Meridian Holdings Inc. is targeting growth through its online gaming platforms, gaming technology and digital game development operations, with expansion opportunities in Brazil, Mexico, Africa and North America.
The company combines business-to-business (B2B) services for gaming operators with its own consumer-facing betting and casino brands. Following the 2024 merger between Golden Matrix Group and MeridianBet, Meridian has expanded its operations and gained access to US capital markets to support its growth strategy.
Meridian’s B2B division, GMAG, provides the technology that online casinos need to operate, including platform infrastructure, payment systems, compliance tools, game aggregation and customer management software. Its platform allows operators to access games from multiple suppliers through a single integration, reducing the need to negotiate and connect with each developer individually.
GMAG generated US$14.5 million in revenue in 2025, with full-year revenue increasing by 16%. However, performance weakened during the year as competition increased and several major customers reduced their usage. Revenue fell by 21% in the second quarter and 18% in the third quarter. Meridian is investing in its product range to address these pressures.
Expanse Studios, the group’s in-house game developer, is another area of growth. It produces online slots, table games and crash games, adapting content for different markets. Its games can be distributed through GMAG’s existing network, giving the group greater control over distribution and reducing reliance on external aggregators.
Expanse reported a 282% increase in active players during 2025. In the fourth quarter, gross gaming revenue increased by 322% year on year, while overall revenue rose by 435%. Its games were available across 1,344 gaming sites by the end of the quarter, up 630% year on year.
Meridian also operates consumer-facing brands, led by MeridianBet, which offers online casinos, sports betting and retail betting services across Europe and Africa, as well as Brazil. The business generated US$124.6 million in revenue in 2025, accounting for 68% of group revenue. Its gross margin was 70%.
In the fourth quarter, MeridianBet revenue increased by 15% to US$35.2 million. New registrations rose by 63%, first-time depositors increased by 38.6%, and active players reached 341,000, up 28.8% year on year.
Mexplay provides further exposure to the Mexican online gaming market. During 2025, registrations increased by 84.5% to 162,000, first-time depositors rose by 74.2% to 15,700, and revenue grew by 51.9% to US$2.27 million. The business remains relatively small, but Meridian can use its existing technology, games and operating experience to support its development.
The group also owns RKings, a prize competition platform operating in the UK and Ireland, and an 80% interest in Classics for a Cause, an Australian competition business. Classics for a Cause generated US$8.7 million in revenue during 2025, while RKings reported US$9 million in third-quarter revenue, up 2% year on year.
Meridian Holdings plc (formally Golden Matrix Group Inc.) (Nasdaq:MRDN) positions itself as a leader in the iGaming technology space, offering casino, sportsbook, and competition products and combining cutting-edge solutions with a strong portfolio of partnerships to drive growth and innovation in the digital gaming market.
