Meridian Bet Group Details Corporate Growth and Upcoming Acquisition
MeridianBet Group, a company operating in the sports betting and gaming industry in Southeast Europe, as well as in Europe, Africa, and Latin America, provided an update on its business progress in 2023 and its pending acquisition by Golden Matrix Group, Inc. (NASDAQ: GMGI). In 2023, MeridianBet Group experienced a 25% increase in revenue compared to the previous year. This growth was also reflected in their EBITDA and Net Profit, which saw increases of around 10% and 6%, respectively.
MeridianBet Group’s growth in 2023 included several key developments. They rolled out their new proprietary gaming platform, Atlas, in 40% of their territories. The company also introduced seven new slot games and launched WinGo, a numbers game, which generated about $2 million in ticket sales in November. The company formed partnerships with 36 new media outlets and integrated with six new online casino platforms. They also made changes to their registration and deposit processes to improve the user experience.
As a founding member of the European Organization for Gaming Law (EOGL) based in Brussels, MeridianBet Group is involved in discussions related to gaming law and industry standards in the EU and globally. The company operates in 15 jurisdictions, including a recent expansion into Kenya, one of the largest gaming markets in Africa. They expect to receive a license to operate in South Africa in the first quarter of 2024.
In Brazil, where regulations now permit licensed operators to run sportsbooks and online casinos, MeridianBet Group has set up casino and sportsbook operations and is in the process of obtaining a Brazilian gaming license. The online gambling market in Brazil is projected to reach around $1.97 billion in revenue in 2024, with an expected annual growth rate of 16.51% from 2024 to 2028.
According to MeridianBet Group’s CEO, Zoran Milosevic, “We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets. We are especially excited about the recent legislation for online casino and sportsbook in Brazil one of the worlds largest gambling markets. 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. The completion of this acquisition will drive long-term value for all our stakeholders as we benefit from economies of scale and from both companies’ historical revenue and profit growth.”
