Golden Matrix seeks approval for an Ontario iGaming license.

December 18, 2024

Author: Maria Dimitrova

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Golden Matrix Group has applied for a B2B gaming license to enable its Expanse Studios subsidiary to enter the Ontario market, describing the move as a “pivotal step” in its international growth strategy.

Based in Las Vegas, Golden Matrix operates as both a B2B and B2C gaming technology provider across multiple global markets. Its B2B segment develops and licenses proprietary gaming platforms to an extensive network of clients, while its B2C division, including the Meridianbet brand, runs regulated online sports betting and gaming platforms.

Expanse Studios, launched earlier this year, is already active in over 50 regulated gaming markets and offers a diverse range of games, including slots, table games, crash games, and social casino options. The Ontario expansion represents a strategic opportunity for Expanse to showcase its premium gaming experiences in one of North America’s largest online casino markets.

“Completing the filing process is a critical milestone in our journey to bring Expanse Studios to Ontario,” said Damjan Stamenkovic, CEO of Expanse Studios. “This achievement highlights our dedication to operating in the world’s largest and most regulated markets while delivering top-tier gaming content. We’re optimistic about Ontario’s potential and confident in our ability to contribute to its thriving iGaming ecosystem.”

Ontario: A Long-Term Objective

Golden Matrix has long identified Ontario as a key market, highlighting Canadian expansion as part of its North American strategy as early as January 2023.

In its announcement of the license application, the company noted that Ontario’s licensing process typically takes six to 12 months and does not guarantee approval. Despite competition from established operators, Golden Matrix sees significant revenue potential in entering this market.

The application process was supported by Canadian legal and regulatory firm Segev LLP.

“Expanse Studios continues to stand out with its innovative gaming approach and unwavering commitment to regulatory compliance,” said Alon Segev, Managing Partner at Segev LLP. “We’re proud to assist them in this important step and look forward to seeing their contributions to Ontario’s iGaming market.”

Record Performance and Broader Global Ambitions

Golden Matrix recently reported a record-breaking Q3 2024, with consolidated quarterly revenue reaching $41 million—an 85% increase year-over-year. The company attributed this growth to strategic initiatives and the strength of its team.

The Ontario application is one part of Golden Matrix’s larger global strategy. In addition to its Canadian ambitions, the company is awaiting approval to operate as a B2B provider in Brazil’s emerging iGaming market. Its Meridianbet brand, acquired for an estimated $300 million USD ($430 million CAD) in April, has been shortlisted for a sports betting and iGaming license in Brazil and has also secured a sports betting license to operate in South Africa.

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