Meridianbet Granted South African Sports-Betting License

Meridianbet, sports betting and iGaming operator with a global presence in 18 markets of Europe, Africa and South America and part of the Golden Matrix Group (NASDAQ: GMGI) has been granted a sports-betting license in South Africa.

The Western Cape Gambling and Racing Board issued Meridianbet a Bookmaker License, a Bookmaker Premises License and a Manufacturer License.

These licenses will enable us to operate online sports betting across South Africa, showcasing the company’s regulatory compliance and fit-and-proper status within South Africa’s stringent licensing regime. The Manufacturer License also authorizes the company to license its proprietary sports betting software within the Western Cape region.

Expansion into South African Market

“We are thrilled to enter the South African market, and this new license presents a significant opportunity for us to continue to scale our operations,” said Zoran Milosevic, CEO of Meridianbet. “Expanding our reach into South Africa will provide new opportunities to grow our user base in an entirely new jurisdiction, underscoring our ongoing commitment to growing our industry-leading brands around the world.”

A Growing Market

The South African digital gambling market has exhibited significant recent growth, with total revenue projected to reach $828.50 million by the end of 2024, according to Statista. The market is expected to grow at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2029, resulting in a projected market volume of $1.1 billion.

Market Impact and Economic Contribution

This market expansion supports Meridianbet’s consistent operational growth and dedication to innovation within the global iGaming sector. The South African market is positioned as a significant player in the global landscape, with the sports-betting sector contributing significantly to the country’s economy, accounting for 50% of gross gambling revenue. In the 2023 fiscal year, gross gambling revenue (GGR) in South Africa totaled $2.42 billion, according to Moneyweb.

About Meridianbet

Founded in 2001, Meridianbet Group is a well-established online sports betting and gaming group operating in multiple jurisdictions across Europe, Africa, and South America. The Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, allowing it to operate in multiple countries and currencies with an omni-channel approach to markets, including retail, desktop online, and mobile.

For more information, visit https://ir.meridianbet.com.

Twitter – https://twitter.com/meridianbet_ofc

Contact: [email protected]