- GMGI CEO says new P2P Esports offering coming “quite soon”
- Gaming operators have need for new products to grow market share
- New product overcomes challenges related to compliance in Esports gambling
If you’re paying attention to the sports betting market, you’re seeing companies big and small looking for edges to capture market share from competition in a fierce, albeit huge, marketplace. It’s tough to carve out profits when, in the words of Brian Goodman, CEO of Golden Matrix Group (NASDAQ: GMGI), “everyone [is] fishing in the same pond.” Companies must be differentiated, as is Golden Matrix, a provider of turnkey and white label gaming platforms, Esports technology, and gaming content that has notched 15 straight profitable quarters.
As more and more U.S. states legalize online gambling, there is room for vertical growth for sportsbooks, daily fantasy sports (“DFS”), and casinos. However, operators need to continue to follow trends to get into the pockets of new players. Many of these players win and retention opportunities are centered on non-professional betters, women, and younger players that don’t seem to want to follow conventional betting modalities.
That is leading to a race to establish a footprint in Esports gambling and peer-to-peer betting, amongst other things. These are some of the immediate blue-sky chances to juice revenue streams or get fledgling companies off the ground.
Golden Matrix’s roots are in B2B (business-to-business) gambling, where its technology is used by over 500 casino operators serving 7+ million players. The Las Vegas-based company has recently branched out into B2C (business-to-consumer) offerings through the acquisition of 80% of UK-based skilled competition operator RKingsCompetitions Ltd.
Golden Matrix was recently featured in financial media and data company Benzinga’s Esports Listmakers Series where Goodman spoke about the state of the industry and some of the challenges involved with Esports and betting on them. It’s not as simple as being a facilitator of two friends betting who has more kills in any specific Esports game.
For one thing, gambling on smaller events in sports known for rapid player turnover mean greater opportunities for collusion. Plus, operators are responsible for ensuring all government regulations are followed regarding money transfer, bettor locations, and, amongst other things, the age of gamblers. In jurisdictions around the world, bettors must be a minimum of 18 years old, and 21 in many cases (or even 25, as in Portugal).
This is critical with respect to Esports, where players and fans tend to be from younger demographics. The average competitor in Blizzard Entertainment’s Overwatch League is about 20 years old. Players aren’t much older in Activision’s Call of Duty League (average age is 22 years). In the Overwatch League, the average retirement age is just 23.
Goodman says his company will be releasing a new peer-to-peer Esports betting platform “quite soon.” There have been some delays in launching the product even though it is in a Beta testing stage as we are waiting for our Mexican facing casino to be launched which should happen in the coming weeks. The Esports product allays concerns about following regulatory guidelines in the burgeoning market and is seen as a good fit for its existing user base and way to generate additional revenues in Mexico and in Asia-Pacific, Golden Matrix’s biggest market currently.
For more information, visit the company’s website at www.GoldenMatrix.com.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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