LAS VEGAS, NV - March 20, 2025 (NEWMEDIAWIRE) - Golden Matrix Group Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), a developer and licensor of advanced online gaming platforms and content, today announced that its subsidiary, Meridianbet, through affiliated entity Meridian Gaming Brasil SPE Ltda, has been granted a definitive federal license (No. 0086/2024) by Brazil's Ministry of Finance Secretariat of Prizes and Betting (SPA/MF). The newly granted license authorizes Meridianbet to operate online and retail fixed-odds betting across the country until December 31, 2029.
Brian Goodman, CEO of Golden Matrix Group, commented, "The issuance of our definitive license in Brazil marks an incredible achievement for Golden Matrix, our partners and our stakeholders. With this final regulatory approval, Meridianbet is now fully authorized to operate in both online and retail betting, unlocking a substantial revenue-generating opportunity in a market with substantial long-term potential. This milestone further reinforces our commitment to global expansion, regulatory compliance, and delivering shareholder value as we scale our business in high-growth markets."
The license authorization further cements Golden Matrix's strategic expansion in one of the world's largest and fastest-growing regulated gaming markets, building on the initial online betting license awarded to Meridianbet in January 2025. Meridianbet's fully licensed status in Brazil will enable the Company to leverage Brazil's Gross Gaming Revenue (GGR) market, which H2 Gambling Capital projects to reach US$10 billion (R$47.2 billion) by 2029 (https://h2gc.com/news/general/h2-provides-analytics-and-projections-for-openbets-white-paper-on-the-future-of-brazils-online-gambling-market)
"Securing a nationwide, definitive online betting license in Brazil is a historic moment for Meridianbet, which marks a new phase in our growth trajectory," added Zoran Milosevic, CEO of Meridianbet. "Brazil is a cornerstone in the global gaming market, and this authorization will allow us to bring our best-in-class gaming experience to millions of additional players. We are excited to utilize our proprietary technology, deep market expertise, and operational excellence to drive success in this high-potential region."
Strategic Significance & Growth Potential
The definitive license provides long-term operational security for Meridianbet in Brazil's regulated gaming sector, allowing for strategic market penetration and investment certainty.
Meridianbet is now one of the few operators licensed for both online and physical betting in Brazil, ensuring a diverse and scalable revenue model.
With Brazil's gaming market continuing to mature, this definitive authorization strengthens Meridianbet's ability to capture market share and expand its customer base.
The fully licensed status in Brazil aligns with Golden Matrix's long-term growth strategy, positioning the Company for sustained revenue acceleration and increased profitability.
The license was issued under SPA/MF Ordinance No. 526, as published in the Official Gazette of the Union (Dirio Oficial da Unio), Section 1, Page 71.
Golden Matrix Group remains dedicated to expanding its footprint in regulated, high-growth gaming markets worldwide while maintaining best-in-class compliance standards and responsible gaming practices. This definitive license in Brazil represents another step in the Company's journey to deliver industry-leading gaming experiences and shareholder value.
About Golden Matrix Group
Golden Matrix Group (GMGI), based in Las Vegas, NV, is a leading B2B and B2C gaming technology company operating across multiple international markets. The Company's B2B division develops and licenses proprietary gaming platforms, while its B2C operations, through Meridianbet, provide sports betting and gaming services across 18+ regulated jurisdictions worldwide. For more information, visit www.goldenmatrix.com.
About Meridianbet
Founded in 2001, Meridianbet is a well-established global gaming operator, offering sports betting and casino gaming across Europe, Africa, and Latin America. With a strong emphasis on proprietary technology and scalability, Meridianbet delivers omnichannel gaming solutions, integrating retail, desktop, and mobile platforms for seamless user experiences. The Company is a wholly owned subsidiary of Golden Matrix Group (NASDAQ: GMGI). For more information, visit ir.meridianbet.com
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.
