Golden Matrix Group Subsidiary Meridianbet Partners With Integrity Compliance 360 for Upcoming Brazilian Market Entry
Rhea-AI Summary
Golden Matrix Group's subsidiary Meridianbet has partnered with Integrity Compliance 360 (IC360) as it prepares to enter the Brazilian market. This strategic move aims to uphold high integrity standards for Meridianbet's sports offering in Brazil, aligning with global regulatory expectations. Meridianbet's Brazilian subsidiary, Meridian Gaming Brasil SPE, is progressing in the licensing process under request number 56.195.600/0001-07.
The partnership comes as Brazil is poised to become the third-largest gaming market globally, with projections indicating $34 billion in sports betting turnover and $2.8 billion in onshore gross win by 2028. Meridianbet's application includes both sports betting and iGaming, positioning it among select operators offering a full suite of gaming experiences in Brazil.
Positive
- Strategic partnership with IC360 to ensure high integrity standards in the Brazilian market
- Meridianbet is progressing in the licensing process for the Brazilian market
- Potential entry into Brazil, projected to be the third-largest gaming market globally
- Application includes both sports betting and iGaming licenses
- Brazilian gambling industry projected to generate $34 billion in sports betting turnover by 2028
Negative
- None.
Insights
This strategic partnership between Meridianbet and IC360 represents a significant positioning move as Golden Matrix prepares to enter what could become the third-largest gaming market globally. The collaboration is particularly well-timed as Brazil undergoes regulatory transformation in its betting landscape.
The partnership addresses a critical component of successful market entry - regulatory compliance and operational integrity. By partnering with a respected U.S.-based integrity service provider, Meridianbet is demonstrating commitment to meeting Brazilian regulatory standards, potentially strengthening their license application currently under review.
Brazil's market potential is substantial, with projections indicating
What's particularly notable is that Golden Matrix is pursuing a comprehensive approach rather than a partial market entry strategy. By applying for both verticals, they're positioning for maximum market exposure once operational. The emphasis on integrity partnerships indicates they're taking a long-term view of market participation rather than seeking quick market entry at the expense of regulatory standing.
The Brazilian license application represents a logical expansion of Golden Matrix's international footprint and aligns with their strategic growth objectives in emerging regulated markets.
This partnership between Meridianbet and IC360 illustrates a sophisticated approach to navigating Brazil's complex regulatory framework for gaming. The timing is strategically significant as Brazil finalizes its licensing regime for what's anticipated to become one of the world's largest regulated markets.
By proactively establishing sports integrity infrastructure before market launch, Meridianbet is addressing one of the primary concerns Brazilian regulators have emphasized throughout the licensing process. This positions their application (56.195.600/0001-07) favorably amid intense regulatory scrutiny of applicants.
The dual-vertical license application (both sports betting and iGaming) is noteworthy from a regulatory perspective. Brazil's comprehensive licensing approach creates elevated compliance requirements that many operators find challenging to meet. By pursuing both verticals simultaneously, Meridianbet is demonstrating regulatory readiness across multiple product categories.
Integrity partnerships have become increasingly important differentiators in competitive licensing processes globally. Regulators typically view such arrangements as indicators of an operator's commitment to responsible market participation. For Golden Matrix, this represents alignment with emerging global best practices in gaming regulation.
The involvement of a U.S.-based integrity partner is particularly relevant as Brazilian regulators have studied several established regulatory frameworks, including certain U.S. models, when developing their approach. This suggests Golden Matrix is tailoring its compliance strategy specifically to the Brazilian regulatory environment rather than applying a generic approach.
LAS VEGAS, NV, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group, Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), today announced that its wholly owned subsidiary Meridianbet, a leading online sports betting and iGaming company, has announced a strategic partnership with Integrity Compliance 360 (“IC360”), a prominent U.S.-based global sports integrity service provider.
The partnership comes as Meridianbet's Brazilian subsidiary, Meridian Gaming Brasil SPE, progresses in the licensing process for its entry into the Brazilian market, and will reinforce the Company’s commitment to upholding the highest standards of integrity for its sports offering in line with global regulatory expectations and market best practices.
The license application, filed under request number 56.195.600/0001-07, positions Meridianbet among a select group of global operators set to participate in one of the most highly anticipated market launches in the global sports betting and iGaming industry.
"Our partnership with IC360 underscores our dedication to maintaining the highest levels of integrity and transparency in all markets we operate in, including Brazil," said Zoran Milosevic, CEO of Meridianbet. "As we move closer to securing our license, this collaboration will ensure that we are fully equipped to meet the expectations of both regulatory bodies and our players in the world’s fastest-growing emerging betting and iGaming market."
“Brazil is expected to become the third-largest gaming market in the world, and this opportunity marks another key milestone for Golden Matrix, and further endorses our commitment to being a major player in the Brazilian Gaming Market,” said Brian Goodman, CEO of Golden Matrix Group. “Brazil’s multifaceted approval process reflects the complexity and scale of this market, and we are excited about the tremendous potential that lies ahead. We aim to leverage our extensive international experience, advanced technology and innovative betting solutions to cater to the unique preferences of Brazilian customers, and our partnership with IC360 will help ensure we’re doing it both ethically and responsibly.”
“Meridianbet is one of the best-positioned players in the Brazilian sports betting market,” said Scott Sadin, COO of IC360. “We are excited to work with the experts of the local market who understand the importance of integrity. It is our privilege to provide them with the tools needed to create an even stronger culture of transparency, that together can be modeled and shared with Meridianbet’s international reach.”
Meridianbet’s partnership with IC360 comes at a critical time for the Brazilian market, as it undergoes regulatory transformation and positions itself as a global leader in the iGaming and sports betting industry.
Meridianbet’s application includes both sports betting and iGaming (online casino) under Brazil’s comprehensive licensing regime, positioning it as one of the few operators able to offer a full suite of gaming experiences to Brazilian players.
The Brazilian gambling industry is projected to generate
About Golden Matrix Group
Golden Matrix Group, based in Las Vegas, NV, is a leading B2B and B2C gaming technology company utilizing proprietary technology and operating globally across multiple international markets. The B2B division of Golden Matrix develops and licenses branded gaming platforms for its extensive list of clients, and RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets.
About Meridianbet
Founded in 2001 and acquired by Golden Matrix in April 2024, Meridianbet Group is a well-established online sports betting and gaming group, licensed and/or currently operating in 17 jurisdictions across Europe, Africa, and South America. Meridianbet’s successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online, and mobile.
About IC360
Integrity Compliance 360 (IC360) is a global technology and consultancy powerhouse specializing in comprehensive integrity and compliance solutions for sports, sports betting, gaming, and iGaming. Leveraging the combined strengths of U.S. Integrity and Odds On Compliance, IC360’s mission is to set new standards by providing unparalleled services that ensure integrity, transparency, and compliance at the intersection of the rapidly evolving global sports betting market and sports integrity. For more information, visit ic360.io. For more information, visit ic360.io or contact
Connect with us
https://twitter.com/gmgi_official
https://www.instagram.com/goldenmatrixgroup/
ICR:
Brett Milotte
Brett.Milotte@icrinc.com
Greg Michaels
Gregory.Michaels@icrinc.com
FORWARD-LOOKING STATEMENTS
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.
Attachment
FAQ
What partnership has Meridianbet, a subsidiary of Golden Matrix Group (GMGI), announced for its Brazilian market entry?
What is the projected size of the Brazilian gambling industry by 2028 according to the GMGI press release?
What types of licenses has Meridianbet applied for in the Brazilian market?
What is the license application number for Meridian Gaming Brasil SPE, the Brazilian subsidiary of GMGI's Meridianbet?
