MeridianBet Group, a pioneering online casino and sports betting operator since its establishment in 2001, is on the brink of a significant development.
The company awaits both the regulatory green light in Brazil and the completion of its acquisition by Golden Matrix Group, a Las Vegas-based gaming technology company, with a $30 million deal expected to conclude in the first quarter of 2024.
In a recent update on its operations, MeridianBet reported robust financial figures, sustaining a remarkable growth trajectory. The company achieved a 25% increase in revenue in 2023, building on a comparable 24% growth in the previous year.
Concurrently, EBITDA saw a 10% rise, while Net Profit experienced a 6% increase, affirming the consistent and stable expansion of MeridianBet's operations.
The growth in 2023 is attributed to the introduction of new products and an ongoing expansion strategy across various regulated gaming markets. MeridianBet successfully launched its proprietary gaming platform, Atlas, in approximately 40% of covered jurisdictions.
The company secured approval for seven new slot releases and witnessed a notable 55% monthly sales growth in its numbers game, WinGo, developed by Expanse Studios.
Strategically aligning with legislative and regulatory initiatives, MeridianBet formed partnerships with six new online gaming operators and engaged in 36 media partnerships for promotional purposes.
The company also solidified its position as a founding member of the European Organization for Gaming Law (EOGL), actively participating in industry discussions on legislative matters.
Currently present in 15 regulated gaming markets across Europe, Africa, and South America, MeridianBet eyes further expansion. Plans include entering the South African market in Q1 2024, following its successful establishment in Kenya, the largest African market.
In Latin America, MeridianBet has already initiated gaming and sports betting operations in Brazil, anticipating the approval of a Brazilian gaming license to fully unveil its platform in the region.
The anticipated approval in Brazil holds substantial significance, positioning MeridianBet to tap into the lucrative Brazilian market. Projections estimate revenue nearing $2 billion in 2024, with an anticipated annual growth rate of approximately 16.5% in the subsequent years.
Zoran Milosevic, CEO of MeridianBet Group, expressed enthusiasm about the company's performance and the forthcoming acquisition by Golden Matrix. He stated, "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."
As MeridianBet stands at the intersection of regulatory approval and corporate acquisition, the industry awaits the unfolding of these pivotal developments that are poised to reshape its trajectory in the coming years.