NEWS
Golden Matrix Group Provides Update on Entering U.S. Market and Expansion Into Additional European Markets
LAS VEGAS, NV, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group (NASDAQ:GMGI) ("GMGI" or the "Company"), a leading international developer and licensor of online gaming platforms, systems and gaming content, today announced that the Company is progressing in its efforts to expand its market presence, particularly with its anticipated entry into the U.S. iGaming market. The Company, through its subsidiary Expanse Studios, which specializes in the production and distribution of iGaming content, is currently in the process of applying for the New Jersey Casino Service Industry Enterprise license.
GMGI has initiated discussions with several licensed gaming operators in New Jersey. Once the licensing process is finalized and the necessary approvals are obtained, the Company plans to serve as a B2B provider of its proprietary Expanse Studios iGaming content to fully regulated and licensed online casino and sportsbook operators in the state of New Jersey.
The Company intends to build on its U.S. presence by applying for additional licenses and servicing operator agreements in states where iGaming has been regulated.
Additionally, GMGI's wholly owned Expanse Studios division has secured an iGaming license for the Bulgarian market and is actively pursuing licenses in Croatia and Romania, key markets that will further expand Expanse Studios' European footprint.
Critical to its long-term growth strategy, GMGI, through its recently acquired subsidiary Meridianbet, is also focused on implementing its brand in other key markets, including Brazil, Peru and South Africa.
As one of the select global operators with a pending federal license in Brazil, Meridianbet will be uniquely positioned to access Brazil's substantial market, which is projected to grow to approximately $20 billion with a potential player base of 106 million by 2025 (Next.io, 2024). Based on current timelines, the licensing process in Brazil is expected to be completed by the end of December 2024, positioning Meridianbet as one of the companies likely to operate in this rapidly expanding market going forward.
GMGI has initiated discussions with several licensed gaming operators in New Jersey. Once the licensing process is finalized and the necessary approvals are obtained, the Company plans to serve as a B2B provider of its proprietary Expanse Studios iGaming content to fully regulated and licensed online casino and sportsbook operators in the state of New Jersey.
The Company intends to build on its U.S. presence by applying for additional licenses and servicing operator agreements in states where iGaming has been regulated.
Additionally, GMGI's wholly owned Expanse Studios division has secured an iGaming license for the Bulgarian market and is actively pursuing licenses in Croatia and Romania, key markets that will further expand Expanse Studios' European footprint.
Critical to its long-term growth strategy, GMGI, through its recently acquired subsidiary Meridianbet, is also focused on implementing its brand in other key markets, including Brazil, Peru and South Africa.
As one of the select global operators with a pending federal license in Brazil, Meridianbet will be uniquely positioned to access Brazil's substantial market, which is projected to grow to approximately $20 billion with a potential player base of 106 million by 2025 (Next.io, 2024). Based on current timelines, the licensing process in Brazil is expected to be completed by the end of December 2024, positioning Meridianbet as one of the companies likely to operate in this rapidly expanding market going forward.
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