‘Transformational’ change backed as GMG completes MeridianBet deal

Golden Matrix Group has completed its acquisition of MeridianBet Group.

The deal combines the two companies’ B2B and B2C casino, sports betting and tournament platforms into a global enterprise.

The acquisition was approved at GMG’s special meeting on March 19 by the company’s board of directors and shareholders, and means the combined businesses will operate in 17 countries across four continents.

Golden Matrix CEO Brian Goodman backed the deal to inspire a “fundamental, as well as a transformational, change for our rapidly growing company.”

“The consolidated businesses are expected to deliver significant increases in both revenues and profitability; and we believe we are now well positioned to continue our growth trajectory and deliver incremental value to all our stakeholders,” he added.

The acquisition was first announced in January 2023, but a series of delays and amendments pushed the completion date back.

One such amendment has allowed GMG to use up to US$20m of cash-on-hand of MeridianBet to pay a portion of the $30m due on completion.

That $30m figure had originally been $50m but was scaled down.

GMG said the common stock of the combined company will continue trading on The Nasdaq Capital Market under the ticker symbol GMGI.

In March, GMG posted record quarterly revenue in Q1 totalling $11.84m and rising 10 per cent on Q1 2023.