Meridianbet Advances in Bid for Brazilian Sports Betting and iGaming License

Golden Matrix Group Inc. (NASDAQ: GMGI) has announced a significant development in its global expansion strategy. The company's subsidiary, Meridianbet, has secured a position on the shortlist for an exclusive sports betting and iGaming license in Brazil, marking a potential entry into one of the most anticipated markets in the global gaming industry.

Meridianbet's application, filed under request number 56.195.600/0001-07, was submitted before the August 20, 2024 deadline, placing it among 113 operators vying for priority processing. This strategic move ensures that Meridianbet's license will be evaluated by January 1, 2025, coinciding with the projected launch of Brazil's legal sports betting and iGaming market.

The Brazilian market represents a substantial opportunity for gaming operators. Industry forecasts predict that by 2028, Brazil's sports betting turnover could reach $34 billion, with an onshore gross win of $2.8 billion, according to a report by the International Betting Integrity Association (IBIA). This positions Brazil to become the third-largest gaming market globally, offering immense potential for companies like Golden Matrix Group.

Brian Goodman, CEO of Golden Matrix Group, emphasized the significance of this development, stating, "The Brazilian market is set to be a game-changer for all of Golden Matrix Group, but also for the global gaming industry as a whole." He added that this opportunity marks a key milestone for the company as it continues to expand its global footprint.

Meridianbet's application encompasses both sports betting and iGaming (online casino) under Brazil's comprehensive licensing regime. This broad scope positions Meridianbet to offer a full suite of gaming experiences to Brazilian players, potentially giving it a competitive edge in the market.

Unlike the state-by-state approach seen in the United States, Brazil's federal-level licensing process will grant successful applicants nationwide access. This approach allows operators like Meridianbet to tap into Brazil's diverse and expansive market, reaching a broad audience across the country.

The inclusion of Meridianbet on the shortlist underscores its growing status in the global gaming industry. As a subsidiary of Golden Matrix Group, Meridianbet brings significant experience to the table, operating in 17 jurisdictions across Europe, Africa, and South America since its founding in 2001.

For investors and industry observers, this development signals Golden Matrix Group's commitment to strategic growth and market expansion. The potential entry into the Brazilian market could significantly impact the company's future revenue streams and market position.

As the licensing process unfolds, stakeholders will be watching closely to see which operators secure the coveted Brazilian licenses. The outcome of this process could reshape the landscape of the global gaming industry, with Brazil poised to become a major player in the years to come.

Interested parties can track the progress of license applications, including Meridianbet's, on the official Brazilian Ministry of Finance website at https://sigap.fazenda.gov.br/consulta-publica/lista-solicitacoes.