Golden Matrix Group, Inc. (GMGI): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the core engine of Golden Matrix Group, Inc. (GMGI) following the Meridianbet acquisition, and frankly, the story is a sharp pivot toward aggressive B2C expansion, which is now reflected in their financials. As of the trailing twelve months ending September 2025, they posted $179.14 million in total revenue, balancing recurring B2B platform fees with high-volume sports betting and prize competition sales. This Business Model Canvas distills exactly how they manage global licenses across 18+ jurisdictions while spending $95.4 million on SG&A to fuel that growth; check out the nine blocks below to see the precise structure driving their current valuation narrative.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Golden Matrix Group, Inc. (GMGI) centers on leveraging established B2C operations and expanding its B2B technology footprint through strategic alliances across global and emerging markets.

B2B iGaming operators using the GM-AG platform represent a core channel for the B2B division. The GM-AG (Atlas) platform is designed to offer these operators, who are often licensed in Asia, South America, and Europe, a scalable, turnkey solution. The platform itself is built to provide access to a vast content library, helping these partners efficiently enter new territories.

The scale of the B2B network is growing rapidly. For instance, the in-house Expanse Studios component has signed a significant number of new partners recently. The overall systems support a large base of end-users.

• Expanse Studios added 300 new B2B partners in 3Q25 alone.
• The total number of B2B partners signed by Expanse Studios is more than 1,300.
• GMGI's systems support over 8.3 million registered players across its platforms.

Third-party game providers are essential for maintaining the breadth of the content library offered through the GM-AG platform. Golden Matrix Group, Inc. generates revenue by charging partners for the use of its software and collecting royalties on the use of this third-party gaming content.

• The GM-AG platform provides access to over 10,000 games.
• This content includes slots, table games like roulette and blackjack, and live dealer games streamed from physical casinos.

The B2C segment, primarily driven by the MeridianBet Group acquisition, relies heavily on its existing customer base and market presence. MeridianBet's established footprint provides immediate scale and a significant customer pool for cross-selling technology solutions.

The retail presence is a major asset, providing a physical touchpoint in key regions. The company is focused on the efficient expansion of MeridianBet into new and existing regulated markets, such as the recent securing of a license in Brazil, which is estimated to be a $5.6 billion gross gaming revenue market in 2025.

Strategic partners like Moozi for US sweepstakes market entry is part of the B2B growth strategy via Expanse Studios. While specific details on a partner named Moozi aren't public, the company has actively moved into the U.S. sweepstakes market by partnering with sweepstakes casino operators in the U.S. to deploy its content. This is viewed as an attractive long-term growth opportunity, despite being in the early stages of monetization.

The following table summarizes key quantifiable metrics related to these partnership channels as of late 2025 data:

Partnership Category	Key Metric	Associated Number/Amount
B2B Platform Adoption (GM-AG/Expanse)	Total B2B Partners Signed	More than 1,300
B2B Platform Adoption (GM-AG/Expanse)	New B2B Partners Signed in 3Q25	300
Third-Party Content Library	Games Accessible via GM-AG	Over 10,000
Retail Customer Base (Meridianbet)	Registered Retail Customers	3.5 million
Online Player Base (Meridianbet)	Total Online Players	Over 7 million
Market Expansion/Licensing	MeridianBet Regulated Markets	18
Market Expansion/Licensing	Estimated Brazil GGR Market (2025)	$5.6 billion
Financial Guidance (2025 Full Year)	Forecasted Revenue	$187 million

Payment processors are integrated within the proprietary technology stack, supporting global transactions for both the B2B licensing fees and the B2C operations of MeridianBet across its 18 licensed jurisdictions in Europe, Africa, and South America. The company's focus on disciplined execution and technology investment, including AI capabilities in the Atlas platform, helps streamline these operational dependencies.

Finance: draft 13-week cash view by Friday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Key Activities

Developing and licensing proprietary iGaming platforms (GM-AG)

The B2B division develops and licenses proprietary gaming platforms, including the latest version of the B2B iGaming aggregator platform, GM-AG (Atlas), introduced in 2024. Expanse Studios, a division, saw its new game, Gates of Olympia, become a top 5 most popular game in 3Q25.

• Expanse Studios secured a Romanian gaming license on December 1, 2025.
• GMGI's systems have more than 8.3 million registered players on its platforms.
• The platforms provide access to over 10,000 games.

Operating B2C sports betting and casino services (Meridianbet)

Meridianbet remains the core growth driver, operating across 18 jurisdictions in Europe, Africa, and South America. The segment revenue rose 26% to $32 million in 3Q25. In Q2 2025, Meridianbet revenue grew 16% year-over-year to $29.2 million, with online revenue increasing 20%.

Metric	Period/Date	Value
Record Monthly Revenue	January 2025	Over $9 million
Casino GGR Increase	Q2 2025	29% Year-over-Year
Casino Turnover	Q2 2025	$434 million
New Player Registrations Growth	3Q25 (Brazil)	Up 70% Year-over-Year
First Depositors Growth	3Q25 (Brazil)	Increased 87%

Managing high-volume online prize competitions (RKings, Classics for a Cause)

Raffle platforms like Classics for a Cause drive 26% of revenue. These operations maintain high margins, with gross margins reaching 57% in Q1 2025. Classics for a Cause generated over $300,000/month in passive recurring revenue post-mid-Q3 FY24.

• RKings Competitions achieved a 12% all-time daily revenue record increase during Q2 2025.
• The RKings record was surpassed by an additional 40% on August 1st, with more than 30,000 orders in a single day.
• Classics for a Cause contributed $466,000 EBITDA in Q1 2025.

Securing new regulated market licenses, e.g., Brazil and Ontario

The Brazil market entry is a significant focus, with Meridianbet fully operational with a license through 2029. Brazil is projected as a $5.6 billion market this year. First deposits in the Brazil segment were up 165% quarter-over-quarter in Q2 2025. The company operates in more than 25 global markets.

Integrating acquired entities for cost efficiencies

Operational leverage is showing in profitability metrics following the Meridianbet acquisition. The company returned to profitability in 3Q25, reporting a net income of $400,000. Gross profit stood at $26 million with a 56% margin in 3Q25. Adjusted EBITDA climbed 32% to $5.7 million in 3Q25. The net debt-to-EBITDA leverage ratio improved to 1.2 as of September 30, 2025, down from 1.8 at the end of 2024.

The company reduced total debt, including acquisition-related payables, by $25.9 million since year-end 2024, including repaying a note early in 2025. Cash and equivalents were $22.0 million as of September 30, 2025.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Key Resources

You're looking at the core assets Golden Matrix Group, Inc. (GMGI) relies on to run its global gaming technology and operations. These aren't just line items; they are the engines driving the B2B platform licensing and the B2C operations like Meridianbet.

Proprietary B2B iGaming platform (GM-AG/Atlas)

The platform, GM-AG, also called Atlas, is the central piece of the B2B offering. It was introduced in its latest version in 2024. This system is designed to be scalable and offers enterprise Software as a Service (SaaS) to online casino and sportsbook operators.

The platform's capability is significant:

• Access to over 10,000 games.
• Supports direct integration or "white-label" options for customers.
• Includes Artificial Intelligence (AI) features for user learning.

Global regulatory licenses across 18+ jurisdictions

Golden Matrix Group, Inc. maintains a broad international footprint, which is a critical resource for operating in regulated markets. The B2C arm, Meridianbet, is licensed and operating in a specific number of these locations.

Asset Component	Scope/Detail	Jurisdictions Count
Overall Market Presence	Global markets operated in	More than 20
Meridianbet Operations	Licensed and operating markets (Europe, Africa, South America)	18
Recent License Activity	Serbia license renewal term	10-year renewal

The company is actively pursuing expansion, for instance, securing a license in Brazil, which GMGI estimates as a $5.6 billion Gross Gaming Revenue market for 2025.

1,200 employees, including specialized tech and trading teams

The human capital supporting Golden Matrix Group, Inc. is substantial, providing the necessary expertise for platform development, operations, and trading across multiple currencies and markets. The latest reported headcount gives you a clear scale of the organization.

Here's the quick math on the workforce size:

• Total employees as of December 31, 2024: 1,200.
• This number was unchanged from the previous year.

What this estimate hides is the specific breakdown between specialized tech and trading teams versus general administrative staff, which is key for assessing R&D capacity.

$22 million in cash and equivalents (Q3 2025)

Liquidity is always a key resource for funding growth and managing operational volatility. Based on financial data summaries referencing the third quarter of 2025, the company held a specific amount in liquid assets. You should cross-reference this with the latest 10-Q filing, but based on available analyst reports:

Financial Metric	Amount (USD)	Context/Source Report
Cash & Cash Equivalents	$22.40 million	Balance Sheet Summary
Total Debt	$25.97 million	Balance Sheet Summary
Net Cash Position	-$3.57 million	Balance Sheet Summary

Note that another Q3 2025 report indicated cash and equivalents of over $38.4 million against short-term debt of $17.5 million, so you'll want Finance to reconcile these figures by next week.

AI-Powered Bet Recommender technology

This technology is embedded within the platform, designed to enhance player experience and operational efficiency. It is a core intellectual property asset.

The expected benefits of this AI capability include:

• Driving increases in user engagement.
• Helping to lower Customer Acquisition Cost (CAC).
• Raising player Lifetime Value (LTV).

The AI enhances the platform's ability to learn player preferences, which is vital for retention.

Finance: draft 13-week cash view by Friday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Value Propositions

You're looking at the core value Golden Matrix Group, Inc. (GMGI) delivers to its customers and partners, which is clearly underpinned by some impressive, if still scaling, financial performance as of late 2025. The value proposition centers on delivering regulated, localized gaming experiences across multiple channels and providing scalable technology to B2B clients.

The omni-channel experience in emerging markets is a key differentiator. For instance, the Meridianbet segment, the core growth driver, is seeing momentum across regulated markets, especially in Latin America, with a fully localized technology stack supporting both betting and casino offerings in Brazil. While the search results point to Meridianbet operating in 17 jurisdictions across Europe, Africa, and South America as of late 2024, the strategy is clearly built on this multi-channel approach, which includes retail, desktop, and mobile access.

For partners, the value is in scalable, configurable B2B white-label gaming solutions. The GMAG segment, which focuses on technology and B2B, posted revenue of $3.5 million in Q3 2025 and added 12 providers via AI-driven integration. This shows a commitment to scaling the technology platform, the KaFe Rocks platform, which integrates player management, risk monitoring, and reporting into a modular system. The overall gross margin for the company is holding strong at 56% in Q3 2025, suggesting the underlying technology and operational structure is efficient.

The diverse B2C offerings are driving significant top-line growth. In Q3 2025, Meridianbet generated $32.5 million in revenue, broken down into online casino Gross Gaming Revenue (GGR) of $14.6 million and sports betting revenue of $13.3 million. Furthermore, the high-value prize competitions, specifically the raffle businesses, are a major component. RKings Competitions hit a record revenue of $7.4 million in Q3 2025.

This leads directly to the value of high-margin recurring revenue from raffle/subscription models. These raffle platforms account for 26% of total revenue. Classics for a Cause, operating as a subscription raffle model, was generating over $300,000/month in passive recurring revenue. This model contributes to the overall healthy gross margin, which reached 57% in Q1 2025 for the raffle operations.

Finally, the commitment to localized betting and gaming content is evident in the operational execution. The company's technology stack is designed to adapt to local regulatory requirements, integrating necessary tools. The focus on Brazil, for example, involves launching both betting and casino offerings on a fully localized technology stack. This localization supports the growth metrics, such as Meridianbet seeing new registrations up 70% year-on-year.

Here's a quick look at the financial scale supporting these propositions in Q3 2025:

Metric	Value (Q3 2025)	Context/Segment
Total Revenue	$47.3 million	Record Quarterly Revenue
Gross Margin	56%	Company-wide
Adjusted EBITDA	$5.7 million	Up 32% Year-over-Year
Meridianbet Revenue	$32.5 million	Up 26% Year-over-Year
Casino GGR (Meridianbet)	$14.6 million	Part of B2C Offering
Raffle Revenue Contribution	26%	Of Total Revenue
FY 2025 Revenue Guidance	$186-$187 million	Tightened Full-Year Forecast

The company is definitely focused on profitable growth, as evidenced by the return to GAAP profitability with a net income of $0.4 million in Q3 2025. This financial discipline is a value proposition in itself for stakeholders.

The core value drivers can be summarized as:

• Omni-channel presence across 17 jurisdictions.
• B2B segment (GMAG) revenue of $3.5 million in Q3 2025.
• Meridianbet sports revenue at $13.3 million in Q3 2025.
• Raffle segment generating over $300,000/month recurring revenue.
• Localized content driving new registrations up 70% in Meridianbet.

Finance: draft 13-week cash view by Friday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Customer Relationships

You're looking at how Golden Matrix Group, Inc. (GMGI) manages its diverse customer base, which spans B2B platform licensees and various B2C segments. The relationship strategy is clearly segmented, using technology to drive engagement where possible and direct management where needed.

Automated, personalized user engagement via AI-driven recommendations

The use of Artificial Intelligence is central to driving user activity across the B2C operations, particularly within the Meridianbet subsidiary. This technology is designed to learn user behavior and preferences to deliver targeted suggestions.

• AI capabilities feature user learning and betting recommendation capabilities on the proprietary B2B iGaming aggregator platform, GM-AG (Atlas), driving increases in user engagement.
• The company cites the benefits of its AI-driven technology as a key factor contributing to lowering its Customer Acquisition Costs (CAC) and extending customer lifetime value (LTV).
• GMGI attributes strong user engagement largely to the benefits of its AI-driven technology.

Loyalty programs and gamification (Meridianbet Missions)

Golden Matrix Group, Inc. actively uses gamification to boost engagement and spend per player. The launch of the Missions platform is a recent, concrete example of this focus.

The Meridianbet subsidiary launched its 'Missions' Gamification Platform on November 30, 2025. This focus on engagement is showing up in the numbers:

Metric	Value/Period	Source Context
Casino Turnover Per Player Jump	50% quarter over quarter	Q2 2025
Casino Turnover Per Player Amount	Nearly 4,000 US	Q2 2025
Meridianbet Revenue Growth (Q3 2025)	26% year-over-year	Includes 25% in sports and 30% from casino

High-touch customer support for B2C operations

The B2C segment, primarily Meridianbet, operates across a wide geographic footprint, requiring localized support and engagement strategies. The company is seeing strong acquisition metrics in new markets.

Meridianbet operates in 18 regulated global markets. The focus on expansion is driving user base growth:

• New registrations climbed 124% in Q2 2025, driven primarily by the Brazil launch.
• First deposits increased 165% quarter over quarter in Q2 2025, showing quality acquisition.
• Active users expanded 15% year-over-year in Q2 2025.

Dedicated B2B account management for platform licensees

For the B2B segment, the relationship is centered on licensing proprietary technology. Golden Matrix Group, Inc. mitigates execution risk by retaining the management teams of acquired entities.

The proprietary B2B iGaming aggregator platform, GM-AG (Atlas), provides online gaming operators with access to over 10,000 games, either directly or via a 'white-label' option. The company validates and retains acquired management teams to continue running these entities, which limits execution risk.

Subscription-based membership for Classics for a Cause (over 10,000 VIP members)

The Classics for a Cause (C4C) platform represents a stable, recurring revenue stream that complements the transactional nature of the gaming verticals. This relationship is structured around a subscription model.

The platform surpassed 10,000 VIP members post-acquisition in mid-Q3 FY24. Financially, this segment is significant:

• C4C generates over $300,000/month in passive recurring revenue as of late 2025.
• 30% of C4C's total revenue is recurring from these subscribers.
• For the 12-month fiscal year ending June 30, 2024, C4C contributed over $10 million in top-line revenue.

Finance: finalize the Q4 2025 customer churn projection by next Tuesday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Channels

You're looking at how Golden Matrix Group, Inc. (GMGI) gets its products and services to customers as of late 2025. This involves a mix of direct online operations and B2B licensing across its international footprint.

The company's revenue generation is clearly segmented across its main operational channels for the first nine months of 2025:

• Meridianbet segment: Contributed 67% of GMGI's revenue mix.
• RKings/Classics for a Cause segment: Accounted for 25% of the revenue mix.
• B2B iGaming GM-AG platform segment: Represented 8% of the revenue mix.

The overall financial expectation for the year remains high, with the full-year 2025 revenue guidance set between $185,000,000 and $188,000,000, which signals an expected growth rate of 22% to 24% over 2024.

Direct-to-Consumer (D2C) online platforms (Meridianbet, MexPlay)

The Meridianbet brand drives significant D2C activity. For the third quarter of 2025, Meridianbet revenue saw a year-over-year increase of 26%. Online revenue specifically grew by 20%. Casino performance was strong, with Gross Gaming Revenue (GGR) up 29% year-over-year and total turnover reaching $434M, marking a 30% increase YoY. User engagement metrics show active users grew by 15% year-over-year, and new registrations jumped by 124%. The platform also saw a 50% increase in casino turnover per player quarter-over-quarter. The proprietary Free Bet prediction market platform recorded an 11.5% increase in ticket volumes in the second half of 2025 to date. MexPlay operates as a regulated online casino within the Mexican market.

Retail betting shops in Europe, Africa, and South America

Meridianbet Group is licensed and currently operating in 18 jurisdictions spanning Europe, Africa, and South America, employing an omni-channel approach that includes retail operations. The company recently secured one of the few granted betting licenses in Brazil.

B2B licensing and distribution network for GM-AG and Expanse Studios

The B2B segment focuses on licensing proprietary gaming platforms. The latest version of the GM-AG (Atlas) aggregator platform gives operators access to over 10,000 games. Expanse Studios has been active in securing new regulatory approvals, including a B2B gaming license in Sweden and a Class 2 B2B license in Romania.

Mobile applications for sports betting and casino gaming

The D2C platforms, including Meridianbet, utilize scalable systems supporting desktop online and mobile access. The Q3 2025 results showed broad-based revenue growth driven by online casino and raffle operations.

E-commerce competition websites (RKings, Classics for a Cause)

The RKings division operates a high-volume eCommerce site for paid-for competitions on its proprietary platform. The associated raffle ticket business, Arkins Competitions, achieved a new all-time daily revenue high of over $440,000.

Here's a quick look at the quarterly revenue progression leading up to the latest reported figures:

Reporting Period	Revenue Amount	Year-over-Year Growth
Q1 2025	$42.7M	Not specified
Q2 2025	$43.25M	9.6%
July 2025 (Monthly)	$15.7M	24%
August 2025 (Monthly)	$17.8M	18%
Q3 2025 (Ended Sept 30)	$47.3M	15%

The company reported $22M in cash and cash equivalents as of September 30, 2025. Finance: review the Q4 2025 projections against the $52.7M to $53.7M Q4 revenue forecast by next Tuesday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Customer Segments

You're looking at the specific groups Golden Matrix Group, Inc. (GMGI) targets for its gaming and technology offerings as of late 2025. This isn't just a list; it's where the revenue is actually coming from.

B2C: Mass-market online sports bettors and casino players in regulated markets

This segment is served across a broad footprint. Golden Matrix Group, Inc. (GMGI) operates in over 25 regulated jurisdictions. The Meridianbet online revenue alone reached $80 million for the full year 2024. The gross margin for the Meridianbet segment in the second quarter of 2025 was approximately 70%.

• Active users expanded 15% year-over-year as of Q2 2025.
• Casino turnover per player jumped 50% quarter-over-quarter to nearly $4,000 in Q2 2025.
• The company is focused on expanding into new regulated markets across Europe.

B2B: Third-party online gaming operators seeking white-label solutions

This is the platform and content licensing side, primarily through GMAG and Expanse Studios. The GMAG B2B gaming platform saw its wagering volume surge 84% to $4.7 billion in 2024. Expanse Studios expanded its games portfolio to 55 proprietary titles by the end of 2024.

The B2B customer segment is crucial for platform scalability. Here's a look at the scale of the B2B wagering activity versus overall company revenue.

Metric	Value (2024 Full Year)	Value (Q2 2025)
B2B Wagering Volume (GMAG)	$4.7 billion	Not specified
Total Company Revenue	$151.12 million	$43.2 million
Total Company Revenue Growth (Y-o-Y)	62.50%	9.6%

B2C: Retail customers in established European and African markets

This channel is primarily driven by Meridianbet's physical presence. Retail revenue for Meridianbet in 2024 was $23 million, marking a 4% growth year-over-year. The company is implementing its Meridianbet brand in South Africa as part of its expansion in African markets.

B2C: New, high-growth market players in Brazil and Mexico

Brazil is a key focus area, with Meridianbet having a license valid through 2029. The Brazilian regulated gaming market is projected to generate $5.6 billion in gross gaming revenue (GGR) by 2025. The launch in Brazil is showing immediate results in user acquisition.

• New registrations climbed 124% in Q2 2025, driven primarily by the Brazil launch.
• First deposits increased 165% quarter-over-quarter, showing quality acquisition from this region.

The company is also pursuing licenses in other Latin American markets like Peru.

B2C: End-users of online prize competitions (UK, Ireland, Australia)

This segment is served through the RKings Competitions and Classics For A Cause entities, focusing on gamified raffles. Customer participation on the Free Bet prediction market platform recorded an 11.5% increase in ticket volumes for the second half of 2025 to date. This Free Bet activity, however, continues to represent a relatively small and non-material portion of Meridianbet's overall wagering activity. Arkens Competitions achieved over $440,000 in daily sales on August 1, 2025.

Finance: review Q3 2025 cash burn against the $22 million cash on hand reported at the end of Q2 2025.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Cost Structure

The Cost Structure for Golden Matrix Group, Inc. is heavily weighted toward direct operational costs and overhead associated with its global B2B and B2C gaming technology footprint.

The largest components of the cost base, based on Trailing Twelve Months (TTM) data ending September 2025, are detailed below. You'll see that SG&A expenses are slightly higher than the Cost of Revenue.

Cost Category	Amount (TTM Sep '25)	Context/Driver
Cost of Revenue	$77.39 million	Primarily gaming content licensing and platform operational costs
Selling, General & Administrative (SG&A)	$95.4 million	Overhead, personnel, and corporate expenses
Revenue (for context)	$179.14 million	Total top-line figure for the same TTM period
Gross Profit (for context)	$101.75 million	Revenue less Cost of Revenue

Key cost drivers that feed into these reported figures, and which require ongoing capital allocation, include:

• Licensing and regulatory compliance fees across 25+ jurisdictions where Golden Matrix Group, Inc. operates.
• Technology development and maintenance for proprietary platforms like GM-AG (Atlas) and the B2C infrastructure.
• Marketing and user acquisition costs necessary to fuel B2C growth, particularly through the Meridianbet subsidiary.

The company's operational expenses also include significant non-cash charges, such as Amortization of Goodwill & Intangibles, which totaled $9.25 million for the TTM ending September 2025.

The scale of regulatory requirements directly impacts the cost structure, as Golden Matrix Group, Inc. actively pursues expansion in regulated areas, such as securing a Class 2 iGaming license in Romania and operating in 18 markets via Meridianbet.

Finance: draft 13-week cash view by Friday.

Golden Matrix Group, Inc. (GMGI) - Canvas Business Model: Revenue Streams

You're looking at the actual money Golden Matrix Group, Inc. (GMGI) is bringing in, which is key to understanding its valuation right now. Honestly, the revenue streams are clearly segmented across B2C and B2B operations, with the Meridianbet acquisition driving the bulk of the B2C side.

The latest reported Total Trailing Twelve Months (TTM) Revenue as of September 2025 is $179.14 million.

Here's a breakdown of the key components, using the most recent quarterly data available from Q3 2025 to illustrate the current mix:

• B2C Gaming Revenue: Sports betting and casino net win (Meridianbet)
• B2C E-commerce Revenue: Sales from online prize competitions (RKings, CFAC)
• B2B Licensing Fees: Recurring revenue from GM-AG platform usage
• B2B Content Fees: Distribution of Expanse Studios' proprietary games

The Q3 2025 results give us a clear look at how these streams are performing:

Revenue Stream Component	Q3 2025 Revenue Amount	Year-over-Year Growth (YoY)
Meridianbet (Total B2C Gaming)	$32.5m	26%
RKings Competitions (B2C E-commerce)	$7.4m	Not explicitly stated for Q3
GMAG (B2B Licensing & Content Fees Proxy)	$3.5m	Not explicitly stated for Q3

Diving deeper into the Meridianbet B2C Gaming Revenue, the growth is coming from both major verticals. Online casino GGR (Gross Gaming Revenue) saw a significant jump, and sports betting followed suit. If onboarding takes 14+ days, churn risk rises, but their user metrics suggest strong engagement.

For the B2C Gaming Revenue specifically, the components for Q3 2025 were:

• Online Casino Revenue: Up 30%
• Sports Betting Revenue: Up 25%

The B2B division, which covers licensing and content distribution, showed strength in emerging regions. The Q3 figure for the entire B2B division, GMAG, was $3.5 million. To be fair, B2B sales in emerging regions like Brazil and Mexico grew over 40% in that quarter.

The B2C E-commerce side, driven by RKings Competitions, is also showing high activity spikes. For instance, in Q2 2025, RKings beat its all-time daily revenue record by 12%, and then later by another 40% on August 1st, processing more than 30,000 orders in that single day. That's defintely a strong indicator of transaction volume supporting that revenue stream.

The final required figure anchors the entire picture:

• Total TTM Revenue (Sep '25): $179.14 million

Finance: draft 13-week cash view by Friday.