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The Golden Matrix Group Reports a Record-Breaking Q3 Revenue

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The GMGI Group reported revenue of $11.3m for the quarter ended 31 July, representing a 24.2% year-on-year increase. Last month, the developer confirmed it fulfilled expectations of record Q3 revenues without disclosing full results.

“We have continued the year with strong momentum and delivered solid results,” Goodman said. “The company achieved record revenues and posted its seventh consecutive quarter with positive cash flow from operations.

“Profitability in Q3 was impacted by several factors… including a significant increase in one-off legal and due-diligence expenses associated with the anticipated acquisition of the MeridianBet Group… as well as the start-up marketing costs related to the roll-out of Mexplay, the company’s B2C online casino in Mexico.”

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The MeridianBet takeover

In January, GMGI struck a deal worth about $300m to purchase MeridianBet. Terms were amended in July, with GMGI hoping to complete the deal in Q4.

“We have made important investments during the quarter in systems and people to accelerate the growth of our B2C segments, both RKings and Mexplay,” Goodman added. “At the same time, there was significant progress in seeking to secure the financing required to close the deal for the acquisition of the MeridianBet Group and its related companies.

“Upon the successful acquisition of MeridianBet, the combined enterprise is expected to be generating multiple streams of gaming revenue and profit in regulated jurisdictions worldwide and offering highly popular best-in-class products, including casino games and sports betting.

“Closing of the MeridianBet acquisition will be a watershed event which is expected to catapult Golden Matrix into the global gaming markets as a highly competitive participant.”

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The operating costs segment

Revenue contribution from RKings – GMGI’s B2B segment – was $3.7m in Q3, while the contribution from its B2C segment Mexplay was $7.6m.

GMGI took full ownership of RKings in November last year, having initially purchased a majority holding in November 2021.

Gross profit was $2.1m. This resulted from $9.1m in cost of goods sold. Operating costs grew 72.8% year-on-year to $3.0m, bringing the loss to $892,099.

The loss was aided slightly by earned interest of $15.1m, but was affected by $7.6m in interest expense. Following $81.0m in provision for income taxes, the net loss reached its $965,628 total, a $1.6m difference year-on-year.

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Aside from the Q3 one-off costs, GMGI recorded a non-cash charge of $931,614 for stock-based compensation.

Meanwhile, adjusted quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $161,783 for the quarter.

In the first nine months of GMGI’s financial year, through to the end of July, revenues reached $32.4m – up 22.4% from $26.5m. Gross profit, after $25.7m in cost of goods sold, was $6.6m.

Operating expenses for the year so far added up to $8.3m, up by 62.0%, bringing the operating loss to $1.7m.

Following other income of $67,956 the loss for the nine months was $1.6m, furthered still by tax of $299,071.

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The company’s nine-month loss of $1.9m compared to a profit of $1.5m last year.

Press Releases

The World Tote Association (WoTA) announces election of a new Board; welcomes new members for 2025-26

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10th September 2024 – At the WoTA General meeting, hosted at the recent Asian Racing Conference in Sapporo, Japan, Board members worked collaboratively to establish a dynamic agenda for the organization, focused on multiple key objectives:

  • Creating stronger national and global betting pools, especially through commingling, to support the respective horseracing industries
  • Expanding pari-mutuel pool betting through additional markets and sporting events content for the additional collective benefit of WoTA operators
  • Addressing the challenges of illegal wagering
  • Working collectively on diversity and inclusion to further growth within the pool betting sector

Furthermore, WoTA members have elected the new Board who will drive the Association’s activities for the coming two years.

Fundi Sithebe, CEO of 4Racing in South Africa, and Keith Johnson, President of 1/ST TECHNOLOGY group/AmTote have accepted nominations to co-chair the Association. Riko Luiking, General Manager of German Tote, has likewise accepted the role of Treasurer.

Sithebe and Johnson take over from Alex Frost, CEO of the UK Tote Group, and Hans Lord Skarploth, CEO of ATG in Sweden, who have successfully co-chaired the Association since October 2022. During their tenure as Co-Chairs, the board initiated further commingling between members and a new sport pool project.

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On taking over as Co-Chairs, Fundi Sithebe and Keith Johnson said: “We are delighted to be taking over as Co-Chairs of the World Tote Association. Over the last five years WoTA has made significant progress in developing the relationship between members and increasing understanding of the role pool betting plays in supporting horseracing around the globe. We thank Alex and Hasse for their excellent stewardship, and the entire WoTA Board for their efforts, and we look forward to working with all stakeholders to further our collective ambitions for the good of horseracing and society as a whole.”

The new WoTA Board will focus on the stated key objectives to ensure WoTA progresses its overall aim to see the growth of pool betting and make an increased contribution to horseracing and has a positive relationship with customers, governments, regulators and society.

WoTA is also proud to welcome the Jockey Club of Turkey and Zeturf Group as full members of the Association.

Members of the WoTA Board for 2025-26:

  1. Keith Johnson – 1/ST TECHNOLOGY / AmTote (Co-Chair)
  2. Fundi Sithebe – 4Racing (Co-Chair)
  3. Alex Frost – UK Tote Group
  4. Hans Lord Skarplöth – ATG
  5. Paul Cross – Tabcorp
  6. Michael Fitzsimons – Hong Kong Jockey Club
  7. Driss Belghazi – Sorec
  8. Adrien Billon – Carrus Group
  9. Andreas Reimblad – Veikkaus
  10. Simon Leong – Singapore Pools
  11. Riko Luiking – German Tote (Treasurer)
  12. Andrew Archibald – United Tote

Biography of the WoTA Co-Chairs for 2025-26:

Fundi Sithebe, Chief Executive Officer of 4Racing

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Fundi Sithebe was appointed as the first Chief Executive Officer (CEO) of 4Racing PTY on 1 June 2021. 4Racing is the largest of the three horseracing operators within South Africa, and the company is responsible for horseracing operations, totalisator betting and broadcast operations of horseracing. The business has the largest sports pool offering in South Africa, licensed by the provincial gambling boards. A large part of her responsibilities is to ensure a successful turnaround, stabilising and the growth and sustainability of the horse racing business whilst managing the day-to-day operations, transformation and modernisation of the various business units.

Fundi was previously the Chief Operating Officer (COO) of Airports Company South Africa (ACSA) responsible for daily operations on both aeronautic and non-aeronautic operations.

One of her biggest passions is the inclusivity and growth of female representation in the industries she serves in. She was previously a member of a few non-profit initiatives within the aviation industry (namely, Southern African Women in Aviation and Aerospace (SAWIA), Women in Aviation (W&A) as well as chairperson of Akani Aviation Leadership Initiative South Africa) that aimed to ensure a larger and a sustainable base of females in the aviation industry, and ensuring greater gender representation in the horseracing industry is an important objective for her.

Keith Johnson, President of 1/ST TECHNOLOGY group/AmTote

Keith joined the industry via AmTote in 1989 having just earned a BSBA degree from Auburn University.  Embracing the racing & wagering industry that his family had decades of roots in, Keith progressed within AmTote from its operational ground up, gaining extensive industry knowledge and experience within multiple departmental positions including field operations management, hub operations management, regional operations management, sales, and executive leadership positions, ultimately being promoted to President of AmTote in 2016.  In 2024, Keith was promoted to President of the broader 1/ST TECHNOLOGY group, which is inclusive of AmTote, PariMAX, Xpressbet, 1/ST BET, and BetMIX business units.

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The post The World Tote Association (WoTA) announces election of a new Board; welcomes new members for 2025-26 appeared first on European Gaming Industry News.

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Mindway Al and Burendo Forge Strategic Alliance to Enhance Safer Gambling Solutions

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Mindway Al, a leader in Al-driven gambling safety solutions, and Burendo, an award-winning technology consultancy specialising in betting and gaming transformation, are pleased to announce a strategic alliance. This partnership aims to leverage Burendo’s industry expertise and Mindway Al’s innovative technology to enhance safer gambling practices across the gaming industry.

As the betting and gaming landscape continues to evolve, driven by changing regulations and customer preferences, the need for proactive and adaptable solutions has never been greater. Mindway Al and Burendo are combining their strengths to address these challenges head-on. Burendo’s pragmatic approach to product delivery will enable the company to refer clients seeking advanced responsible gambling software directly to Mindway Al. Conversely, Mindway Al will recommend Burendo to gaming organisations looking for expert consultancy services to navigate the complexities of building and delivering high-quality gaming products.

Burendo brings a wealth of real-world experience in helping organisations achieve their product goals within the betting and gaming sector. Their Betting and Gaming Transformation service is specifically designed to guide organisations through the dynamic and highly regulated environment, ensuring that their products not only meet market demands but also comply with the latest responsible gambling regulations.

“Our alliance with Mindway Al represents a powerful partnership of technology and expertise. By combining their advanced detection software with our product development, data engineering and consultancy services, we’re providing clients with comprehensive solutions for building responsible and

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successful gaming experiences.” said Glenn Crossley, Founder of Burendo.

Mindway Al is recognized for its innovative solutions in detecting and monitoring at-risk gambling behaviour. Their flagship products, GameScanner and Gamalyze, utilise Al and neuroscience to provide early detection and intervention, offering gambling operators the tools needed to enhance player protection effectively.

“At Mindway Al, our mission is to bring advanced technology to the forefront of responsible gambling. This partnership with Burendo allows us to extend our reach, helping more organisations incorporate our innovative solutions into their operations,” said Rasmus Kjaergaard at Mindway Al. “By working together, we can provide comprehensive solutions that address both the technological and operational aspects of safer gambling.”

The collaboration between Mindway Al and Burendo marks a significant step forward in the pursuit of safer gambling practices. Burendo’s hands-on consultancy and agile-focused approach, combined with Mindway Al’s state-of-the-art detection software, will provide gaming operators with the resources they need to deliver safer, compliant, and engaging gaming experiences.

Both companies are committed to fostering a customer-centric mindset, streamlining processes, and ensuring continuous improvement and adaptability in the gaming industry. Through this strategic alliance they aim to empower organisations to thrive in the ever-changing betting and gaming landscape, ultimately creating a safer environment for all players.

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The post Mindway Al and Burendo Forge Strategic Alliance to Enhance Safer Gambling Solutions appeared first on European Gaming Industry News.

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PAGCOR CASINOS SET TO RECEIVE 2000 NEW SLOT MACHINES

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PAGCOR Chairman and CEO Alejandro H. Tengco announced today, September 10, that nearly 2,000 units of new and modern slot machines for Casino Filipino gaming venues will be delivered mid-September as part of the agency’s modernization program.

During the opening of the IAG Academy Summit at the Hilton Manila this morning, Mr. Tengco said the delivery of the new machines will level up the game offerings of Casino Filipino branches nationwide in a bid to increase foot traffic and boost overall profitability.

As we prepare for the planned privatization of PAGCOR casinos, we intend to increase their value by modernizing our gaming facilities and equipment to make them more attractive to potential investors,” the PAGCOR chief said during his keynote address.

The agency has ordered a total of 3,341 new slot machines which are identical to those that are being used in the country’s top integrated resort casinos. The first batch arriving within the week consists of 1,968 units.

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The PAGCOR chairman also updated the audience about other ongoing programs of the agency including the projected opening of more integrated resorts in key tourist destinations in the country in the next several years.

The IAG Summit, organized by the B2B print and digital gaming magazine Inside Asian Gaming, is held every September in Manila. It brings together movers and shakers in the Asian gaming industry and features a wide range of speakers from across the region.

The post PAGCOR CASINOS SET TO RECEIVE 2000 NEW SLOT MACHINES appeared first on European Gaming Industry News.

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