Golden Matrix obtains 100% interest in RKings Competitions

The leading licensor and developer of gaming platforms, content and systems, Golden Matrix Group Inc., announced it acquired the remaining shares of RKings Competitions, a competition provider that currently operates in the UK and Ireland.

On Friday, Golden Matrix revealed it acquired the remaining 20% interest in the competition provider. In exchange for the interest, Golden Matrix provided the two former owners with a total of 165,444 restricted shares of GMGI common stock. The recent announcement completes a process that started last year in December. Back then, Golden Matrix acquired 80% interest in RKings Competitions. Now, following the latest announcement, Golden Matrix has 100% interest in RKings Competitions.

Brian Goodman, Golden Matrix's CEO, commented on the topic in a statement released on November 4, 2022, saying that the company is excited to acquire the remaining interest in RKings Competitions. He added: "we are pleased to now have this exciting and successful B2C business as a wholly-owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions."

Goodman explained that the competition platform is permitted to operate in Mexico. He predicted that just like its success in the UK, RKings Competitions will be well received in Mexico. Moreover, Goodman said that the company plans to further expand the presence of the platform to more Latin American jurisdictions soon.

Seeking to further boost the revenue stream from RKings, Goodman said that Golden Matrix launched GMGI Assets, a new complementary business that will support the competition platform's operations. He explained: "As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car."

In such cases when the winner selects a cash option, GMGI Assets will resell the vehicle. The complementary business will leverage a "built-in positive margin," and the activity is expected to bring a fresh revenue stream for Golden Matrix. Finally, Goodman said that the company is looking forward to the future expansion of RKings' presence further in Great Britain and around the globe.

Currently based in Las Vegas, Nevada, Golden Matrix is a leading technology company that specializes in developing and owning online gaming IP. Moreover, the company develops high-scale and customizable business-to-business technology for different online gambling operators globally.

A primary target for the company is the Asia Pacific region. The UK is another key market for the company where through RKings Competition it has created a new revenue stream. As noted, the company also has a presence in Mexico as well and continues to plan further expansion to new jurisdictions.

Image credit: Unsplash.com