Meridianbet Enters South Africa with Official Sports Betting Licence
Meridianbet, a subsidiary of Golden Matrix Group, has been granted a bookmaker licence by the Western Cape Gambling and Racing Board, as well as a bookmaker premises licence and a manufacturer licence. This move marks the company’s entry into South Africa.
Zoran Milosevic, CEO of Meridianbet stated that they are thrilled to enter the South African market with this new licence, which presents a significant opportunity for the company to continue to scale its operations. “Expanding our reach into South Africa will provide new opportunities to grow our user base in an entirely new jurisdiction, underscoring our ongoing commitment to growing our industry-leading brands around the world.” he added.
The South African digital gambling market has experienced significant growth in recent years, with total revenue estimated to reach $828.50m by the end of 2024 and a projected market volume of $1.1bn by 2029. Meridianbet South Africa
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The licences will enable Meridianbet to operate online sports betting across the region, showcasing its regulatory compliance within South Africa’s “stringent licensing regime”. The Manufacturer License also permits Meridianbet to licence its proprietary sports betting software within the Western Cape region.
Golden Matrix Group recently published its financial performance after acquiring Meridianbet earlier in the year.
According to the company’s pro forma financial statements filed with the US Securities and Exchange Commission (SEC), Golden Matrix’s pro forma combined financial results for fiscal 2023 showed total revenue of $137.17m, with a gross margin of 56.95%. Meridianbet South Africa
