Golden Matrix Group Inc. (NASDAQ: GMGI) shares decrease slightly Friday, as the developer and licensor of online gaming platforms, systems and gaming content, today announced it had acquired the remaining 20% interest in RKings Competitions for a total of 165,444 restricted shares of GMGI’s common stock payable to the two former owners of RKings.
“Obviously,” said Golden Matrix CEO Brian Goodman, “we are pleased to now have this exciting and successful B2C business as a wholly-owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions. In addition to Great Britain, we expect RKings’ tournament platform to be popular and well-received by participants in Mexico, where it is already permitted to operate; and we believe it can expand into other Latin American markets over the next couple years.”
Goodman also said the company had also recently launched a complementary business, GMGI Assets, which will serve to enhance the revenue stream and profit, being generated by the RKings division. “As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car.
“When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future.”
GMGI shares inched back six cents, or 2.1%, to $2.78.