Meridianbet shortlisted for Brazil gaming license

Golden Matrix Group Inc. (NASDAQ:GMGI), through its subsidiary Meridianbet, has been shortlisted for a sports betting and iGaming license in Brazil, positioning the company among a select group of global operators vying for entry into one of the world’s most anticipated gaming markets.

The application, filed under request number 56.195.600/0001-07, ensures Meridianbet’s license will be processed by January 1, 2025, the forecasted launch date for Brazil’s legal sports betting and iGaming market.

The prioritized license application window in Brazil closed on August 20, 2024, with 113 operators submitting applications. Meridianbet’s inclusion in this priority group signifies its strategic positioning as a key player in the gaming industry. With Brazil expected to become the third-largest gaming market globally, this development represents a significant growth opportunity for both Meridianbet and Golden Matrix Group.

CEO Brian Goodman expressed excitement about the potential in Brazil, noting the market’s complexity and the company’s strategic vision for the future of gaming. Meridianbet’s application encompasses both sports betting and iGaming under Brazil’s comprehensive licensing regime, allowing it to offer a full suite of gaming experiences to Brazilian players.

The Brazilian gambling industry is projected to generate $34 billion in sports betting turnover by 2028, with an onshore gross win of $2.8 billion, as reported by the International Betting Integrity Association (IBIA). Unlike the United States’ state-by-state approach, Brazil’s federal-level licensing will grant Meridianbet nationwide access, tapping into a rapidly expanding market.

Golden Matrix Group, headquartered in Las Vegas, NV, operates as a B2B and B2C gaming technology company across international markets. Its B2B division develops and licenses gaming platforms, while its B2C division, including Meridianbet, runs regulated online sports betting and gaming sites. Meridianbet, founded in 2001, operates in 17 jurisdictions across Europe, Africa, and South America, utilizing proprietary technology and scalable systems.

This announcement is based on a press release statement and reflects the company’s position within the Brazilian licensing process. For further details on the Brazilian license applications and Meridianbet’s role, the official Brazilian Ministry of Finance website provides additional information.

In other recent news, Golden Matrix Group, Inc. has made notable strides in its business operations. The company has acquired an 80% controlling interest in Classics for a Cause Pty Ltd, an Australian online discount platform, marking its expansion into the consumer loyalty and rewards market. This acquisition, which complements Golden Matrix’s existing gaming and sports betting operations, reported over $10 million in revenue and a $1.9 million operating profit before tax for the fiscal year ending June 30, 2024.

Furthermore, Golden Matrix’s subsidiary, Meridianbet Group, has secured a sports-betting license to operate in South Africa, issued by the Western Cape Gambling and Racing Board. This license represents a significant step in the company’s global expansion strategy.

In addition to these developments, Golden Matrix has received shareholder approval for the acquisition of MeridianBet Group, with 73.5% of the voting shares supporting the deal. It’s important to note that all these are recent developments in the company’s growth strategy. However, the completion of the MeridianBet acquisition is subject to certain conditions, including the company securing sufficient funding.

Source: investing.com

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