The e-sports industry has grown at a remarkable rate over the course of the past few years, and many companies have become major players during the period. One such company is Las Vegas-based Golden Matrix Group Inc. (OTC:GMGI). The company develops and licenses social gaming platforms, and on Monday, it made a major announcement.
It is well known that e-sports betting platforms have become quite the rage in certain geographies, and Golden Matrix announces that it is going to get into it as well. The company announced the launch of its e-sports peer to peer betting application, and more importantly, Golden Matrix added that the application is going to be compatible with its GM-X gaming platform.
One of the most important things to keep in mind in this regard is that Golden Matrix is already an established operator in the business and boasts of as many as two million players. Hence, the company believes that it can make its new application quite popular by leveraging the strength of its user base.
Brian Goodman, who is the Chief Executive Officer of the company, stated that there are 1.2 billion e-sports players across the world, and the interest is only rising. He went on to state that the new offering is not only going to help in generating revenues from the company’s current user base but also help it in foraying into the United States.
At this point in time, Golden Matrix and its operations are primarily based in the Asia Pacific region. Goodman went on to state that it has held discussions with the 310 casino operators to which it provides its services and the initial discussions regarding its peer to peer e-sports betting platform have proven encouraging.
The company is well known for having built white label gaming platforms for many of its international clients. Gaming Matrix’s intellectual property includes the tools to retain and monetize users as well as those meant for marketing and acquisition.
Company’s press release
LAS VEGAS, NV, May 11, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Golden Matrix Group Inc. (OTC:GMGI), a developer and licenser of social gaming platforms, systems and gaming content, today announced it had entered into discussions with multiple parties to design and launch an E-sports peer-to-peer betting application that can be integrated with the company’s GM-X gaming platform. The planned web-based solution with a mobile interface would make it easy for gamers to connect and compete for cash.
The company believes an easy-to-use E-sports app would become “very popular” with the company’s aggregate user base of over two million players. E-sports gamers wanting to monetize their skills would be able to make friendly wagers with strangers and friends in head-to-head matches.
“There are over 1.2 billion gamers worldwide, and popularity for E-sports continues to increase rapidly,” said Golden Matrix CEO Brian Goodman. “We believe this new E-sports offering would not only allow GMGI to generate additional revenues from our existing distribution base, but also provide an opening for us to expand beyond the Asia-Pacific region and enter the U.S. and other markets.
“Currently, we service over 310 casino operators; and discussions with some of our larger operator clients have suggested there is already solid demand for such a project. By leveraging our tried-and-tested systems and extensive gaming knowledge, Golden Matrix now has a timely opportunity to capitalize on the meteoric rise of the electronic sports industry.”
Mr. Goodman said E-sport activities “would be an excellent complement to the company’s core gaming business and provide an added source of revenues, profits, and cash flow for GMGI and ramp up over time.”
According to Newzoo:
• Global E-sports revenues will grow to $1.1 billion in 2020, a year-on-year growth of +15.7%, up from $950.6 million in 2019.
• In 2020, $822.4 million in revenues—or three-quarters of the total market—will come from media rights and sponsorship.
• Globally, the total E-sports audience will grow to 495.0 million people in 2020, a year-on-year growth of +11.7%.
• Mobile E-sports enjoyed a huge spike in the past year, with emerging markets like Southeast Asia, India, and Brazil at the forefront of this growth.
What is E-sports?
E-sports events are competitive video game tournaments that are organized through various means and pit individual players or teams against one another. E-sports is a subsection of the video gaming, sports, and entertainment industries. The gamers are watched and followed by millions of fans all over the world, who attend live events or tune in on TV or online. Streaming services like Twitch (an Amazon subsidiary) allow viewers to watch as their favorite gamers play in real time.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention, and monetization of users. The company’s platform can be accessed through both desktop and mobile applications.
Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.