Golden Matrix Group Reports Strong Q1 2025 Results; Meridianbet Delivers Solid Margins and Market Expansion
Golden Matrix Group Inc. (NASDAQ: GMGI), a global developer and operator of online gaming platforms across B2B and B2C segments, today announced financial and operational results for the first quarter ended March 31, 2025. The consolidated Q1 2025 results reflect continued revenue growth, strong gross margins across business units, strategic debt elimination, and enhanced operating efficiency across the Group.
Golden Matrix entered fiscal 2025 with a strengthened balance sheet and an expanding presence in regulated markets worldwide. Revenue for Q1 2025 reached $42.7 million, a 72% year-over-year increase, supported by diversified revenue streams from its six subsidiaries. Gross profit totaled $24.2 million, representing a consolidated gross margin of 57%.
Notably, the Group eliminated approximately $9.6 million in debt and converted $9.5 million in acquisition-related obligations into equity, improving its financial flexibility and long-term positioning.
Meridianbet Q1 2025 Results and Operational Performance
As part of the GMGI Group, Meridianbet continued to demonstrate operational strength and scalability in Q1 2025. The company reported a gross margin improvement to 72%, supported by expanded licensing coverage, disciplined market execution, and product innovation.
Meridianbet delivered strong operational performance in Q1 2025 as well, continuing to scale across regulated markets while deepening engagement with its core user base.
Key performance indicators reflected this momentum:
- New registrations rose 22%
- First-time deposits increased 56%
- Total deposits grew 12%
- Active users increased 7%, with rising spend per player in both sports and casino, supported by enhanced personalization and expanded content
Strategically, the company secured a permanent online betting license in Brazil, unlocking nationwide access in a $5.6 billion market through 2029, and launched fully licensed B2B operations in Nigeria, one of Africa’s most promising gaming economies. Meridianbet also renewed its 10-year online license in Serbia, reinforcing long-term stability in a mature core market. Beyond commercial performance, the company executed 56 community initiatives globally, ranging from responsible gambling education and health donations to sustainability programs and education access, further embedding its brand in the communities that drive long-term value.
Zoran Milosevic, CEO of Meridianbet, commented:
“Our Q1 results reflect continued progress in key regulated markets. We’re deepening user engagement and growing our footprint, while maintaining a strong focus on margin expansion and platform performance.”
About Meridianbet
Meridianbet remains a core engine of growth for GMGI, contributing materially to the Group’s performance while executing on a roadmap for geographic expansion and innovation across sports betting and iGaming.
Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a well-established online sports betting and gaming group, licensed and currently operating in 15 jurisdictions across Europe, Africa and South America. Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online and mobile.
