The company, which specializes in the development, licensure and operations of online gaming and e-commerce platforms, has offered an in-depth look at its performance. Although revenue over the period hit a record $11.3 million, the results were marred by the reported loss.

Golden Matrix Not Worried about Temporary Slowdown

Regardless, the company has been enjoying a steadfast upward trajectory leaving its first nine-month revenue for the fiscal 2023 year up 22% to $32.4 million, ahead of the $26.5 million posted in the same period a year earlier. Golden Matrix CEO Brian Goodman welcomed the results and commented on the performance, adding that the year has been good for Golden Matrix, and so has the quarter.

“The Company achieved record revenues and posted its seventh consecutive quarter with positive cash flow from operations,” Goodman said. He addressed the issue of the company’s net loss of $965,628 which he said was driven by several factors, including the recent acquisition of MeridianBet Group, which incurred due diligence and legal expenses.

The company also attributed part of its loss to the rollout of the Mexplay brand and the associated marketing costs. Mexplay is Golden Matrix’s B2C online casino brand that launched in Mexico earlier this year.

“We have made important investments during the quarter in systems and people to accelerate the growth of our B2C segments, both RKings and Mexplay,” Goodman explained.

However, these are all just temporary setbacks, as the company is now planning to drive significant results as the synergies should finally kick in and introduce new opportunities for the group, which are also expected to reflect positively on its future financial performance.

“Closing of the MeridianBet acquisition will be a watershed event which is expected to catapult Golden Matrix into the global gaming markets as a highly competitive participant,” Goodman said confidently.

Mexplay Already Showing a Lot of Promise

The company is already seeking some interesting developments that make it optimistic about the future of its operations. For one, Mexplay has already achieved 32,800 registered consumers as of July 31, 2028. The total wagering volume in the third quality with Mexplay hit $5.8 million, and total deposits amounted to $476,000.

Not least, RKingsCompetitions Ltd, another group property, completed 1,212 competitions and gave away more than $12 million in various prizes during the first nine months of the fiscal year.

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In a significant move that hints at the potential legalisation of gambling, the United Arab Emirates has established a federal body designated to oversee a national lottery and “commercial gaming.”

This decision comes as major casino operators eye the Gulf Arab nation for possible expansion, however it is unclear if this enthusiasm extends to online casinos.

The state-operated WAM news agency announced the General Commercial Gaming Regulatory Authority late Sunday. However, specifics regarding its functioning and structural framework remained scant.

ALSO READ: UAE ONLINE CASINO SITES

Heading the newly-formed authority is CEO Kevin Mullally, known for his previous role as the executive director of the Missouri Gaming Commission, which managed the riverboat casinos of the USA state.

“With my experienced colleagues, I look forward to establishing a robust regulatory body and framework for the UAE’s lottery and gaming industry,” Mullally said.

The announceent also stated that Jim Murren is chairman of the authority’s board of directors. Reports from Nevada, where the gambling hub of Las Vegas is located, identify Murren as the ex-chairman and CEO of MGM Resorts International, a key casino operator.

Highlighting the mission of the new authority, WAM emphasised its intent to foster a “socially responsible and well-regulated gaming environment” and ensure adherence to stringent guidelines.

Rumors have long swirled around the possibility of casinos being introduced in the UAE to amplify its tourism sector. Despite the fact that Islam prohibits gambling, casinos are operational in countries like Egypt and Lebanon.

The UAE’s introduction of real money casinos might serve as a pivotal strategy to boost its thriving tourism sector, particularly in attracting Chinese tourists.

The formation of a central governing body implies the UAE’s capital, Abu Dhabi, will be instrumental in guiding any casino operations within the nation. Each emirate in the federation has its unique rules and customs, such as Sharjah, where the sale of alcohol is prohibited. A similar structure might apply to any future casino operations.

Wynn Resorts announced last year it was expanding its operations in the UAE, and has began the construction of a new gambling venue.

The post United Arab Emirates Takes Giant Stride Towards Legal Gambling appeared first on Keno Wizard.

The company is teaming up with Bwin.pt in Portugal where it is now pushing with more slot games through the prominent local domain and operational license. The companies’ partnership will bring benefits to both parties, as Bwin stands to enrich its library of games whereas MGA Games will have a new way to connect with local audiences.

MGA Games is deploying its greatest titles, which are known to elicit strong responses from players, lead to better engagement for operators, and generally help brands grow. Among the titles featured in the latest content deployment are Sandro Rey, Samantha Fox, Dream 3 Team, Popeye Caça-Tesouros, A Mina de Ouro, Deus dos Mares, and Paulo Future.

Bringing Quality Products to a Strong Local Market

These titles are not just some of the best games in MGA Games’ portfolio, they are also some of the titles that will appeal the most to local audiences. MGA Games are distinguished iGaming nuggets of delight with the titles all being 100% mobile-responsible, offering excellent visuals and quality, as well as gameplay.

MGA Games sales director Javier Lanfranchi hailed the opportunity to see his company move forward with a new operator in Portugal and strengthened its local footprint. He said:

We are sure that our localized slot games will impress Bwin.pt players making them feel the true emotion of the game. We share with Bwin.pt the passion for entertainment and reflect this by offering top-quality content of great value to operators.

MGA Games sales director Javier Lanfranchi

MGA Games has had a series of expansions over the past several months. The company similarly launched with Moosh, an operator, in Portugal in January. The supplier similarly grew in Peru through a deal with NG Gaming NV, the operator of Olimpo.bet, and not least, MGA Games expanded in the African market with Premier Bet.

The post MGA Games Makes Another Stride in the Regulated Portuguese Market appeared first on Keno Wizard.

The Bulgaria-headquartered supplier and developer of online casino games confirmed that it will be strengthening its presence in the Lithuanian gambling market, with 7bet.lt signed as an official operator partner in the country.

CT Interactive Pushes Its Content Offer in the Baltics

Moving forward, CT Interactive will provide 7bet.lt players with an extensive variety of its own products, to name options such as 40 Treasures, Banana Party, and Lucky Clover. The new opportunity was hailed by CT Interactive’s head of business development, Milena Tsankarska, who said:

We had an incredibly successful presentation at ICE London, and we are very proud to announce that we have reached new heights in the Lithuanian market with such as prosperous partner as 7bet.lt. It will be the second operator in the market we will have our content live with.

CT Interactive head of business development, Milena Tsankarska

The launch is expected to take place before the end of the year, with CT Interactive talking about a “new portion” of its games being rolled out. 7bet.lt casino product manager was similarly pleased with the development. Gintarė Karvelytė said that the company was very pleased to see the content by CT Interactive added to its library.

“We are honored to say that the exclusive package of games will be available with us. This is one of the keys to our company’s success,” Karvelytė added.

Busy End of the Year, Strong Start of the New One

CT Interactive has been very busy expanding its reach further into European markets. The company struck an interactive content deal with Belgium-focused PepperMill Casino in January. Prior to that in December, CT Interactive enjoyed a very busy holiday season, with the company establishing a number of partnerships.

Early in December, CT Interactive was certified to offer more of its games in the Spanish iGaming market. The company made another quick stride in the Italian market just a few weeks after that, with MondoGaming. Not least, CT Interactive agreed on a content distribution deal with TimelessTech. At the very end of the year on December 29, CT Interactive revealed its last deal for 2022, having teamed up with Betmarket for additional reach and pull.

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