Meridianbet to acquire South African sports-betting license

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Meridianbet to acquire South African sports-betting license

Golden Matrix Group, a leading developer and licensor of online gaming platforms, systems and gaming content, has announced that its subsidiary Meridianbet has been awarded a sports betting license in South Africa.

The Western Cape Gaming and Racing Board has issued Meridianbet a bookmaker’s license, a bookmaker’s premises license and a manufacturer’s license.

These licenses will allow Meridianbet to operate online sports betting throughout South Africa, demonstrating the company’s compliance with regulatory requirements and its status within South Africa’s strict licensing regime. The manufacturer license also allows Meridianbet to license its own sports betting software in the Western Cape region.

Zoran Milosevic, CEO of Meridianbet, said:

We are very excited to enter the South African market and this new license provides us with a significant opportunity to continue to scale our operations. Expanding our presence into South Africa will provide new opportunities to expand our user base in a completely new jurisdiction, highlighting our ongoing commitment to growing our industry-leading brands around the world.

The South African digital gambling market has seen significant growth recently, with total revenue forecast to reach $828.50 million by the end of 2024, according to Statista. The market is expected to grow at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2029, resulting in a projected market size of US$1.1 billion.

This market expansion supports Meridianbet’s consistent operational growth and commitment to innovation in the global iGaming sector. The South African market is positioned as a major player on the global stage, with the sports betting sector making a significant contribution to the country’s economy, accounting for 50% of gross gaming revenue. According to Moneyweb, in the 2023 financial year, gross gaming revenue (GGR) in South Africa was $2.42 billion.