Golden Matrix Group Subsidiary Meridianbet Enters Final Phase of Brazil Licensing
Golden Matrix Group (NASDAQ: GMGI) announces that its subsidiary Meridianbet has received formal notice from Brazil's Ministry of Finance to proceed with the licensing process for operating in Brazil. The company has allocated funds for the licensing fee and will submit additional documentation, including proof of certification. Operations are expected to begin on January 1, 2025. This development marks a significant step in entering one of the world's most promising gaming markets, with Brazil being among the three most dynamic global growth markets. The company views this as a transformational opportunity for 2025.
Golden Matrix Group (NASDAQ: GMGI) annuncia che la sua filiale Meridianbet ha ricevuto una comunicazione formale dal Ministero delle Finanze del Brasile per procedere con il processo di licenza per operare in Brasile. L'azienda ha stanziato fondi per la tassa di licenza e presenterà ulteriore documentazione, comprensiva della prova di certificazione. Si prevede che le operazioni inizino il 1 gennaio 2025. Questo sviluppo rappresenta un passo significativo nell'ingresso in uno dei mercati di gioco più promettenti al mondo, con il Brasile che è tra i tre mercati globali in più rapida crescita. L'azienda considera questa un'opportunità trasformativa per il 2025.
Golden Matrix Group (NASDAQ: GMGI) anuncia que su subsidiaria Meridianbet ha recibido un aviso formal del Ministerio de Finanzas de Brasil para proceder con el proceso de licenciamiento para operar en Brasil. La empresa ha asignado fondos para la tarifa de licenciamiento y presentará documentación adicional, incluida la prueba de certificación. Se espera que las operaciones comiencen el 1 de enero de 2025. Este desarrollo marca un paso significativo para ingresar a uno de los mercados de juegos más prometedores del mundo, siendo Brasil uno de los tres mercados globales de crecimiento más dinámico. La empresa ve esto como una oportunidad transformadora para el 2025.
골든 매트릭스 그룹 (NASDAQ: GMGI)는 그 자회사 메리디안벳이 브라질 재무부로부터 브라질에서 운영하기 위한 라이선스 절차를 진행하라는 공식 통지를 받았다고 발표했습니다. 이 회사는 라이선스 수수료를 위한 자금을 할당했으며, 인증 증명서를 포함한 추가 문서를 제출할 것입니다. 운영은 2025년 1월 1일에 시작할 것으로 예상됩니다. 이번 개발은 세계에서 가장 유망한 게임 시장 중 하나에 진입하는 중요한 단계를 의미하며, 브라질은 세 개의 가장 역동적인 글로벌 성장 시장 중 하나입니다. 이 회사는 이를 2025년의 변혁적 기회로 보고 있습니다.
Golden Matrix Group (NASDAQ: GMGI) annonce que sa filiale Meridianbet a reçu une notification officielle du ministère des Finances du Brésil pour procéder à la démarche de licence afin d'opérer au Brésil. L'entreprise a alloué des fonds pour la taxe de licence et soumettra une documentation supplémentaire, y compris une preuve de certification. Les opérations devraient commencer le 1er janvier 2025. Ce développement marque une étape significative dans l'entrée sur l'un des marchés de jeux les plus prometteurs au monde, le Brésil figurant parmi les trois marchés de croissance les plus dynamiques au monde. L'entreprise considère cela comme une occasion transformative pour 2025.
Golden Matrix Group (NASDAQ: GMGI) gibt bekannt, dass ihre Tochtergesellschaft Meridianbet eine formelle Mitteilung des brasilianischen Finanzministeriums erhalten hat, um mit dem Lizenzierungsprozess für den Betrieb in Brasilien fortzufahren. Das Unternehmen hat Mittel für die Lizenzgebühr bereitgestellt und wird zusätzliche Unterlagen einreichen, einschließlich eines Nachweises über die Zertifizierung. Die Betriebe sollen am 1. Januar 2025 beginnen. Diese Entwicklung stellt einen wesentlichen Schritt dar, um in einen der vielversprechendsten Glücksspielmärkte der Welt einzutreten, wobei Brasilien zu den drei dynamischsten globalen Wachstumsmarkt gehört. Das Unternehmen sieht dies als eine transformierende Gelegenheit für 2025.
- Received regulatory approval to proceed with licensing in Brazil
- Ready to enter one of world's largest gaming markets
- Planned market entry date confirmed for January 1, 2025
- Funds already allocated for licensing payment
- None.
Insights
The Brazilian gaming market entry represents a significant expansion opportunity for GMGI. Brazil, with its population of over 200 million and growing middle class, is projected to become one of the largest regulated gaming markets globally. The timing of the license approval process, targeting a January 1, 2025 launch, positions Meridianbet as an early entrant in this nascent market.
The formal notice from Brazil's Ministry of Finance indicates GMGI has cleared major regulatory hurdles. This is particularly noteworthy as Brazil's gaming regulations are stringent and not all operators will receive approval. Early market entry typically provides competitive advantages in customer acquisition and brand establishment.
The company's readiness with allocated funds for the licensing fee demonstrates strong financial planning and commitment to the Brazilian expansion strategy. This market entry could significantly impact GMGI's revenue streams and market valuation, especially given Brazil's position as one of the top three global growth markets in online gaming.
LAS VEGAS, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a global developer, licensor, and operator of online gaming platforms, is pleased to announce that its subsidiary Meridianbet has received formal notice from Brazil's Ministry of Finance, through its Secretariat of Prizes and Betting (SPA) division, that it may proceed with the licensing process to operate in the country. This critical milestone affirms Meridianbet's compliance with Brazil's regulatory requirements and marks a significant step toward entering one of the world’s most promising gaming markets.
The notice enables the company to move forward with paying the licensing fee and submitting additional documentation, including proof of certification.
Meridianbet has already allocated the necessary funds to finalize the licensing payment and will now move forward with fulfilling all conditions to ensure its place on the list of licensed operators authorized to serve Brazilian customers beginning January 1, 2025.
“We are thrilled to be moving forward with an operating license in Brazil and are committed to swiftly meeting the final requirements set forth by the government,” said Brian Goodman, CEO of Golden Matrix Group. “The Brazilian market represents an extraordinary growth opportunity and a key milestone in our global expansion strategy. We are confident that entering the Brazilian market will lead to 2025 being a transformational year for the company as we establish a strong presence in one of three most dynamic global growth markets. This milestone reinforces our strategy of entering regions with high growth potential while continuing to deliver gaming experiences that set new quality standards for the industry.”
Golden Matrix Group is committed to maintaining the highest standards of compliance and innovation and intends to strengthen its presence in Brazil over the near and long term while continuing to deliver value to its stakeholders.
About Golden Matrix Group
Golden Matrix Group (GMGI), 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, while its B2C operations, through Meridianbet, provide sports betting and gaming services across 18 regulated jurisdictions globally. Golden Matrix is committed to delivering cutting-edge technology and innovation to its clients and customers. For more information, visit www.goldenmatrix.com
Connect with us
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About Meridianbet
Founded in 2001, Meridianbet Group is a well-established online sports betting and gaming group, licensed and currently operating in 18 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. The Company is part of the Golden Matrix Group (Nasdaq: GMGI).
For more information, visit https://ir.meridianbet.com
YouTube - https://www.youtube.com/@MeridianbetIR
Twitter - https://twitter.com/meridianbet_ofc
Email: ir@meridianbet.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.
ICR (United States):
Brett Milotte
Brett.Milotte@icrinc.com
Greg Michaels
Gregory.Michaels@icrinc.com
St Brides Partners (U.K.):
Ana Ribeiro
Ana@stbridespartners.co.uk
Charlotte Page
charlotte@stbridespartners.co.uk
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FAQ
When will Meridianbet start operations in Brazil under GMGI?
What is the current status of GMGI's Brazilian gaming license application?
Has GMGI secured funding for the Brazilian gaming license?
