Golden Matrix revenue skyrockets 63% year on year during record 2024
Operator posts full-year revenue of $151.1m after strong performances across all business units, aided by the development of Meridianbet post-acquisition
Golden Matrix has reported revenue of $151.1m (£117m) for full-year 2024, representing a 63% increase when compared to 2023, as bosses championed the acquisition of Meridianbet as a key differentiator.
The company also noted organic revenue growth of 17% for the year, attributed to “strong contributions from all business units”. Adjusted EBITDA for 2024 came to $22.2m, up from $21.2m the previous year.
Gross profit for the year amounted to $88.6m, up 29.9% compared to the previous year.
After accounting for an increase in operating expenses to $85.8m, net income swung to a $1.4m loss from a positive return of $13.9m in 2023.
Following the operator’s acquisition of Meridianbet last April in a $300m deal, the sportsbook enjoyed a 14% year-on-year (YoY) revenue increase posting figures of $106m.
The business segment’s online revenue grew 18% to $80m, while its retail revenue increased 4% YoY to $23m.
Gaming portfolio Expanse Studios also enjoyed a massive 174% YoY revenue increase, aided by its active player base growing 120% in 2024.
B2B gaming platform GMAG saw its wagering volume sharply increase 84% YoY to $4.7bn, owed to an expanded game portfolio and strong margin expansion.
Revenue from Golden Matrix’s tournament platform R Kings Competitions increased 24% YoY to $28m in a record performance from the vertical.
The platform sold over 11 million tickets across the year, up 3% YoY compared to 10.5 million in 2023.
Australia-facing rewards programme Classics for a Cause, which Golden Matrix acquired an 80% stake worth $8.4m in August, generated more than $300,000 in monthly passive income after attracting more than 10,000 active VIP members.
Looking solely at Q4 2024, Golden Matrix posted revenue of $45.9m, up 81% YoY. Adjusted EBITDA for Q4 came to $6.5m, up from $3.9m for Q4 2023.
Gross profit for the quarter came to $26.78m, up 44.9% YoY, while operating expenses rose from $16.7m to $26.9m.
The operator recorded a net loss of $2.1m for Q4, down from the $2m profit posted in the corresponding period a year prior.
Looking ahead to the rest of 2025, Golden Matrix has forecast revenue of between $42m and $45m for Q1 2025.
The company has also prioritised expanding into newly regulated markets across Latam and Europe, strengthening its operational efficiency, in addition to “pursuing strategic acquisitions to increase market share and product offerings”.
Golden Matrix CEO Brian Goodman hailed the company’s financial performance for 2024 in his comments attached to the earnings release.
He said: “2024 has been a pivotal year for Golden Matrix. We successfully scaled our igaming and sports betting operations, expanded our global footprint and delivered strong full-year revenue growth of 63%, with 81% revenue growth achieved in the fourth quarter.
“As we enter 2025, we remain well positioned for growth, with revenues for Q1 2025 estimated to rise by up to 80%. Our focus remains on innovation, profitability and expanding into high-growth markets.”
Company CFO Rich Christensen added: “Our financial results demonstrate our ability to scale efficiently while maintaining profitability. With a strong balance sheet and disciplined capital allocation, we are well positioned for sustainable long-term value creation.
“Looking ahead, we will continue optimising our cost structure and driving operational efficiencies across all divisions. We are confident in our ability to deliver another strong year of revenue growth, market expansion and profitability in 2025.”