SBC News MeridianBet makeover sees GMGI top $39m revenues

MeridianBet makeover sees GMGI top $39m revenues

Golden Matrix Group Inc (GMGI) has underscored its corporate transformation, boosted by the acquisition of MeridianBet Group, a deal completed in April 2024.

The Nasdaq-listed technology group issued a ‘preliminary notice’, forecasting its corporate revenues to top $39m for Q2 trading (period ending 30 June).

Of significance, period trading saw GMGI align MeridianBet’s financial results with its fiscal calendar, reporting for “the first time on consolidated revenues of the combined company.”

In January, GMGI agreed terms to acquire EMEA and South American markets betting group MeridianBet for €275m ($300m). Completed in April, the deal saw GMGI launch its B2C unit that will be led by MeridianBet’s expansion into new markets.

CEO Brian Goodman commented: “Our acquisition of MeridianBet Group is off to a great start, with this strong initial quarter and expectations for continued growth of revenues and profits for the foreseeable future.”

In South America, MeridianBet’s sportsbook offering in Brazil outperformed corporate expectations as “wagering reached $14.7m” – with volume tracking 13% above Q1 results and carrying expectations of further exponential growth.

Moving forward, GMGI informed investors that the “global expansion of MeridianBet Group’s operations is well underway” in which it has secured two new B2C licenses to operate in South Africa and Peru.

Of strategic relevance, MeridianBet’s expansion into new markets has been backed by company founder Aleksandar Milovanović, the largest shareholder of GMGI.

Finalising the acquisition of MeridianBet, Milovanović converted $4m of deferred debt into shares of common stock at a conversion price of $3 per share – citing strong confidence in GMGI ambitions and ongoing performance.

Goodman concluded: “We plan to continue to work to strengthen our business-to-business (B2B) and business-to-consumer (B2C) segments worldwide, and we are currently evaluating acquisition opportunities which we hope will further boost our strong core business growth and overall financial performance.”

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