Golden Matrix Group Inc (GMGI)

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NEWS!!!:

Golden Matrix Aims to Launch E-sports Peer-to-Peer Betting Application
9:20 AM ET 5/11/20 | GlobeNewswire


Golden Matrix Aims to Launch E-sports Peer-to-Peer Betting Application

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.

Forward-Looking Statements

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.

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> Dow Jones Newswires

May 11, 2020 09:20 ET (13:20 GMT)