Golden Matrix Group Advances U.S. iGaming Expansion with New Jersey License Application

Golden Matrix Group, a leading international developer and licensor of online gaming platforms, systems, and content, has announced significant progress in its expansion strategy, particularly regarding its anticipated entry into the U.S. iGaming market. The company’s subsidiary, Expanse Studios, which specializes in the production and distribution of iGaming content, is currently in the process of applying for a New Jersey Casino Service Industry Enterprise license.

This strategic move is a critical step for Golden Matrix Group as it seeks to solidify its presence in the U.S. market. The company has already initiated discussions with several licensed gaming operators in New Jersey. Upon successful completion of the licensing process and receipt of the necessary approvals, Golden Matrix Group plans to serve as a B2B provider of its proprietary Expanse Studios iGaming content to fully regulated and licensed online casino and sportsbook operators within the state.

Golden Matrix Group’s application for a New Jersey gaming license represents a broader strategy to expand its operations in the United States. The company intends to build on this initial foray by applying for additional licenses and establishing operator agreements in other states where iGaming has been regulated. This phased approach is designed to gradually increase Golden Matrix Group’s footprint in the competitive U.S. market.

In addition to its U.S. ambitions, Golden Matrix Group is actively pursuing growth in other key international markets. Expanse Studios, the company’s wholly owned division, has secured an iGaming license for the Bulgarian market and is currently seeking licenses in Croatia and Romania. These efforts aim to further enhance Expanse Studios’ presence within Europe.

Moreover, Golden Matrix Group is focusing on expanding the reach of its recently acquired subsidiary, Meridianbet, into critical markets such as Brazil, Peru, and South Africa. Meridianbet is particularly poised for success in Brazil, where it is one of the select global operators with a pending federal license. Brazil’s iGaming market is projected to grow to approximately $20 billion by 2025, with an estimated player base of 106 million. The licensing process in Brazil is expected to be completed by the end of December 2024, positioning Meridianbet to capitalize on this rapidly expanding market.

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As part of its ongoing commitment to enhancing shareholder value, Golden Matrix Group has also recently introduced a stock repurchase program. The company has committed to buying back up to $5 million of its common stock, signaling confidence in its growth prospects and financial stability.

With these strategic moves, Golden Matrix Group is positioning itself as a formidable player in both the U.S. and global iGaming markets. The company’s focus on securing key licenses, expanding its product offerings, and deepening its presence in emerging markets underscores its long-term growth strategy.

Source:

Golden Matrix Group Provides Update on Entering U.S. Market and Expansion Into Additional European Markets, August 29, 2024.