Golden Matrix (GMGI) issued a corporate update from CEO Brian Goodman highlighting the Company’s recent performance, strategic priorities and financial positioning. The company said, “As recently announced, Golden Matrix Group is nearing formal approval for entry into Brazil’s regulated market, completing another step in the process of becoming one of the first companies to receive a license to operate in the country in accordance with new regulations. Licenses for brands that meet the correct requirements are expected to be granted by the end of this year. Brazil’s regulated online sports betting and iGaming market is projected to reach $5.6 billion Gross Gaming Revenue (GGR) by 2025, according toH2GC, an extraordinary growth opportunity that Golden Matrix is well-positioned to capture. As of September 30, 2024, the Company reported $38.4 million in cash reserves, significantly exceeding its $17.5 million in short-term debt. This strong balance sheet enables liability management, supports accretive acquisitions and empowers the execution of GMGI’s growth strategy. The Company has taken prudent steps to enhance liquidity and provide flexibility in its capital sourcing strategy. The recent filing of an At-The-Market (ATM) offering is a standard financial tool that reinforces the Company’s long-term positioning.”
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Read More on GMGI:
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