Golden Matrix Group, Inc. (NASDAQ: GMGI), a diversified global gaming and entertainment group, is increasingly gaining recognition for more than just its flagship sportsbook and casino brand, Meridianbet.
The company’s raffle business units, RKings Competitions in the UK & Ireland, and Classics for a Cause in Australia, are also becoming pivotal contributors to GMGI’s bottom line, brand equity, and strategic market diversification.
As of FY2024, GMGI operates six fully integrated entities across both B2C and B2B verticals, covering sportsbook, iGaming, white-label platforms, proprietary game development, and now, innovative raffle-based business models. This diversified structure is designed to optimize high-margin operations and capitalize on regional regulatory strengths.
RKings: A Scalable UK Raffle Engine with Premium Prizes
Founded in 2018 and fully acquired by GMGI in 2022, RKings Competitions offers players across the UK and Northern Ireland the chance to win high-end cars, houses, and life-changing cash prizes via online draws. With affordable entry points and massive prize pools, RKings has built a loyal audience of raffle participants.
FY2024 Performance Highlights:
- Revenue: $28 million (up 24% YoY from $23M)
- Tickets Sold: Over 11 million, up from 10.5M in FY23
- Prizes Awarded: $22 million across hundreds of campaigns
- Gross Profit: $6 million (up from $5.6M FY23)
Q1 2025 Update:
- Revenue rose to $6.89 million, up 3% YoY
- Continued strong user engagement and new prize categories are maintaining momentum
RKings operates with outstanding CAC efficiency, averaging around $2 per customer, showcasing exceptional scalability and marketing ROI.
Classics for a Cause: Australia’s Subscription-Based Charity Raffle Model
Classics for a Cause is Australia’s standout discount raffle platform, combining philanthropy with high-engagement entertainment. The brand partners with reputable charities to raffle off iconic classic cars, channeling proceeds into social causes while delivering premium value to participants.
Post-Acquisition Growth (acquired in mid-Q3 FY24):
- Surpassed 10,000 VIP members, generating over $300,000/month in passive recurring revenue
- Over 2 million orders, with exponential momentum in 2025
- Team doubled in size, and a new platform was launched to enhance UX and retention
Q1 2025 Financials:
- Revenue: $2.3 million
- EBITDA: $466K, thanks to a lean, high-margin model and effective customer loyalty mechanics
This B2C subscription raffle model has proven to be both profitable and mission-driven, making it a rare dual-impact business in the gaming sector.
The Bigger Picture: Raffles as a Strategic Growth Lever
Globally, raffle-based business models are tapping into two megatrends:
- Subscription monetization (predictable, recurring revenue)
- Affordable luxury experiences (lottery mechanics for Gen Z and Millennials)
Platforms like RKings and Classics sit at the intersection of entertainment, aspiration, and accessibility, using digital-first platforms to generate massive engagement and repeat purchasing behavior.
GMGI: A Diversified Gaming Tech Company with a Lean & Scalable Model
GMGI is structured into six synergistic operating divisions:
Meridianbet – Online and retail sportsbook/casino in Europe, Africa, LATAM
RKings – Online raffle platform with premium prizes (UK, Ireland)
Classics – Classic car raffles tied to charities (Australia)
GMAG – Casino white-label platform & aggregator (Asia B2B)
Expanse – Proprietary iGaming content studio (slots, crash, table games)
Mexplay – Online casino and betting (Mexico)
According to the latest company data:
- Raffle businesses account for 26% of GMGI’s total revenue
- Meridianbet contributes 65%
- Aggregators & content B2B contribute the remaining 9%
GMGI operates under a lean, tech-driven structure with four core pillars:
- Expansion into high-margin markets
- Technology built in-house (including Expanse Studios)
- Efficiency through low overhead and smart acquisitions
- Capital discipline to balance growth and profitability
The GMGI Investment Case
- Raffles provide recurring, high-margin B2C income not tied to traditional gaming regulation
- Subscription-based raffles like Classics offer scalable, mission-aligned monetization
- Cross-promotion across subsidiaries improves CAC, LTV, and platform stickiness
- GMGI’s strategy unlocks geographic flexibility by diversifying revenue beyond casino and sportsbook
RKings and Classics for a Cause are no longer side projects—they are cornerstones of GMGI’s growth narrative. As the sweepstakes model continues to evolve and spread globally, GMGI is ahead of the curve, offering diversified revenue, loyal communities, and a proven ability to monetize at scale. Investors, media, and industry analysts should keep a close eye on this segment as the company marches toward its next growth phase.
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.
