Argus Research has initiated coverage on Golden Matrix Group with a nod to its accelerating global reach, strategic acquisitions, and tech-driven momentum. With a fresh foothold in Brazil and an AI-powered platform reshaping user engagement, GMGI is positioning itself as a formidable player in the digital gaming and betting space.
Golden Matrix Group, listed on NasdaqCM under the ticker GMGI, is fast becoming a key player in the international gaming and betting landscape. The company offers a rapidly expanding portfolio of software solutions and services catering to both B2B and B2C segments, spanning casino, sportsbook, and competitive gaming products. As of March 2025, GMGI had established a presence in over 20 global markets. Its subsidiary, Meridianbet—active in 18 regions—has recently secured a regulatory licence in Brazil, one of the world’s most lucrative gaming markets. This development is expected to provide long-term operational tailwinds and a significant revenue catalyst.
Growth at GMGI has been fuelled by a deliberate and effective M&A strategy. The company has targeted strategic partners for acquisition, ensuring seamless integration by retaining their management teams post-merger. This approach has reduced execution risk and preserved valuable operational know-how. A prime example is Meridianbet, whose leadership boasts more than two decades of expertise in global sports betting and internet gaming, further enhancing GMGI’s credibility and capabilities.
In 2024, GMGI unveiled the latest iteration of its proprietary B2B iGaming aggregator platform, GM-AG (Atlas). The platform enables gaming operators to access over 10,000 titles either directly or through a white-label offering, making it easier to penetrate new markets. The addition of AI-driven user profiling and betting recommendation features has significantly improved user engagement, adding another layer of innovation to GMGI’s service suite.
Financially, Golden Matrix remains well-positioned for continued growth. As of year-end 2024, the company reported $30.1 million in cash and a net debt to EBITDA ratio of 1.8x. This financial flexibility provides ample headroom to pursue further expansion and address short-term acquisition-related obligations through a mix of internal funds, free cash flow, and equity.
Argus Research values GMGI shares at $4.00 based on forward enterprise value to revenue analysis, reflecting confidence in the company’s scalable business model, strategic vision, and operational execution.
Golden Matrix Group, Inc. (Nasdaq:GMGI) positions itself as a leader in the iGaming technology space, offering casino, sportsbook, and competition products and combining cutting-edge solutions with a strong portfolio of partnerships to drive growth and innovation in the digital gaming market.
