Golden Matrix Group Inc. (NASDAQ: GMGI) has announced that its subsidiary, Meridian Gaming Brasil SPE LTDA (CNPJ: 56.195.600/0001-07), has successfully passed another crucial round of Brazil’s exclusive licensing process for sports betting and iGaming.
As one of only 89 companies selected at the Federal level, Meridian Gaming Brasil remains well-positioned to continue operating nationwide during the adaptation period, which extends until December 31, 2024.
This shortlist, released by the Brazilian Ministry of Finance, narrows the pool of companies eligible to operate in a market projected to reach around $2.2 billion in 2024. The Brazilian gambling industry is forecasted to generate $34 billion in sports betting turnover by 2028, with an onshore gross win of $2.8 billion, according to a report by the International Betting Integrity Association (IBIA).
This licensing process will grant GMGI’s subsidiary Meridianbet nationwide access to the Brazilian market, allowing the company to tap into the country’s rapidly expanding market and reach a diverse and eager audience.
Meridian Gaming Brasil’s proprietary platform, thoroughly tested for compliance, along with its robust marketing plans and responsible gambling standards and policies, have helped secure its place among the newly shortlisted operators.
Brian Goodman, CEO of Golden Matrix, commented, “Passing this additional round reaffirms Meridian Gaming Brasil’s technological and operational leadership in the rapidly evolving Brazilian market. With our state-of-the-art platform, comprehensive marketing strategies and unwavering focus on responsible gambling, we are well-equipped to capture significant market share in what is forecasted to become one of the world’s largest gaming markets.”
Meridianbet’s application includes both sports betting and iGaming under Brazil’s comprehensive licensing regime, positioning it as one of the few operators capable of offering a full suite of gaming experiences to Brazilian players.
