Golden Matrix Comments on Meridianbet’s Unmatched Betting Experience for NCAA Basketball Fans
Golden Matrix Group (GMGI) announced the acquisition of Meridianbet Group for approximately $300 million in cash and stock. Meridianbet has emerged as a top provider of sports betting options, offering extensive betting choices during NCAA March Madness in over 15 jurisdictions globally. The acquisition is anticipated to enhance GMGI's revenue and profitability, significantly expanding its global reach. The deal is expected to close in the first half of 2023, pending regulatory and shareholder approvals and necessary funding. Meridianbet operates in multiple markets, showcasing a successful business model and a strong operational presence.
- Acquisition of Meridianbet valued at $300 million expected to enhance revenue and profitability.
- Meridianbet's strong performance during NCAA March Madness indicates robust market presence.
- Expansion into over 15 jurisdictions globally enhances GMGI's footprint.
- Subject to regulatory and shareholder approval, which may not be guaranteed.
- Potential dilution of shares due to funding requirements for the acquisition.
LAS VEGAS, NV, March 22, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Golden Matrix Group Inc. (NASDAQ:GMGI), developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today said that Meridianbet, one of Europe’s leading European sports betting operators, has been offering “unparalleled betting options” throughout the NCAA March Madness in over 15 jurisdictions worldwide, with more than 200 odds per game, and at highly competitive odds compared to US-based sportsbooks.
On January 12, 2023, Golden Matrix announced it had entered into a definitive agreement to acquire Meridianbet Group and its related companies in a cash and stock transaction valued at approximately
Meridianbet understands that variety is essential, which is why the company offers a vast array of betting options for NCAA March Madness. From predicting the winner of each game to betting on total points, rebounds or assists, there is something for everyone. Meridianbet also provides expert analysis to help bettors make informed decisions and offers unique betting options to cater to all preferences.
“We are excited that Meridianbet has become one of the best providers of sports betting options for major events, first with the Super Bowl and now March Madness,” said Golden Matrix CEO Brian Goodman. “It is yet another indication of how popular and successful Meridianbet has become with its online sportsbook and online casino operations in multiple jurisdictions. Once completed, our acquisition of Meridianbet will greatly expand GMGI’s global footprint and have a significant positive impact on both revenues and profitability.”
The acquisition is expected to close in the first half of 2023, subject to customary conditions to closing, including GMGI raising required funding, completion of due diligence, GMGI shareholder approval, and regulatory approvals.
About Meridianbet
Established in 2001, Meridianbet Group is a leading online sports betting and gaming group, licensed and operating in more than 15 jurisdictions across Europe, Africa, and South America. The Meridianbet Group's successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile.
For more information, visit https://ir.meridianbet.com.
Twitter - https://twitter.com/meridianbet_ofc
Contact: ir@meridianbet.com
Disclaimer: Sports betting services are not legal in all locations. Gamblers must comply with applicable laws and regulations where they reside.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary 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.
Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
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 parties to close the Meridian Bet Purchase Agreement (the “Purchase Agreement”) on the terms set forth in, and pursuant to the required timing set forth in, the Purchase Agreement, if at all; the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the shareholders of MeridianBet Group or GMGI (collectively, the “Purchase Agreement Parties”) to terminate the Purchase Agreement; the effect of such termination, including breakup and other fees potentially payable in connection therewith; the outcome of any legal proceedings that may be instituted against Purchase Agreement Parties or their respective directors or officers; the ability to obtain regulatory and other approvals and meet other closing conditions to the Purchase Agreement on a timely basis or at all, including the risk that regulatory and other approvals required for the Purchase
Agreement are not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or the expected benefits of the transaction; the ability of GMGI to obtain the funding required to complete such acquisition, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; the ability to obtain approval by GMGI’s shareholders on the expected schedule of the transactions contemplated by the Purchase Agreement; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Purchase Agreement; the ability of GMGI to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; the expected synergistic relationships and cost savings from the transactions contemplated by the Purchase Agreement; uncertainty as to the long-term value of the common stock of GMGI following the closing of the Purchase Agreement; the business, economic and political conditions in the markets in which the Purchase Agreement Parties operate; the impact of the COVID-19 pandemic on GMGI; the effect on GMGI and its operations of the ongoing Ukraine/Russia conflict, increased interest rates, recessions and increased inflation; the need for additional financing, the terms of such financing and the availability of such financing; the ability of GMGI and/or its subsidiaries to obtain additional gaming licenses; the ability of GMGI to manage growth; GMGI’s ability to complete acquisitions and the available funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock and/or acquisitions; GMGI’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; GMGI’s expectations for future growth, revenues, and profitability; GMGI’s expectations regarding future plans and timing thereof; GMGI’s reliance on its management; the fact that GMGI’s chief executive officer has voting control over GMGI; 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 increases in the cost of capital, related thereto, among other affects thereof, on GMGI’s operations and prospects; GMGI’s ability to protect proprietary information; the ability of GMGI to compete in its market; GMGI’s prior lack of effective internal controls; dilution caused by efforts to obtain additional financing; the effect of current and future regulation, GMGI’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 GMGI’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 GMGI’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 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 GMGI’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 GMGI’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, GMGI’s Annual Report on Form 10-K for the year ended October 31, 2022 and its Quarterly Report on Form 10-Q for the quarter ended January 31, 2023. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important factors is not complete, and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to GMGI or any person acting on behalf of any Purchase Agreement Parties are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on GMGI’s future results. The forward-looking statements included in this press release are made only as of the date hereof. GMGI cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, GMGI undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by GMGI. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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FAQ
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