A new peer-to-peer system for betting in the esports industry is among the growth items for gaming technology company Golden Matrix Group (NASDAQ: GMGI). CEO Brian Goodman shared more on the company’s profitability and growth strategy during Benzinga’s Esports Listmaker series.
Esports Betting: Golden Matrix Group is working on a product for esports betting, a market that Goodman acknowledges has some difficulties.
The CEO cites difficulties in taking wagers on two teenagers playing against each other in their basements. Goodman compared it to anytime in sports betting when there is player vs. player, there being a risk of collusion.
A product from Golden Matrix will ease these fears and offer head-to-head wagering between players in the esports market.
Golden Matrix sees introducing the product as a fit for its existing user base and a way to grow in territories like the Asia-Pacific region.
“That will launch quite soon,” Goodman said of the peer-to-peer esports betting platform.
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Golden Matrix’s Business: Golden Matrix, which uplisted from the pink sheets earlier this year, operates with B2B and B2C businesses.
On the B2B side, Goodman said the company has 500 unique casino operators and over seven million players that use its platforms.
“It’s a considerable business,” Goodman noted.
Goodman said a big issue faced by online casino companies in the U.S. is the huge acquisition costs with “everyone fishing in the same pond.”
Companies could pay up to $700 to acquire customers and only get $200 per player, which means the more they scale their business and more players they get, the worse off they become.
“You’re stuck between a rock and a hard place.”
Golden Matrix provides underlying technology that can help with acquisition costs and loyalty, a technology Goodman believes is superior to peers.
On the B2C business side, Golden Matrix offers a successful raffle business with low customer acquisition costs and strong customer loyalty.
Profits and Growth: Goodman highlighted the strong financials of Golden Matrix Group, a company that has 15 straight quarters of profitability.
The company is rolling out to new operators every week and also looking towards acquisitions.
“The core business will continue to grow,” Goodman said.
Goodman said he’s hoping the company makes some acquisitions in the coming months and continues to scale.
“We’ve always returned value to shareholders. We continue to grow every quarter.”
Goodman highlighted a healthy balance sheet with no debt and “a lot of money.”
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