LAS VEGAS, NV – May 23, 2025 – Argus Research has issued an updated equity research report about Golden Matrix Group Inc. (NASDAQ: GMGI), reiterating its $4.00 fair value estimate for GMGI shares. The report highlights significant upside potential relative to current trading levels and forecasts continued revenue growth and operational expansion across key global markets.

In the report, Argus emphasizes GMGI’s proprietary technology, successful M&A track record, balance sheet improvements, and expected contribution from new markets including Brazil and the U.S. sweepstakes space.

The analysis values the company at a 2.75x EV/Revenue multiple, citing peer averages of approximately 3x, and projects 2025 revenues of $200 million, reflecting a 32% year-over-year increase.

Key Highlights from Argus Research Report:

• $4.00 price target, implying more than +180% upside from the current share price
• 2025E revenue of $200M, supported by new market entries and AI-driven platform performance
• Balance sheet strengthened via debt reduction and equitization of acquisition obligations

The full Argus Research report is available at the following link:

https://www.argusresearch.com/PDFDownloader3.aspx?id=MDAwMDAwMDAwOA==aAB0AHQAcAA6AC8ALwByAGUAcwBvAHUAcgBjAGUAcwAuAGEAcgBnAHUAcwByAGUAcwBlAGEAcgBjAGgALgBjAG8AbQAvAHIAZQBwAG8AcgB0AHMALwAwADAALwAwADEALwAwADgALwAxADYALwAxADUALQA4ADIARAA2ADEANQAyAEMALQBFADgANgAxAC0ANAA5ADMANQAtAEEANwAyADEALQBCADcAQQA3ADkAMABCAEYANwAwADcARgAuAHAAZABmAA==

About Golden Matrix Group

Golden Matrix Group, based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients, while its B2C division, including Meridianbet, operates regulated online sports betting and gaming sites.

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