Golden Matrix Group is charging into 2025 with serious momentum, combining surging revenues, aggressive international expansion, and a cleaner balance sheet. With a 72% year-over-year jump in Q1 revenue and a bold push into high-growth gaming markets, the company is setting a strong pace towards its \$200 million annual target, and investors are taking notice.
Revenue in the first quarter hit $42.7 million, marking a 72% leap over the same period last year. This growth was driven largely by the performance of its raffle segment, which posted record-breaking figures in sales and prize values. The company also added 26,000 new users in Q1, a 146% increase over the prior year, indicating healthy demand and rising platform engagement.
While the company still reported a net loss of $300,000, this was a dramatic improvement from the $4.2 million loss in Q1 of the previous year. It reflects tighter cost control, improved margins, and a clear focus on scaling profitably even while investing heavily in growth.
Golden Matrix’s expansion into international markets has been a key lever in its performance. The company now holds a permanent online betting licence in Brazil, a booming market expected to reach $5.6 billion this year. It has also entered the Nigerian market, home to 60 million bettors and over $2 billion in annual betting volume, and is laying the groundwork for entry into Romania. These new regions offer vast untapped potential and help diversify revenue streams while reinforcing its global footprint.
In tandem with this operational progress, Golden Matrix has made substantial financial improvements. It has eliminated $16.7 million in debt through a combination of early repayments and converting acquisition-related liabilities into equity. These moves have reduced its leverage ratio to approximately 1.2x, restoring pre-acquisition balance sheet strength and positioning the company for future investment and possible M&A activity.
These strategic decisions have not gone unnoticed. Analysts continue to back the company’s direction, reaffirming the ambitious $200 million revenue target for 2025 and maintaining a bullish price outlook. The combination of accelerating growth, disciplined financial management, and market expansion has placed Golden Matrix firmly in the spotlight.
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.
