Meridianbet (GMGI) Expands B2B Operations into Nigeria, Entering a Regulated $2 Billion Betting Market

Rhea-AI Summary

Meridianbet, a subsidiary of Golden Matrix Group (NASDAQ: GMGI), has launched B2B operations in Nigeria's regulated $2 billion betting market. The company secured full regulatory approval from the Lagos State Lotteries and Gaming Authority (LSLGA) through its local entity, Masterlive Network , obtaining License No: LSLGA/OP/OSB/MB041124 for both sports betting and online casino verticals.

This expansion builds upon Meridianbet's 20-year presence in Africa, further strengthening its position in regulated markets. The company's parent, Golden Matrix Group, projects FY 2024 revenue of approximately $150 million, with complete financial results expected soon.

Positive

• Entry into Nigeria's substantial $2B regulated betting market
• Secured full regulatory approval for both sports betting and online casino operations
• Projected FY2024 revenue of $150M
• Established 20-year track record in African markets

Negative

• None.

Lagos, Valetta--(Newsfile Corp. - March 13, 2025) - Meridianbet, a subsidiary of Golden Matrix Group, Inc. (NASDAQ: GMGI), has officially launched its B2B operations in Nigeria, one of the largest and fastest-growing betting markets in Africa. The company's entry into Nigeria further strengthens its 20-year presence in Africa, leveraging its proven track record in regulated markets to deliver world-class gaming products. Through its newly licensed local entity, Masterlive Network Limited, Meridianbet has secured full regulatory approval from the Lagos State Lotteries and Gaming Authority (LSLGA), allowing it to operate in both sports betting and online casino verticals under License No: LSLGA/OP/OSB/MB041124.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Meridianbet (GMGI) expands B2B operations into Nigeria under a newly secured license, strengthening its 20-year leadership in African gaming markets
• Golden Matrix (NASDAQ: GMGI) projects FY 2024 revenue of ~$150M, with full financial results expected in the following days
• AI-powered betting innovations and market expansion position Meridianbet for long-term success in Nigeria's $2B regulated gaming industry

Click image above to view full announcement.

About Meridianbet

Founded in 2001, Meridianbet is a leading provider of betting and gaming technology, licensed in 18 jurisdictions across Europe, Africa, and South America. Its proprietary technology and scalable systems allow for multi-market operations with a strong omnichannel presence, including retail, online desktop, and mobile gaming. Meridianbet is a subsidiary of Golden Matrix Group, Inc. (NASDAQ: GMGI). For more information, visit meridianbet.ng or contact ir@meridianbet.com.

Contacts:

Milan Koricanac
milan.koricanac@meridianbet.com

Source: Meridianbet Group

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244441

FAQ

What is the size of the Nigerian betting market that GMGI is entering?

GMGI is entering Nigeria's regulated betting market, valued at $2 billion.

What type of license has Meridianbet obtained for its Nigerian operations?

Meridianbet obtained License No: LSLGA/OP/OSB/MB041124 from Lagos State Lotteries and Gaming Authority for sports betting and online casino operations.

What is Golden Matrix Group's (GMGI) projected revenue for FY 2024?

GMGI projects approximately $150 million in revenue for FY 2024.

How long has Meridianbet been operating in African markets?

Meridianbet has maintained a 20-year presence in African markets.