LAS VEGAS - Golden Matrix Group Inc. (NASDAQ:GMGI), a prominent developer and licenser of online gaming platforms, announced today the launch of an innovative AI-powered Bet Recommender for its sports betting division, Meridianbet. This new tool is designed to enhance the sports betting experience by providing personalized betting suggestions based on individual user behavior and preferences.
The AI Bet Recommender processes a multitude of data points from sports events and betting odds to deliver precise, timely, and relevant betting choices. It boasts features such as real-time adaptability, which allows for dynamic betting recommendations during live events, and seamless integration with CRM systems, enabling operators to engage users effectively.
Meridianbet's latest offering is built on Atlas (NYSE:ATCO), its fifth-generation sports betting and online casino platform known for its microservice-based architecture and outstanding performance. Atlas supports a high volume of events and provides the flexibility required for rapid feature deployment and scaling to meet the diverse needs of global markets.
With over two decades of experience in the gaming industry, Meridianbet has established a significant presence across more than 20 markets. Its diversified portfolio and proprietary technology have positioned it as a leader in both sports betting and iGaming sectors.
As a subsidiary of Golden Matrix Group, Meridianbet's introduction of the AI Bet Recommender aligns with the parent company's commitment to technological innovation and operational excellence. The move is expected to contribute positively to the user experience and decision-making in sports betting, while maintaining responsible gaming practices.
Golden Matrix Group, headquartered in Las Vegas, operates internationally, providing both B2B and B2C gaming technology solutions. Its extensive list of clients and regulated online sports betting and gaming sites is a testament to its global reach and technological prowess.
The information regarding the launch of the AI Bet Recommender is based on a press release statement from Golden Matrix Group.
In other recent news, Golden Matrix Group Inc. has seen a series of significant developments. The company's shareholders have elected four directors and ratified the appointment of M&K CPAS, PLLC as their independent registered public accounting firm for the fiscal year ending December 31, 2024. The company also announced the departure of its CFO, Omar Jimenez, with Weiting 'Cathy' Feng, the current COO, stepping into the role.
Golden Matrix has acquired an 80% controlling stake in Classics for a Cause Pty Ltd, an Australian online discount platform, which reported over $10 million in revenue and a $1.9 million operating profit before tax for the fiscal year ending June 30, 2024. The company's subsidiary, Meridianbet, has been shortlisted for a sports betting and iGaming license in Brazil, positioning Golden Matrix among the contenders in one of the world's most anticipated gaming markets.
Furthermore, Meridianbet Group has secured a sports-betting license to operate in South Africa, marking a significant step in the company's global expansion strategy. Golden Matrix has also received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal. However, the completion of the MeridianBet acquisition is subject to certain conditions, including the company securing sufficient funding. These are all recent developments in the company's growth strategy.
InvestingPro Insights
Golden Matrix Group's launch of the AI-powered Bet Recommender comes at a critical time for the company, as recent financial data and market trends reveal some challenges. According to InvestingPro data, GMGI's stock has taken a significant hit over the last six months, with a price total return of -46.72%. This decline is part of a broader downward trend, as the stock is currently trading at just 34.93% of its 52-week high.
Despite the innovative nature of the new AI tool, which could potentially boost user engagement and betting volumes, the company faces some financial headwinds. An InvestingPro Tip highlights that GMGI suffers from weak gross profit margins, which could impact the company's ability to fully capitalize on its technological advancements.
Another InvestingPro Tip notes that GMGI does not pay a dividend to shareholders, which may be a consideration for income-focused investors evaluating the stock. This, combined with the company's negative P/E ratio of -157.9, suggests that profitability remains a challenge for Golden Matrix Group.
It's worth noting that these insights are just a snapshot of the company's current position. InvestingPro offers 8 additional tips for GMGI, providing a more comprehensive analysis for investors looking to delve deeper into the company's prospects amidst its technological push in the competitive online gaming market.
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