The Arizona Department of Gaming (“ADG”) has taken action against an overseas gaming company in Curaçao that is allegedly operating illegal online gaming sites, Bovada.com and Bovada.lv (Bovada), accessible to Arizona residents. Following an investigation into the matter, the ADG sent a cease-and-desist letter to Harp Media B.V., which operates Bovada, on November 8, 2024.

The operation of Bovada in Arizona is alleged to be a felony criminal enterprise and Bovada has been directed to desist from any future illegal gambling operations or activities of any type in Arizona. Due to the unregulated and illegal online gaming offerings on Bovada, Harp Media B.V. is claimed to be in violation of Arizona gaming laws, including:

1. Promotion of Gambling (Felony) — Ariz. Rev. Stat. Ann. § 13-3303.
2. Illegal Control of an Enterprise (Felony) — Ariz. Rev. Stat. Ann. § 13-2312.
3. Money Laundering (Felony) — Ariz. Rev. Stat. Ann. § 13-2317.

Harp Media B.V. has been directed to immediately cease all online (or other) gambling operations and activities in Arizona, and take the necessary steps to immediately prevent and exclude Arizona residents from gambling on their websites.

“We are actively monitoring the evolving landscape of online gaming and taking proactive steps like this helps us protect Arizona’s communities and economy from illegal activities,” said Jackie Johnson, Director of the ADG. “Our enforcement team is committed to preventing unauthorized operations from establishing a foothold here. Arizona will not be a safe haven for unlicensed or unlawful gaming, nor will we allow unlawful entities to compromise the integrity of gaming within our state.”

In light of these developments, the Arizona Department of Gaming urges residents to exercise caution with online gaming activities. Only legal, regulated operations provide important consumer protections not found in the illegal market, helping ensure a safer experience for participants. Certain online event wagering is legal in Arizona. A list of all licensed and regulated event wagering operators legally taking bets in Arizona can be found on the Department’s website at gaming.az.gov.

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Golden Matrix Group, Inc. (Nasdaq: GMGI) is pleased to announce that its subsidiary Meridianbet has received formal notice from Brazil’s Ministry of Finance, through its Secretariat of Prizes and Betting (SPA) division, that it may proceed with the licensing process to operate in the country. This critical milestone affirms Meridianbet’s compliance with Brazil’s regulatory requirements and marks a significant step toward entering one of the world’s most promising gaming markets.

The notice enables the company to move forward with paying the licensing fee and submitting additional documentation, including proof of certification.

Meridianbet has already allocated the necessary funds to finalize the licensing payment and will now move forward with fulfilling all conditions to ensure its place on the list of licensed operators authorized to serve Brazilian customers beginning January 1, 2025.

“We are thrilled to be moving forward with an operating license in Brazil and are committed to swiftly meeting the final requirements set forth by the government,” said Brian Goodman, CEO of Golden Matrix Group. “The Brazilian market represents an extraordinary growth opportunity and a key milestone in our global expansion strategy. We are confident that entering the Brazilian market will lead to2025 being a transformational year for the company as we establish a strong presence in one of three most dynamic global growth markets. This milestone reinforces our strategy of entering regions with high growth potential while continuing to deliver gaming experiences that set new quality standards for the industry.”

Golden Matrix is committed to maintaining the highest standards of compliance and innovation, and intends to strengthen its presence in Brazil over the near and long term while continuing to deliver value to its stakeholders.

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