Meridianbet, a subsidiary of Golden Matrix Group, Inc. (NASDAQ:GMGI), has taken a decisive step in expanding its B2B operations by entering Nigeria’s highly lucrative and fast-growing betting market. This move cements the company’s 20-year presence across Africa, bringing its proven expertise in regulated markets to one of the continent’s most promising gaming landscapes.
Operating through its fully licensed local entity, Masterlive Network Limited, Meridianbet has secured approval from the Lagos State Lotteries and Gaming Authority (LSLGA) under License No: LSLGA/OP/OSB/MB041124. This regulatory green light allows the company to offer its advanced sports betting and online casino solutions, reinforcing its commitment to compliance and responsible gaming in Nigeria.
The launch of Meridianbet.ng aligns with the company’s strategic vision of tapping into Nigeria’s $2 billion betting industry. Market research by Orange Business Intelligence Technology highlights that over 60 million Nigerians actively engage in betting, making it one of Africa’s most dynamic industries. By leveraging its cutting-edge AI-powered betting solutions and deep market expertise, Meridianbet is poised to set a new benchmark for quality and innovation in the Nigerian market.
CEO Zoran Milosevic underscored the significance of this expansion, stating, “Nigeria represents a major milestone in our long-term strategy to grow in Africa’s most dynamic gaming hubs. With a passionate player base and strong market momentum, we are confident that our B2B model will deliver unmatched value, technological innovation, and long-term success for our partners in the region.”
Golden Matrix Group’s financial outlook for FY 2024 further reinforces investor confidence. The company has projected full-year revenues of $150 million, signaling a sustained growth trajectory. With the Nigerian market offering a substantial avenue for expansion, GMGI is strategically positioned to capitalise on the anticipated surge in gaming revenues, expected to exceed $4.7 billion in the next decade. Football remains the dominant force driving market expansion, with millions of bettors engaging in online and offline wagering.
Meridianbet’s expertise in providing scalable and adaptable technology solutions will be instrumental in shaping Nigeria’s gaming industry. By delivering high-performance gaming content and platform services to local operators, the company is laying the foundation for sustained success. With operations spanning 18 markets across Europe, Africa, and Latin America, Meridianbet continues to strengthen its global presence, reinforcing its reputation as a trusted leader in the gaming technology space.
Early results from the soft launch of Meridianbet.ng indicate strong partner engagement and positive customer feedback, further validating the company’s strategic vision. As Meridianbet continues to scale its operations in Nigeria, it is well-positioned to redefine the gaming experience, drive local industry growth, and deliver sustained value to investors.
