Golden Matrix to enter B2C with $300m MeridianBet acquisition

Under the agreement, which has been approved by the board of directors of each business, the MeridianBet group of companies will become wholly owned subsidiaries of Golden Matrix.

The deal, Golden Matrix said, would provide it with access to new and fast growing regulated B2C markets, while also creating a combined group of profitable and cash positive companies.

Following the acquisition, Golden Matrix said it expects to be positioned for growth, both organically and through further acquisitions, with synergetic growth opportunities in core markets via the MeridianBet brand and other GMGI B2C brands and market entries. 


Headquartered in Malta, MeridianBet operates in a number of markets across Europe, Africa and Latin America. Combined revenue of the two business is expected be in excess of $100.0m in the 2022 financial year, while EBITDA is estimated to be greater than $22.0m. 

Both businesses plan to continue operating under their respective brands, while the board structure is expected to remain the same, with the exception of William Scott, currently an advisor to MeridianBet, joining as chairman of the board. 

Golden Matrix funding

Golden Matrix will fund the deal by issuing 65.3 million in common shares to MeridianBet stockholders, as well paying $70.0m in cash. 

The deal is expected to complete during the first half of 2023, subject to customary closing conditions including Golden Matrix raising the required funding, due diligence, shareholder approval and regulatory approvals.

“We believe that this acquisition will provide us entry into a well-established and highly scalable B2C vertical in new markets outside of our core markets,’ Golden Matrix chief executive Brian Goodman said. “MeridianBet Group appealed to us with its proven business model that emphasises organic growth, resilience to external economic factors, and exceptional products and technology. 

“We are pleased to be on the path to completing this acquisition and look forward to strengthening and growing our position in the global online betting and gaming industry, expanding into new regulated markets, and maintaining our ongoing drive to scale the business as a whole at a rapid growth rate.”

Golden Matrix trades on the Nasdaq Mapital market. MeridianBet chief executive Zoran Milosevic said being part of a public company should help the business expand.

“As a public company traded on Nasdaq, in synergy with Golden Matrix, we expect to set an industry standard when it comes to worldwide gaming platforms and to be in an even stronger position to deliver on our aggressive growth strategy and expand into new markets, including Brazil and the US, he said

“Our brands, which are well known among worldwide online betting and gaming communities, are stronger together; and I am looking forward to working closely with Brian as we conclude the acquisition.”

Golden Matrix RKings acquisition

The deal comes after Golden Matrix in November also acquired the remaining 20% interest in UK-based prize draws brand RKings. The developer acquired the majority of RKings in November 2021 and said that the deal had a positive impact on its performance during both the first and second quarters of its 2022 financial year.

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