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Golden Matrix Group Launches AI-Powered Online Casino Game Recommender To Enhance User Gaming Experience
Globe Newswire 19-Jul-2024 8:00 AM
LAS VEGAS, NV, July 19, 2024 (GLOBE NEWSWIRE) -- viaNewMediaWire – Golden Matrix Group (NASDAQ:GMGI) ("Golden Matrix" or the "Company"), a leading international developer and licensor of online gaming platforms, systems and gaming content, today announced the launch of an innovative Artificial Intelligence ("AI") powered casino game recommender by its subsidiary, Meridianbet. The recommender is designed to optimize user engagement and enhance the gaming experience.
"This unique state-of-the-art Artificial Intelligence tool is a game changer," said Meridianbet CEO Zoran Milosevic. "We expect it to generate increased revenues, higher player values as a result of stronger loyalty and retention of players, and most importantly, by providing an enhanced overall experience for Meridianbet players."
Personalized iGaming Powered by AI
Meridianbet's new AI Casino Recommender feature uses advanced AI to offer personalized game recommendations to players. The recommender system considers a variety of parameters, including player behavioral patterns, previous activities, demographic data, and individual preferences while playing.
How It Works
The AI engine behind the casino recommender analyzes extensive data to identify patterns and preferences unique to each player. The recommendations are divided into two main sections:
Games You've Tried - Highlights games that players have already played or tried
Games You Might Like - Introduces players to new games that they are likely to like based on their behavioral patterns and preferences.
Ongoing Model Updates
The AI model is trained on a daily basis, ensuring that it stays up-to-date with the latest player behaviors and preferences. This continuous improvement allows the recommender to provide more accurate and engaging suggestions.
Success Metrics
Meridianbet has been evaluating the success of the AI recommender by comparing player engagement data with recommended games versus non-recommended games. Key internal metrics and statistics obtained in the first month of use and based on a defined criteria, including the number of spins and turnover generated by recommended games, show the following:
3% increase in user engagement in recommended games
9% increase in user engagement in unseen recommended games
12% decrease in user engagement in unrecommended games
Upcoming Upgrades
Future improvements to the AI recommender will include additional parameters such as more detailed demographic details and playing patterns. These parameters are expected to improve the search functionality, making it easier for players to find games that match their interests.
Unique Competitive Advantage
Meridianbet's AI casino recommender stands out from competitors by focusing on enhancing the user experience and improving the ergonomics of the platform. The goal is not just to create an advanced product, but one that genuinely benefits players and makes their gaming experience more enjoyable.
Strategic Fit and Market Potential
This innovative feature aligns with Golden Matrix Group's strategy to leverage advanced technology to drive user engagement and growth. The broader Golden Matrix ecosystem offers a diverse portfolio of products including:
Meridianbet's comprehensive sports betting and iGaming B2C and B2B services across 18 markets of Europe, Americas and Africa.
RKings, the tournament business (raffles) in the UK and Ireland.
Mexplay - iGaming B2C operator in Mexico.
GMAG - the B2B aggregator service and an iGaming network rendering white label solutions and services to over 800+ online casinos worldwide.
About Golden Matrix
Golden Matrix Group, based in Las Vegas, NV, is a leading B2B and B2C gaming technology company utilizing proprietary technology and operating globally across multiple international markets. The B2B division of Golden Matrix develops and licenses branded gaming platforms for its extensive list of clients, and RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The Company also owns and operates MEXPLAY, a regulated online casino in Mexico. In 2024, Golden Matrix completed the acquisition of Meridianbet, a well-established B2B and B2C sports betting and gaming platform operating and regulated in multiple markets in Europe, Africa, and LatAm, providing the combined entity with additional international operations.
About Meridianbet
Founded in 2001 and acquired by Golden Matrix in April 2024, Meridianbet Group is a well-established online sports betting and gaming group, licensed and/or currently operating in 18 jurisdictions across Europe, Africa, and South America. Meridianbet's successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online, and mobile.
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.
Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the ability of the Company to obtain the funding required to pay certain MeridianBet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; dilution caused by the terms of the Note and Warrant, the Company's ability to pay amounts due under the Note and covenants associated therewith and penalties which could be due under the Note and securities purchase agreement for failure to comply with the terms thereof; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company's ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, convertible securities and/or acquisitions; the Company's ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company's expectations for future growth, revenues, and profitability; the Company's expectations regarding future plans and timing thereof; the Company's reliance on its management; the fact that the sellers of the MeridianBet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, on the Company's operations and prospects; the Company's ability to protect proprietary information; the ability of the Company to compete in its market; the effect of current and future regulation, the Company's ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company's programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company's products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved.
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly-filed reports, including, but not limited to, under the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended October 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended January 31, 2024, and future periodic reports on Form 10-K and Form 10-Q. These reports are available at www.sec.gov.
