Golden Matrix Group, a prominent developer and licensor of online gaming platforms and content, has announced that its subsidiary, Meridianbet Group, has secured a sports betting license in South Africa. Meridianbet operates as both a B2B and B2C sports betting and gaming platform, regulated in numerous international markets.
The Western Cape Gambling and Racing Board awarded the licenses to Meridianbet, facilitating its entry into the South African market. Specifically, Meridianbet received a Bookmaker License (License No: 10193531-001), a Bookmaker Premises License (License No: 10193533-001), and a Manufacturer License (License No: 10193532-001).
These licenses authorize Meridianbet to conduct online sports betting operations across South Africa, signifying the company’s compliance with the country’s stringent regulatory standards. The Manufacturer License further permits Meridianbet to license its proprietary betting software within the Western Cape region.
Zoran Milosevic, CEO of Meridianbet, expressed his excitement about the expansion: “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. 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 Booming Market
The South African digital gambling market has been experiencing considerable growth. According to Statista, the market’s total revenue is expected to reach $828.50 million by the end of 2024. The market is anticipated to expand at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2029, culminating in a projected market volume of $1.1 billion.
Statista also reports that by the end of 2024, the United States is projected to lead the online gambling market with approximately $23 billion in revenue, positioning South Africa as a noteworthy player on the global stage, according to NewMediaWire via Yahoo Finance.
Moneyweb highlights the significant contribution of the sports-betting sector to South Africa’s economy, with sports betting accounting for 50% of the country’s gross gambling revenue. In the 2023 fiscal year, South Africa’s gross gambling revenue (GGR) reached $2.42 billion, underscoring the sector’s substantial economic impact.
This expansion aligns with Meridianbet’s strategy of sustained growth and innovation within the global iGaming industry. The burgeoning South African market is a pivotal addition to their international operations, enhancing their global footprint. Based in Las Vegas, Nevada, Golden Matrix Group completed the acquisition of MeridianBet, which operated in various markets across Europe, Africa, and Latin America. Founded in 2001, Meridianbet Group held licenses in 17 different jurisdictions around the world. Golden Matrix Group also manages MEXPLAY, a regulated online casino in Mexico.