Golden Matrix subsidiary Meridianbet granted South African sports betting license

Golden Matrix Group has expanded its global footprint with a significant milestone: the granting of a sports-betting license in South Africa to its subsidiary, Meridianbet Group. The announcement, made today from their headquarters in Las Vegas, NV, marks Meridianbet’s entry into the South African market, a move facilitated by the Western Cape Gambling and Racing Board.

Meridianbet has received several key licenses from the board, including a Bookmaker License, a Bookmaker Premises License, and a Manufacturer License. These licenses authorize Meridianbet to conduct online sports betting nationwide and distribute its proprietary betting software within the Western Cape region, underscoring its compliance with South Africa's stringent regulatory standards.

CEO Zoran Milosevic expressed enthusiasm about the expansion, highlighting the strategic opportunity to enhance their market presence and user base in a new jurisdiction. The move into South Africa comes amid robust growth in the country's digital gambling sector, which is projected to exceed $828.50 million in revenue by the end of 2024, with further growth anticipated at a CAGR of 5.77% through 2029.

South Africa's sports-betting industry plays a pivotal role in the national economy, contributing significantly to gross gambling revenue. In the fiscal year 2023 alone, the sector generated $2.42 billion in revenue, affirming its economic significance.

Golden Matrix Group, renowned for its B2B and B2C gaming technologies, continues to strengthen its global presence with strategic acquisitions and expansions. The company's recent acquisition of Meridianbet enhances its position in Europe, Africa, and Latin America, aligning with its commitment to innovation and operational excellence in the iGaming sector.

Looking ahead, the South African market is poised to play a substantial role in the global online gambling landscape, positioning itself alongside major markets like the United States, which is expected to reach approximately $23 billion in revenue by the end of 2024.