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Golden Matrix Group (GMGI) Q2 Earnings Results (Interview Opportunity)
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- Second quarter consolidated revenue grew 75% to $39.4 million, compared to the second quarter of 2023, a continuation of the strong trend shown in the last quarter whilst YTD revenue grew by 41% to $64.3 million, compared to the first half of 2023.
- Second quarter consolidated gross profits increased by 31% to $21.7 million and YTD gross profits also increased by 17% to $39.4 million, each compared to the same periods in 2023.
- Second Quarter Net Income of $15,000 impacted by non-cash items as well as considerable one-off acquisition, restructuring and implementation costs related to the recent acquisition.
- Second quarter consolidated Adjusted EBITDA (AEBITDA) was consistent at $5 million, compared to the second quarter of 2023, while recognising the one-time costs of completion and implementation of the Meridianbet – Golden Matrix acquisition.
- Shareholders’ equity of the Company grew 52% to $89.5 million, compared to December 31, 2023.
- Net Debt Leverage ratio of only 1.6 as of June 30, 2024.
- Cash on hand as of 31st July at over $40 million, a 96% increase over December 31, 2023, cash on hand of $20.4 million.
Zoran Milošević, CEO of Meridianbet, added, “Meridianbet’s key performance indicators for this quarter reflect its strong performance, ongoing growth and market expansion.
Latest News
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.
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:
- Keith Johnson – 1/ST TECHNOLOGY / AmTote (Co-Chair)
- Fundi Sithebe – 4Racing (Co-Chair)
- Alex Frost – UK Tote Group
- Hans Lord Skarplöth – ATG
- Paul Cross – Tabcorp
- Michael Fitzsimons – Hong Kong Jockey Club
- Driss Belghazi – Sorec
- Adrien Billon – Carrus Group
- Andreas Reimblad – Veikkaus
- Simon Leong – Singapore Pools
- Riko Luiking – German Tote (Treasurer)
- Andrew Archibald – United Tote
Biography of the WoTA Co-Chairs for 2025-26:
Fundi Sithebe, Chief Executive Officer of 4Racing
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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Regulated Online Casinos using Military-Grade Technology to Outsmart Cyber Criminals
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With cybercrime running rampant and data breaches on the rise, trusted online casinos globally are arming themselves with the latest military-grade encryption technologies to outsmart even the most sophisticated cyber thugs.
Minimum Deposit Casinos (MDC) – a leading global casino resource portal – said data breaches were becoming more common and costly as resourceful criminals lurk everywhere on the internet. For the gambling industry, data encryption goes beyond protecting financial transactions: it’s about securing every interaction – from logins to game history. Every piece of player information is encrypted, making it virtually impossible for unauthorized parties to access.
“Regulated and reputable online casinos cannot afford to gamble on security. Player safety and protection is a non-negotiable. That’s why they are investing heavily in multi-layered next gen encryption – the same technology used by governments and global financial institutions – to become impenetrable to digital threats,” said Miranda Raaff, Head of iGaming Information at MDC.
“This level of high-tech security means that even in the event of a possible data breach, encrypted information remains unreadable and useless to cybercriminals. The integration of state-of-the-art firewalls, end-to-end encryption, and real-time monitoring systems means online casinos are safeguarding every transaction from deposits to withdrawals, as well as securing every player interaction in transit.”
The urgency of this move has never been more critical. With high-profile breaches like those at energy giant Halliburton, data broker company National Public Data (NPD), and auto giant Toyota – billions of individuals’ sensitive information could be exposed.
“The stakes have never been higher. The mission of regulated online casinos is to outsmart cyber hooligans at every turn and that’s why they are constantly adapting their defenses to combat new threats in the fast-changing cyber world. Player trust is the cornerstone of their success, so they are doing everything in their power to protect it,” concluded Raaff.
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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
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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