Online gaming technology company Golden Matrix Group has reported a strong first quarter in 2025, showcasing significant financial progress and strategic market expansion across multiple international jurisdictions. The company's consolidated revenue reached $42.7 million, representing a 72% year-over-year increase and positioning the organization for substantial growth in the global gaming landscape.
The company's raffle segment emerged as a standout performer, experiencing unprecedented user growth with a 146% year-over-year surge and 26,000 new registrations in the first quarter. This expansion reflects Golden Matrix's strategic approach to diversifying revenue streams and penetrating high-growth markets.
A critical financial achievement for the company was the strategic optimization of its balance sheet. Golden Matrix eliminated approximately $9.6 million in Lind Global debt and converted over $9.5 million in Meridianbet acquisition-related debt into equity, significantly enhancing its financial flexibility and operational strength.
Meridianbet, a key subsidiary, demonstrated notable international progress during the quarter. The company secured a permanent online betting license in Brazil, a market projected to generate $5.6 billion in gross gaming revenue for 2025. Additionally, Meridianbet launched B2B operations in Nigeria and renewed its 10-year online license in Serbia, reinforcing its global operational footprint.
The company's proprietary game development arm, Expanse Studios, also made strategic advancements by integrating five new connections into U.S.-based sweepstakes casinos and advancing its in-house content roadmap. These efforts are expected to drive future growth and market penetration.
Despite a modest net loss of $300,000 in the quarter, Golden Matrix remains optimistic about its financial trajectory. The company forecasts full-year 2025 revenue between $190 million and $195 million, representing a 26% to 29% growth rate compared to 2024.
CEO Brian Goodman emphasized the company's commitment to operational efficiency and strategic market expansion, highlighting the organization's renewed financial and strategic strength across its B2B and B2C businesses.
The company's performance underscores the increasingly dynamic and competitive nature of the global online gaming market, with Golden Matrix positioning itself as a versatile and innovative player capable of navigating complex regulatory landscapes and emerging market opportunities.
