Meridianbet expands into Nigeria with regulatory approval

Meridianbet, a subsidiary of Golden Matrix Group, Inc. (NASDAQ: GMGI), has officially launched its B2B operations in Nigeria after securing regulatory approval from the Lagos State Lotteries and Gaming Authority (LSLGA). This strategic move strengthens the company’s position in Africa’s gaming sector, leveraging its two decades of experience in regulated markets.

Strengthening Presence in Africa

The launch in Nigeria marks a significant milestone for Meridianbet as it continues expanding across high-growth gaming jurisdictions. Through its newly licensed local entity, Masterlive Network Limited, the company has obtained full authorization to provide B2B services, including sports betting and online casino solutions under License No: LSLGA/OP/OSB/MB041124.

Zoran Milosevic, CEO of Meridianbet, highlighted the importance of the Nigerian market, stating:

“Our expansion into Nigeria marks a significant step in our long-term strategy to deepen our presence in Africa’s most dynamic gaming markets. With a highly engaged player base and strong industry growth, Nigeria presents a major opportunity for our B2B model. We are committed to bringing our cutting-edge technology, AI-powered betting solutions, and localized expertise to drive long-term success for our partners in the region.”

AI-Driven Betting Innovation

As part of its Nigerian expansion, Meridianbet is introducing AI-powered technology, including its AI Sports Betting Recommender and AI Casino Recommender. These tools utilize real-time data and predictive analytics to personalize betting experiences, enhancing customer engagement and operator efficiency. The company has already successfully deployed similar innovations in other markets.

A Growing Market Opportunity

Nigeria’s gaming industry, valued at over $2 billion, continues to expand, with more than 60 million Nigerians actively engaging in betting. The country’s regulatory framework, overseen by LSLGA, provides a structured environment for licensed operators like Meridianbet to thrive. This expansion aligns with Golden Matrix Group’s broader global growth strategy, which has projected its full-year 2024 revenue at approximately $150 million.

Continued Global Expansion

Meridianbet’s entry into Nigeria follows its recent milestones, including becoming the official sponsor of the Maltese FA Cup in August 2024 and its expansion into the Brazilian market through a partnership with Integrity Compliance 360. The company also submitted a bid to enter Ontario’s gaming market in December.

Meanwhile, in related African gambling news, the Ghanaian Institute of Economic Affairs has raised concerns over the government’s proposed removal of the country’s 10% betting tax, sparking debate on the future of gaming taxation in the region.

With its latest move into Nigeria, Meridianbet continues to cement its reputation as a leading technology provider and betting operator across multiple continents, setting the stage for further expansion in emerging gaming markets.