500,800 on PointsBet Australia Pty Ltd for breaching the e-marketing and gambling self-exclusion laws.
Investigations by the Australian Communications and Media Authority (ACMA) found that the company sent more than 800 messages that breached Australia’s spam laws.
PointsBet also contravened laws relating to BetStop – the National Self-Exclusion Register (NSER), by delaying closing accounts of customers who had registered and sending marketing messages to self-excluded persons.
Between September and November 2023, PointsBet sent 705 emails containing a direct link to its betting products without including an unsubscribe function.
The emails were mischaracterised by PointsBet as “non-commercial” despite promoting their services, making them subject to the spam rules.
PointsBet also sent seven marketing emails without recipient consent and 90 commercial texts that did not have sender contact information.
The NSER investigation found PointsBet sent 508 marketing messages to self-excluded individuals in August and September 2023. Under the NSER laws, people registered with the NSER must not be sent marketing materials from a licensed wagering service.
ACMA Chair Nerida O’Loughlin said there are no excuses for gambling companies that fail to understand their legal obligations given the risks to people experiencing gambling harms.
“It is deeply concerning that these failures have impacted PointsBet’s customers, some of whom had taken proactive steps to exclude themselves from online wagering,“ Ms O’Loughlin said.
“People signing up to the NSER are taking positive steps to remove online gambling from their lives. Their decision must not be compromised by companies like PointsBet.
“Wagering providers must also appropriately identify where messages promote or advertise their services and ensure that those messages comply with the rules, including the obligation to promote the NSER.”
The ACMA found that no excluded customers were able to place bets with PointsBet during the period investigated. The ACMA has accepted comprehensive court-enforceable undertakings from PointsBet committing it to reviews into its compliance with spam and NSER laws, actioning any recommended improvements and providing regular training for all relevant staff.
“This action should serve as a warning to all wagering providers that they must meet their legal obligations or face the consequences. We will closely monitor PointsBet’s compliance with its undertakings and with the spam and NSER laws,” Ms O’Loughlin said.
The imposition of a financial penalty was not available to the ACMA for the NSER breaches due to the complex and novel matters investigated. However, a failure to comply with an enforceable undertaking can lead to court-ordered financial penalties.
Compliance with interactive gambling safeguards and misleading spam messages are both current compliance priorities for the ACMA. This is the first enforceable action announced under the NSER rules, and businesses have paid more than $14 million in spam penalties over the last 18 months.
The post ACMA Imposes Fine of $500,800 on PointsBet appeared first on European Gaming Industry News.
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