Argus Research Initiates Equity Research Report Coverage on Golden Matrix Group, Inc. (NasdaqCM: GMGI)

NEW YORK, April 3, 2025 /PRNewswire/ -- Argus Research, an independent investment research firm, has launched Equity Research Report coverage on Golden Matrix Group, Inc. (NasdaqCM: GMGI)

Click Here to view the full Argus Equity Research Report.

COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include:

GMGI: Growing Player in Global Gaming and Betting Markets

• Expanding Footprint: Golden Matrix Group provides a broad and growing array of software solutions, products, and services to the gaming industry, offering casino, sportsbook, and other competition products under B2B and B2C models. As of March 2025, the company operated in more than 20 global markets, and its Meridianbet subsidiary, which operates in 18 markets, recently secured a license in Brazil, one of the world's largest regulated gaming markets, which we see providing a long-term operating tailwind.
• Strategic M&A Model: In recent years, GMGI has expanded its operations through strategic mergers and acquisitions (M&A). In many of these instances, GMGI has acquired companies that were initially strategic partners. We view this as important, as GMGI has validated and retained the acquired management teams to continue running these entities, which we see limiting execution risk. Notably, Meridianbet's management team has more than 20 years of experience as a leading global sports betting and internet gaming (iGaming) brand.
• Proprietary iGaming Platform: GMGI's latest version of its proprietary B2B iGaming aggregator platform, GM-AG (Atlas), was introduced in 2024 and provides online gaming operators with access, either directly or with a "white-label" option, to over 10,000 games, enabling these providers to efficiently expand into new markets. The platform's artificial intelligence (AI) capabilities, which feature user learning and betting recommendation capabilities, have driven robust increases in user engagement.
• Balance Sheet Enabling Growth Investments: As of December 31, 2024, GMGI had $30.1 million in cash, and the company had a net debt to EBITDA leverage ratio of 1.8-times, which we think should enable it to execute on its expansion strategy, while using its cash, free cash flow, and equity to address acquisition-related considerations coming due over the near-term.
• Fair Value: Based on our forward enterprise value (EV)/revenue analysis, we arrive at a fair value of $4.00 for GMGI shares.

INVESTMENT THESIS: Click Here to view full Argus Equity Research Report and Investment Thesis.

Golden Matrix Group, Inc. (NasdaqCM: GMGI)                                          goldenmatrix.com

Las Vegas–based Golden Matrix Group is an online gaming company that provides a broad and expanding portfolio of products and software solutions to both industry operators and end users. GMGI offers casino, sportsbook, and other competition products in more than 20 regulated jurisdictions across Europe, Africa, Asia Pacific, Central and South America, the U.K., and Australia. The company also provides enterprise software-as-a-service (SaaS) solutions for iGaming operators, including casino and online sports betting operators.

For more information please contact:

Brian Goodman
Chief Executive Officer
[email protected]

Zoran Milosevic
CEO of Meridianbet
[email protected]

About Argus Research Corp. 

Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934)  ̶  providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and IPO research.  In addition, Argus has recently committed to providing a company sponsored research solution for small & mid-cap companies seeking coverage.  Argus's CSR Research Reports & earnings estimates (if applicable) are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.

For more Information please contact:

Darrell Stone
646-747-5438
[email protected]   

Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research's compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.

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