Golden Matrix Enters Into an Exclusive Distribution Agreement With Elray Resources Inc.

Las Vegas, NV - (NewMediaWire) - December 12, 2022 - Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems and gaming content, today announced that it has entered into an Exclusive Distribution agreement with Elray Resources Inc. wherein it will have the exclusive rights to supply all gaming content to Elray Resources’ clients. Elray Resources, trading as Elray Gaming, will launch its B2B Online Crypto Casino systems and technology together with content provided by Golden Matrix that will be utilized by Crypto Casino gaming operators. 

The Global Crypto Gambling Industry is predicted to Reach $93 Billion By 2024 [1]

Mr. Goodman, CEO, said, “Online entertainment and virtual currency have become particularly aligned in recent years. These blockchain, digital concepts have created a unique way of generating profit in the form of online gambling Casinos.

“The exclusive distribution agreement reached between Golden Matrix and Elray is expected to generate sizable revenues for Golden Matrix over time.

“It seems as though nothing can slow the growth of the online casino industry. Online Casinos continued to generate business during the pandemic and are now following the latest trends including allowing Crypto Currencies as payment methods.

“The collaboration between Golden Matrix and Elray Gaming is a perfect scenario. Elray Gaming has proprietary blockchain technology that will result in numerous gaming operators not only utilizing Elray’s Blockchain Technology but also Golden Matrix’s gaming Content, a win-win for both companies.

“When you factor in how far cryptocurrency has come and how the gambling industry has embraced it, it is safe to say that the crypto gambling market will keep expanding with the number of Crypto Casino operators to grow in the future.”

Mr. Goodman is a related party, Board Member of Elray Resources Inc. and Golden Matrix Group Inc.

Additional details are contained in the 8-K filed on December 12, 2022.

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 B2B 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. Additionally, Golden Matrix generates revenues in Great Britain from RKings Competitions’ scalable B2C tournament platform, and has recently launched a licensed proprietary B2C online casino in Mexico.

Elray Resources Inc., based in Las Vegas, Nevada, owns Blockchain/Crypto gaming technology and provides Online Crypto Casinos and Crypto Gaming Technology to Online Crypto Casino operators.

Forward-Looking Statements

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”). These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic on the Company; 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 available funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock 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 Company’s chief executive officer has 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 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 Company’s lack of effective internal controls; dilution caused by efforts to obtain additional financing; 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 release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. More information on potential factors that could affect the Company's financial results is included from time to time in 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 Transition Report on Form 10-K for the nine month transition period ended October 31, 2021 and its Quarterly Report on Form 10-Q for the quarter ended July 31, 2022. These reports are filed with the SEC and available at www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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Golden Matrix Group

Contact: Scott Yan

Email: info@goldenmatrix.com

[1] MBN Market Business News https://marketbusinessnews.com/global-crypto-gambling-industry-to-reach-93-billion-by-2024/304964/

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