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Golden Matrix Signs Agreement to Acquire MeridianBet Group
Golden Matrix Group, Inc., developer, licensor and global operator of online gaming and eCommerce platforms, systems, and gaming content, and MeridianBet Group, Southeast Europe’s leading business-to-consumer (B2C) sports betting and gaming group with headquarters in Malta, operating in multiple markets across Europe, Africa, and Latin America, today announced that GMGI has entered into a definitive acquisition agreement pursuant to which it has agreed to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million (the “Acquisition”).
The acquisition, when completed, will provide GMGI access to new and fast growing regulated B2C markets that have experienced double digit compound annual growth rates (CAGRs) since 2020[i], supported by a network of over 1,100 highly skilled MerdianBet professionals. The acquisition is expected to close in the first half of 2023, subject to customary conditions to closing, including GMGI raising required funding, completion of due diligence, GMGI shareholder approval, and regulatory approvals. The combined pro forma revenues of both companies are expected to be greater than $100 million in FY2022, with an EBITDA estimated to be greater than $22 million for the pro forma year ended 31 October, 2022, making the combination financially appealing and earnings-accretive.
Both companies plan to continue operating under their respective brands.
Transaction Highlights
- Creation of a combined group of profitable and cash positive companies, with enhanced buying power.
- Access to new markets globally.
- Increased competitive edge supporting over 600 third party casino brands on combined proprietary platforms and over 3.5 million registered retail customers in the B2C facing businesses.
- Following the acquisition, GMGI expects to be positioned for growth, both organically and through further acquisitions, and through supported proprietary technology solutions across retail and online.
- Following the acquisition, GMGI expects that synergetic growth opportunities will exist in core markets through the strong MeridianBet brand and growth prospects of other GMGI B2C brands and market entries.
Rationale for the Planned Acquisition
MeridianBet Group with a strong B2C presence in European, Latin America (LATAM), and African sports betting markets – and over 38% year-on-year revenue growth, Fiscal Year 2022 over 2021 – combined with Golden Matrix’s B2B gaming platforms supporting over 6.8 million registered users is expected to result in complementary aspects of the business and a significant increase in market share for both companies.
As a Nasdaq company, Golden Matrix has been seeking opportunities to grow and expand in a strategic and sustainable way. The acquisition of MeridianBet presents a unique opportunity for GMGI to achieve this growth while also gaining access to new markets and resources. Additionally, MeridianBet is a profitable and unique company, which is expected to bring valuable expertise and assets to the combined entity. Overall, the acquisition of MeridianBet is anticipated to bring significant benefits to GMGI from both a financial and operational standpoint, and GMGI’s management team is confident it will drive long-term value for shareholders.
Brian Goodman, CEO of Golden Matrix:
“We are thrilled to announce our entry into a purchase agreement with the shareholders of MeridianBet Group. 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. MeridianBet Group appealed to us with its proven business model that emphasizes 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. MeridianBet Group’s regional market strength, brand awareness and proprietary technology solutions across the enlarged group are also expected to further accelerate our growth and expansion into new territories.”
Commenting on the Acquisition, Zoran Milosevic, Chief Executive Officer of MeridianBet Group said:
“Today marks a major milestone for MeridianBet Group and its employees. 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. 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 Goodman as we conclude the acquisition. I would like to take this opportunity to express my gratitude to Brian for his hard work and determination, in what has been a testing global macro economic environment for all. I thank the entire GMGI and MeridianBet team for their dedication and commitment to finalize this agreement. We are excited about the many opportunities we can pursue together in the years ahead, and we look forward to updating shareholders and employees on our progress and working towards closing the acquisition and continuing as a combined group.”
Terms of the Acquisition
The purchase price payable to MeridianBet Group shareholders will be satisfied by the issuance to MeridianBet stockholders of approximately 65.3 million common shares of GMGI, based on an agreed price of $3.50 per share, and $70 million in cash. Upon closing of the acquisition, the MeridianBet Group of companies will become wholly-owned subsidiaries of GMGI. The acquisition agreement has been approved by the Board of Directors of each company.
“From the perspective of MeridianBet Group,” added Mr. Milosevic, “the strategic rationale behind the deal and becoming part of a Nasdaq-listed company is to be more competitive and successful in Brazil, the United States and other large markets – where market entry for private companies is more challenging. We are confident the best days of sports betting and online casinos are yet to come, with gaming regulation rolling out globally, creating opportunities for us to expand into these emerging markets.”
No change in the Company’s name is planned in connection with the acquisition, and the Board structure is expected to remain the same, with the sole exception being Mr. William Scott joining as Chairman of the Board. Mr Scott is a seasoned veteran in the regulated gaming industry and is currently an advisor to MeridianBet Group.
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Spinosaurus – The Thrilling New Slot Game from PopOK Gaming
PopOK Gaming is thrilled to announce the release of its newest slot game, Spinosaurus – a captivating 3×5 slot that transports players back to the thrilling age of dinosaurs!
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In the Bonus Game, players encounter the fierce Spinosaurus, spinning for multipliers, free spins, and other exciting rewards. For those eager to jump straight into the action, the Buy Bonus feature lets players skip right into the heart of the adventure for even more fun and potential rewards.
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- Provider: PopOK Gaming
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- Category: Video Slot
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The post Spinosaurus – The Thrilling New Slot Game from PopOK Gaming appeared first on European Gaming Industry News.
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Evoplay expands Italian footprint through strategic partnership with Domusbet
Evoplay, the award-winning game development studio, has taken its content live with Domusbet, further strengthening its presence in the Italian market.
The integration features 32 of Evoplay’s premium slot titles, including Budai Reels Bonus Buy, Hot Volcano, and The Greatest Catch Bonus Buy that have proven popular with local players.
Renowned for its innovative approach, Evoplay’s titles aim to enhance player retention and engagement, providing a distinct competitive advantage to operator partners in the Italian market.
Domusbet offers a premium online casino in Italy and with a growing customer base, the collaboration sees Evoplay reach a new audience in the country where it has been live for several years.
The partnership reaffirms Evoplay’s commitment to becoming a leading supplier to the global iGaming industry and follows a number of prominent commercial deals that have seen the studio expand its reach in key markets.
Ihor Zarechnyi, CBDO at Evoplay, said: “Partnering with Domusbet is an exciting opportunity for Evoplay as we expand in Italy.
“Domusbet shares our commitment to quality and player satisfaction, making this a natural fit. We’re delighted to bring our games to a new audience and look forward to a successful collaboration.”
Francesco Di Paola, President of Domusbet, added: “We are excited to bring Evoplay’s cutting-edge games to our online casino.
“This collaboration reflects Domusbet’s commitment to providing our players with top-quality entertainment and an innovative gaming experience. With Evoplay’s popular titles now available, we’re confident our players will find a new level of engagement and excitement on Domusbet.”
The post Evoplay expands Italian footprint through strategic partnership with Domusbet appeared first on European Gaming Industry News.
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FBMDS present in SiGMA Europe Malta 2024 in full force
FBMDS, the global leader in video bingo and a driving force in the online casino gaming industry, is proud to announce its sponsorship of SiGMA Europe Malta 2024, from November 11th to the 14th. As the company continues to expand its influence within the iGaming space, it will participate in high-level discussions that shape the future of the industry, with a particular focus on niche gaming markets.
FBMDS’ presence at SiGMA Europe underscores its ongoing leadership not only in video bingo but across the broader online casino market. With a portfolio that blends cutting-edge content and an unwavering focus on player experience, FBMDS has set a high bar in niche gaming, particularly in emerging markets.
This year, FBMDS is excited to be featured in the panel discussion titled “Niche Gaming: Driving Growth in Emerging Casino Markets”, led by Mariana Tostes, Head of Operations at FBMDS. The session will delve into the growing significance of niche markets within the iGaming industry, exploring how strategic product development and market research can unlock new growth opportunities for operators worldwide.
FBMDS’ sponsorship and active involvement in panel discussions reflect its focus on networking and fostering meaningful business relationships, as the company is committed to discussing growth strategies and disruptive approaches that can enhance operators’ portfolios and drive success in the increasingly competitive iGaming landscape.
Engaging business offer to unravel at SiGMA Europe Malta
The FBMDS team will be available for one-on-one meetings throughout the SiGMA Europe Malta 2024 event, offering attendees the opportunity to explore how FBMDS’ extensive range of gaming offerings can support their business goals.
The brand’s latest additions to its portfolio reflect the company’s goal to delivering high-quality, player-focused content tailored to specific market needs. Its new Infinity Series, a revolutionary collection of video bingo games designed to elevate the player experience, along with the launch of Sapphire Fever, further reinforces FBMDS’ standing as a leader in immersive video bingo, combining premium visuals with seamless game dynamics.
In addition to its video bingo popularity, FBMDS continues to drive innovation in other gaming segments. Recent launches, such as Ronaldinho Crash and Champion Tales, have captivated crash game enthusiasts with dynamic and thrilling gameplay. Meanwhile, the Safe Blaster slot game introduces an exciting, high-energy slot experience to the market, adding to FBMDS’ growing reputation for diverse and engaging casino products.
With a reputation for understanding niche markets and delivering customer-centric solutions, FBMDS is keen to collaborate with operators looking to differentiate themselves in the iGaming sector. If you wish to discover more about FBMDS online casino gaming world, don’t hesitate to book a meeting with our experts!
The post FBMDS present in SiGMA Europe Malta 2024 in full force appeared first on European Gaming Industry News.
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