Since the 2001 launch, an industry pioneer and a leading Southeast European online casino and sports betting operator MeridianBet Group has expanded operations across Europe, Africa, and Latin America to constantly increase the company’s value. Such a potential has been recognized by Golden Matrix Group, Las Vegas-based gaming technology company looking for the $30 million acquisition deal to be closed in the first quarter of 2024. Meridian Bet Group has released a respective update on its recent operations ahead of the pending acquisition by Golden Matrix Group.
Growing Revenues:
According to the press release, Meridian kept the revenue growing trend in 2023 to achieve a 25 % revenue growth over the prior year. This figure is compared to the 24 % revenue growth seen in 2022 to testify about almost the same annual growth rate achieved by the operator. Likewise, the company increased EBITDA by 10% and Net Profit by 6% to confirm the stable growth of its operations over the recent years.
According to the Group, the 2023 growth is mainly due to the introduction of new products and continued expansion across a number of regulated gaming markets. The press release indicates that Meridian’s proprietary gaming platform Atlas was successfully launched in around 40% of all the jurisdictions covered in 2023. The company reportedly had seven new slot releases completely approved by the respective markets. Also, the company’s vertical Expanse Studios launched a new numbers game WinGo to record a 55% monthly sales growth rate with the November figures hitting $2 million.
Legislative and Regulatory Role:
In the same year, Meridian partnered with six new online gaming operators and entered 36 partnerships with media outlets for promotional purposes. At the same time, the company reportedly reinforced its position of a founding member of the Brussels-based European Organization for Gaming Law (EOGL) through a continued involvement in legislative and regulatory discussions of the industry-leading organization.
According to the press release, the aforementioned activities have resulted in the current Meridian’s presence in 15 regulated gaming markets in Europe, Africa, and South America. The Group boasts the expansion to Kenya, the largest African market, and the possible addition of South Africa already in the first quarter of 2024. As for the Latin American market, Meridian has already established gaming and sports betting operations in Brazil and reportedly awaits the Brazilian gaming license approval to roll out its Brazilian platform. Such an approval will reportedly bring the company into the lucrative Brazilian market with revenue of almost $2 billion projected for 2024 and around 16.5% annual growth rate expected for the years to come.
MeridianBet Group’s CEO, Zoran Milosevic, reportedly commented: “We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets. We are especially excited about the recent legislation for Online Casino and Sportsbook in Brazil one of the worlds largest gambling markets. We look forward to the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, and how the combined company will offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide. The completion of this acquisition will drive long-term value for all our stakeholders as we benefit from economies of scale and from both companies’ historical revenue and profit growth.”