Las Vegas-based Golden Matrix Group is one of the world’s leading iGaming groups, offering casino, sportsbook, and competition products. Pulse 2.0 interviewed Golden Matrix Group CEO Brian Goodman to learn more about the company.
Brian Goodman’s Background
What is Brian Goodman’s background? Goodman said:
“My journey to the iGaming world has been quite the adventure. I actually started out as a pharmacist, believe it or not. I owned a successful chain of drug stores that did pretty well. But I’ve always had this entrepreneurial itch, and back in 2004, I took a leap into the online gaming world.”
“It was early days for online casinos then, and I found myself right in the thick of it. Over the years, I’ve had the chance to work with some of the biggest names in the iGaming business. It’s given me a unique perspective on how this industry works.”
Formation Of Golden Matrix
How did the idea for the company come together? Goodman shared:
“The journey began in 2005 when I launched my first B2C online casino. From early on in my career I had a vision of building a successful U.S. company that would be listed on the Nasdaq, and I always had an interest in gaming.”
“At the time, this seemed like an impossible idea, to say at least – the iGaming action was all happening on European exchanges, and the U.S. market was uncharted and seemed impenetrable.”
“Yet, we saw an opportunity where others saw obstacles. It wasn’t easy – there were plenty of setbacks, roadblocks and moments of doubt. But we persevered, adapted, and eventually, we turned that impossible dream into reality. We started small, building a pink sheet company. Fast forward, and here we are.”
“That said, this is just the beginning. Our mission to scale Golden Matrix into a multibillion-dollar company and one of the world’s most successful global iGaming companies continues. We’re excited about the future and the opportunities that lie ahead in this dynamic industry.”
Primary Responsibilities
What are your primary responsibilities at the company? Goodman pointed out:
“I would like to believe that rather than being solely defined by my daily responsibilities, my role is more defined by my strengths and contributions to the business. I consider my strengths to be good strategic vision, and being an innovative leader.”
“Whilst I provide operational oversight, I always rely on the expertise of my talented team, and they respect me for allowing them to make valuable contributions.”
“I provide inspiration and encouragement, and in return they adeptly facilitate not only my success, but that of the company. We work together as if we are family.”
“As it relates to investor relations, I try to always be available and transparent with shareholders, hence providing good communication and fostering trust.”
“Communication and motivation are two key aspects of running a large company, and it’s always wise to learn from people that are more talented than you are. Surrounding yourself with talent and expertise is what any successful leader should strive to achieve.”
Favorite Memory
What has been Goodman’s favorite memory working for the company so far? Goodman reflected:
“Overall it has been an exciting journey spanning many years and therefore difficult to single out one instance.”
“As I mentioned, it has always been a dream of mine to run a successful public company, and therefore one of the most exciting milestones would have to have been the listing at the Nasdaq stock exchange in New York City and the ringing of the opening bell.”
Core Products
What are the company’s core products and features? Goodman explained:
“We are an incredibly diverse company and even more so since our acquisition of Meridianbet earlier this year. Golden Matrix Group is a B2B and B2C developer, licensor and operator of iGaming businesses, platforms, systems and gaming content. We operate across more than 25 internationally regulated markets, offering casino, sportsbook and competition products.”
“What sets us apart is our proprietary technology platform, which includes some of the most prominent brands in sports betting and iGaming, including Meridianbet, Expanse Studios, MexPlay, R Kings Competitions, Classics for a Cause and GM-AG. Our platform accommodates more than 8.3 million end users, 800-plus operators and 10,000+ games.”
“Meridianbet not only operates successful iGaming operations globally but also offers B2B solutions. The power and success of both the B2B and B2C businesses are driven by what we believe to be significantly advanced, unmatched and disruptive AI-driven iGaming technology.”
“But numbers alone don’t tell the whole story.”
“Take Meridianbet, for example. They’ve been pioneering sports betting and iGaming innovation for over 20 years. Since their founding in 2001, they’ve built and developed their own proprietary software in-house – a distinction that sets them apart from most of the competition. This gives the firm unmatched control and scalability in both the sports betting and iGaming sectors.”
“Meridianbet’s global footprint is substantial, with an active presence in over 20 markets across Europe, Africa and Latin America. The company operates in 18 regulated jurisdictions, manages over 800 shops and employs more than 1,200 people.”
Challenges Faced
What challenges have Goodman and the team face in building the company? Goodman acknowledged:
“I personally believe that no successful journey can take place without some difficult challenges.”
“I often say to people who are curious about what a challenging day in my life may look like, that if I was to wake up one morning and there was to be less than a hundred emails and no challenges in front of me, then either the Internet is not working, or business would probably not be good.”
“I strongly believe that daily challenges shape who you are as a business leader, and how you overcome these challenges defines you and, ultimately, your success.”
“Each obstacle serves as a stepping stone, helping to refine strategies and build resilience. My career has been a series of challenges that I’ve had to face head on. Navigating bumps in the road and jumping over all of the hurdles has certainly been fulfilling.”
Evolution Of Golden Matrix Group’s Technology
How has the company’s technology evolved since launching? Goodman noted:
“I see the company as a market disruptor in today’s rapidly evolving online technology landscape, where both the iGaming and sports betting industries are undergoing significant, unprecedented changes. Not only is online gaming becoming regulated in more and more global jurisdictions, but it is also advancing with new technologies like AI, increased speed, functionality and the latest mobile technology functionalities.”
“Unlike most iGaming companies who rely on third-party software and legacy systems, we’ve developed our own proprietary technology. We recently launched our fifth-generation, cutting-edge software suite that integrates advanced sportsbook and iGaming systems. Long story short, while others are playing catch-up with off-the-shelf solutions, we’ve been quietly revolutionizing the game. This technological independence, combined with AI, are key differentiators in our competitive strategy.”
“I often emphasize that the success of an online gaming business primarily hinges on the balance between player acquisition costs and the lifetime value (LTV) of players.”
“But to achieve that, you must deliver exceptional player engagement and competitive, state-of-the-art engaging products. Our advanced technology does just that, and it plays a crucial role in the process.”
Significant Milestones
What have been some of the company’s most significant milestones? Goodman cited:
“Golden Matrix has experienced multiple milestones in its successful journey.”
“Listing on the Nasdaq, acquiring Meridianbet, qualifying for the Russell Index – these are all standout moments. But they are only a few of the long list of the company’s achievements, which are too many to mention.”
“This year we completed our acquisition of Meridianbet Group. The acquisition significantly expanded Golden Matrix’s global footprint, leading to the potential for enhanced revenues and profitability and positioning the firm to continue its growth trajectory while delivering additional value to stakeholders.”
“Another key development came following the acquisition of Meridianbet, when we announced record revenues for the newly combined entity, exceeding $39 million in Q2 2024.”
“Another milestone this year was Golden Matrix being shortlisted for an exclusive sports betting and iGaming license in Brazil, making it one of a select group of global operators that will have the opportunity to participate in one of the largest gaming markets in the world, with a total addressable market of almost 50 million users.”
Revenue
When asking Goodman about the company’s revenue details, he revealed:
“I’m excited to share these numbers because they paint a compelling picture of our growth and financial health.”
“Our Q2 consolidated revenue grew 75% year over year to $39.4 million, demonstrating robust growth across all our divisions.”
“What’s particularly noteworthy is our conservative financial approach. Our net debt leverage ratio as of June 30, 2024, was only 1.6, and we had more than $40 million in cash on hand as of July 31. This means we’re achieving substantial growth without overextending ourselves financially, which is crucial for long-term stability and continued expansion.”
“To put our valuation into perspective, our combined company has an enterprise value of $340 million, or 4.5x our projected 2025 EBITDA. This valuation is particularly attractive when compared to other major players in the gaming industry, some of which are trading at significantly higher multiples.”
“In essence, we’re offering investors a unique combination: high growth potential coupled with financial prudence. Our diversified business model makes GMGI special, and the fundamentals are demonstrating that – we are one of the most adaptable and profitable gaming investments available today.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Goodman assessed:
“The global market value of the iGaming industry is valued at over $70 billion as of 2024. This figure includes online casinos, sports betting and other forms of digital gambling. The market is experiencing a compound annual growth rate (CAGR) of approximately 11%-15%, driven by technological innovations, expanding markets and regulatory developments.”
Differentiation From The Competition
What differentiates the company from its competition? Goodman affirmed:
“As mentioned previously, the major differentiator is technological advantages, innovations in AI, machine learning and an obsessive, 24/7 focus on the player experience.”
“One of our core differentiating factors in terms of the broader company is that whilst we are posting double digit growth, acquiring accretive businesses, expanding our footprint and overall looking to scale this business considerably, we are conservatively run and have a long history of bottom-line profitability, unlike many of the major iGaming platforms.”
“We are also a diverse company not only in terms of our product offerings and revenue streams but also in terms of our global market diversification, with operations in many regulated markets around the world. As mentioned, we utilize our own proprietary technology across all businesses.”
Future Company Goals
What are some of the company’s future goals? Goodman concluded:
“We aim to continue our strong profits and growth trajectory by continuing to grow our core businesses as well as making accretive acquisitions. We will be entering new markets around the world, including the United States. We are currently finalizing the process of applying for a New Jersey Casino Service Industry Enterprise License and we are initiating discussions with licensed gaming operators in New Jersey. We are also working to secure iGaming licenses in Bulgaria, Croatia and Romania, and we are now implementing the Meridianbet brand in Brazil, Peru and South Africa.”
“We are constantly expanding into new iGaming categories through our proprietary online casino games studio – Expanse Studios – which develops not only slots but popular crash and social casino games, gamified turn-based strategies as well as traditional table games.
“Our company slogan is ‘You Can Bet on Us,’ and this generally encompasses our entire journey. Our message to investors is to get on board as soon as you can.”
