LAS VEGAS, NEVADA - February 20, 2025 (NEWMEDIAWIRE) - Golden Matrix Group, Inc. (Nasdaq: GMGI) (“Golden Matrix Group” or the “Company”), a leading provider of innovative gaming and technology solutions, today announced its subsidiary, Meridianbet, has secured a 10-year renewal for its online gaming license in Serbia. The renewal reinforces the Company’s long-term operational stability in the region, ensures uninterrupted operations and provides an additional 10 years of revenue-stream reliability. The reissuance makes Meridianbet one of the first operators to be granted a license renewal.
The long-term extension of the Serbian license involved an extensive due diligence process including financial, compliance, operational and software licensing assessments by the Games of Chance Administration under the Serbian Ministry of Finance. Meridianbet cleared the due diligence process without any additional checks or questions.
“This license renewal strengthens GMGI’s position as a leading global iGaming company while reaffirming its commitment to function within the highest regulatory, governance and compliance standards across the many jurisdictions in which the Company operates,” said Brian Goodman, CEO of Golden Matrix Group. “The renewal will enable us to offer Serbian users our multitude of new product innovations, forward-thinking AI technology and stellar operational efficiency.”
Zoran Milošević, CEO of Meridianbet, commented, “Serbia is a key legacy market for Golden Matrix Group, an established leader in the country’s iGaming sector. GMGI’s continued operations in the country align with its AI-driven expansion and retail network consolidation in Europe and around the world."
Serbia is one of the oldest regulated online gaming and sports-betting markets in Europe and has been significantly regulated since 2004. According to Statista, revenue in Serbia’s gambling market is projected to reach more than $526 million in 2025[1].
[1] https://www.statista.com/outlook/amo/gambling/serbia
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 19 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
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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 19 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.
Media and Investor Contacts
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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