Golden Matrix Group closed out 2024 with a 63 percent increase in annual revenue, hitting $151 million (€139 million). With bold acquisitions, AI-powered innovation and expansion into new markets, the company forecasts up to 80 percent revenue growth in Q1 2025. Despite growth, the company reported a $1.5 million net loss tied to expansion, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) reached $22.2 million.
Golden Matrix’s rise mirrors a global shift toward personalised gaming and real-money experiences in a fast-expanding iGaming market. With markets opening across Latin America and tighter regulations in Europe, competition is heating up among operators looking to scale fast.
Smart deals lift earnings
The company’s headline growth was driven mainly by two key acquisitions: Meridianbet and Classics for a Cause.
Meridianbet brought in $103 million in revenue, growing by 14 percent year-on-year. Of that, $80 million came from online gambling and $23 million from betting franchises. The brand, now live in 18 markets, helped strengthen Golden Matrix’s B2C footprint globally. Meridianbet recently took a bold step in its strategic expansion into Nigeria by appointing Hassan Uthman as Vice President of Marketing.
Meanwhile, Classics for a Cause added $2.1 million in just two months. The raffle-based platform now has over 10,000 VIP members and brings in $300,000 monthly in recurring revenue.
Together, these acquisitions significantly boosted Golden Matrix’s earnings and positioned the group as a serious player across both traditional and emerging verticals.
Intelligent features lift performance
Golden Matrix also leaned heavily into AI development during 2024. Its GMAG B2B platform saw an 84 percent rise in wagering volume, climbing to $4.7 billion. This rise was attributed to improved AI engagement tools rolled out across client platforms.
Meridianbet launched the second version of its AI casino game recommender, which draws on player behaviour and demographic data. It boosted personalisation, player retention, and revenue performance across markets.
Expanse Studios, another subsidiary, contributed to the group’s overall success by expanding its game portfolio to 55 proprietary titles, resulting in 174 percent revenue growth.
Players now get quicker, sharper game picks while the tech helps bring in more revenue behind the scenes.
Q4 finishes strong and sets tone for 2025
Fourth-quarter revenue stood at $46 million – an 81 percent increase compared to Q4 2023. It was also 43.81 percent higher than the average of the first three quarters, underlining a strong year-end push.
CEO Brian Goodman called 2024 “pivotal,” saying the group had scaled its operations, expanded its global reach and laid the groundwork for future growth.
Looking to Q1 2025, Golden Matrix forecasts revenue between $42 million and $45 million, representing up to 80 percent growth over Q1 last year. The group aims to expand into new regulated markets in Latin America and Europe while continuing to improve operational efficiencies and AI features.
The group has its sights set on newly regulated markets in Brazil and Eastern Europe. It plans to expand its AI product suite to include predictive betting tools and personalised tournament offerings.
Net loss explained by expansion costs
Despite a healthy 30 percent bump in gross profit to $89 million, Golden Matrix recorded a $1.5 million net loss. The main issues were:-
- Administrative expenses increased 58 percent to $85.8 million
- Shareholder compensation cost $5 million
- Big spending on acquisitions and unfriendly exchange rates
However, adjusted EBITDA rose to $22.2 million for the year, and CFO Rich Christensen confirmed that the group retains $30 million in cash reserves.
Golden Matrix may have spent big, but the groundwork is set. With expansion, smart acquisitions and AI pushing performance forward, 2025 looks ready to deal a winning hand.
