LAS VEGAS - Golden Matrix Group Inc. (NASDAQ:GMGI), a prominent developer and operator of online gaming platforms with a current market capitalization of $256.52 million, has recently initiated the process for a B2B Gaming License registration in Ontario, Canada. This move is a key part of the company's strategy to penetrate one of the most dynamic regulated iGaming markets in North America. According to InvestingPro analysis, the company maintains a moderate debt-to-equity ratio of 0.42, suggesting a balanced approach to expansion financing.
The company's subsidiary, Expanse Studios, recognized for its diverse range of over 50 innovative iGaming titles, is at the forefront of this expansion. The titles include a mix of social casino games, traditional slots, and table games. Expanse Studios' entry into the Ontario market is expected to provide fresh opportunities for growth and align with its vision for innovation. Despite trading at a relatively modest P/E ratio of 5.37, InvestingPro data shows the stock has faced challenges, declining over 33% in the past six months.
To ensure compliance with Ontario's stringent regulatory requirements, Expanse Studios has partnered with Segev LLP, a leading Canadian legal and regulatory firm. Damjan Stamenkovic, CEO of Expanse Studios, expressed optimism about the opportunities presented by the Ontario market and confidence in the company's ability to make a significant contribution to the region's iGaming ecosystem.
Golden Matrix Group, headquartered in Las Vegas, NV, operates both a B2B division that develops and licenses gaming platforms and a B2C division that manages regulated online sports betting and gaming sites. Expanse Studios, part of Golden Matrix, is known for its innovative online casino games and has a presence in over 50 regulated markets worldwide.
The filing for the Ontario gaming license is a testament to Expanse Studios' commitment to expanding into major regulated markets and delivering top-tier gaming content globally. With the stock currently trading near its 52-week low of $1.93, compared to its high of $6.27, investors seeking deeper insights can access additional analysis and 6 more exclusive ProTips through InvestingPro. The information is based on a press release statement from Golden Matrix Group Inc.
In other recent news, Golden Matrix Group Inc. has reported a record-breaking financial performance for Q3 2024, with consolidated revenue hitting $41 million, indicating an 85% increase compared to the same period last year. This growth has been attributed to strategic initiatives and the strength of their team. In addition, the company is expecting to expand its market presence with the anticipated approval of a gaming license in Brazil, which is projected to generate $5.6 billion in Gross Gaming Revenue by 2025.
Golden Matrix has also entered an equity distribution agreement with Craig-Hallum Capital Group LLC, potentially selling up to $20 million of its common stock. Moreover, the company has amended its agreement with Lind Global Asset Management VIII LLC, modifying the terms of a $12 million secured convertible promissory note.
On the innovation front, Golden Matrix has launched an AI-powered Bet Recommender through its sports betting division, Meridianbet. It has also acquired an 80% controlling stake in Australian online discount platform, Classics for a Cause Pty Ltd.
Lastly, Meridianbet has been shortlisted for a sports betting and iGaming license in Brazil and secured a sports-betting license to operate in South Africa. Golden Matrix also received shareholder approval for the acquisition of MeridianBet Group. These are all recent developments.
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