Golden Matrix to complete MeridianBet acquisition in Q1 2024

MeridianBet anticipates the completion of its acquisition by the renowned online game developer and licensor, Golden Matrix Group Inc (GMGI), by the end of the first quarter of 2024. This revelation comes after GMGI’s agreement to purchase MeridianBet in January 2023 for a substantial sum of approximately US$300.0 million (￡235.1 million/€273.8 million), initially aiming for a closure in the first half of 2023.

Timeline adjustments

However, in July 2023, GMGI introduced modifications to the deal, pushing the closing date to the fourth quarter of 2023, accompanied by a reduction in the upfront cash payment. Subsequent negotiations between the two entities in October resulted in further adjustments, extending the proposed closing date to as late as Q1 2024.

Despite initial hopes for completion by the end of 2023, MeridianBet CEO Zoran Milosevic (above in photo), now expresses confidence that the acquisition will likely conclude before the end of March 2024. Milosevic anticipates the collaboration will yield state-of-the-art Business-to-Business (B2B) and Business-to-Consumer (B2C) gaming platforms across multiple global jurisdictions.

“We look forward to the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, and how the combined company will offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide,” Milosevic said.

Strong Performance in 2023

Alongside the acquisition update, MeridianBet disclosed its impressive performance data for 2023. The company reported a remarkable 25 percent increase in revenue for the calendar year, building upon the previous year’s 24 percent growth. Furthermore, EBITDA experienced a 10 percent year-on-year surge, while net profit saw a 6 percent increase.

This growth was attributed to the introduction of significant new product offerings and the continued expansion into regulated jurisdictions. Key milestones in 2023 included the launch of the proprietary gaming platform “Atlas” in 40 percent of global markets and the introduction of seven new slot games. MeridianBet also forged partnerships with 36 new media outlets, integrated with six online casino platforms, and streamlined registration and deposit processes to enhance user experience.

Geographic expansion and target markets

In terms of geographic expansion, MeridianBet entered the Kenyan market in 2023, securing licenses in 15 jurisdictions across Europe, Africa, and South America. The company is poised to acquire a license in South Africa by the end of Q1.

Furthermore, MeridianBet highlighted its strategic focus on Brazil as a key target market in 2024, aligning with recent regulatory developments in the country. Brazil’s president, Luiz Inacio Lula da Silva, recently ratified a new regulatory framework for sports betting and iGaming. MeridianBet has established operations in Brazil, expressing interest in securing a gaming license in this lucrative market.

“We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets,” Milosevic said. “We are especially excited about the recent legislation for online casino and sportsbook in Brazil, one of the world’s largest gambling markets.”

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