SBC News Voice of the Sports Betting Industry
MeridianBet has received full regulatory approval from the Lagos State Lotteries and Gaming Authority (LSLGA), enabling it to take a step further in its African expansion plans.
Tapping into Nigeria’s £1.5bn betting industry, the operator will now supply its offerings to players in the country via the company’s newly licensed local operation – Masterlive Network Limited.
The move follows 20 years of operations in the African continent by the Golden Matrix Group (GMGI) subsidiary. The company had already launched in Nigeria earlier this year, but is now able to expand its offering with the addition of B2B products.
Meridianbet CEO, Zoran Milosevic, commented: “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.”
According to Orange Business Intelligence Technology, more than 60 million Nigerian people now actively participate in gambling – contributing to one of the fastest-growing and dynamic industries in the continent.
Founded in 2001, Meridianbet is now licensed in 18 jurisdictions across Europe, Africa and South America. Like other operators, the GMG brand has taken note of the growing opportunities in Africa, both B2B and B2C.
“We are committed to bringing our cutting-edge technology, AI-powered betting solutions, and localised expertise to drive long-term success for our partners in the region,” Milosevic added.
In further detail on this, Meridianbet plans to introduce an AI Casino Recommender and AI Sports Betting Recommender to deliver customised betting experiences based on player behavior, real-time data and predictive analysis.
GMGI has just released a preliminary full-year 2024 revenue estimate of $150m, and expects to release its audited FY 2024 financial results in the coming days.
GMGI acquired Meridianbe back in April 2024 and not long after this, the company informed investors that the “global expansion of MeridianBet Group’s operations is well underway” in which it had already secured two new B2C licenses to operate in South Africa and Peru.
In another leap for MeridianBet, at the start of this year the operator became one of 68 businesses to receive approval in the newly launched Brazilian market. To do so, the operator had to complete an upfront payment of a R$30 million concession fee to secure its Bets license.
