Igaming company Golden Matrix has announced a 75 percent increase in revenue for second quarter, reaching $39.4 million. This growth builds on a solid start to the year, after a 9.3 percent year-on-year revenue increase in the first quarter.
Combined, year-to-date revenue was up 41 percent over the first half of 2023.
Gross profit for second quarter rose by 31 percent to $21.7 million, while YTD gross profit reached $39.4 million, up 17 percent. Adjusted EBITDA remained steady at $5 million.
“Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives,” Brian Goodman, CEO of Golden Matrix Group, said in a press release. “I am pleased to report that the consolidation of Meridianbet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results.”
It was a busy quarter for GMGI. The company completed its acquisition of Meridianbet Group for $300 million after shareholder approval in March. In July, Golden Matrix launched an AI-powered casino game recommender for the Meridianbet online casino. The second quarter also saw GMGI announce a stock repurchase program of up to $5 million.
“The quarter has been marked by significant achievements and promising opportunities and I am excited about the future of this newly consolidated and diversified business,” Zoran Milošević, CEO of Meridianbet, said in a news release.
