Golden Matrix Group, a developer and licensor of online gaming platforms and content, has announced that its subsidiary, Meridianbet, has been granted a sports-betting license in South Africa. The Western Cape Gambling and Racing Board issued Meridianbet a Bookmaker License, a Bookmaker Premises License, and a Manufacturer License.
These licenses authorize Meridianbet to offer online sports betting across South Africa, highlighting the company’s adherence to regulatory standards and its status as a compliant and reliable operator within South Africa’s rigorous licensing framework. Additionally, the Manufacturer License allows Meridianbet to license its proprietary sports betting software within the Western Cape region.
The South African digital gambling market has shown considerable growth, with total revenue projected 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 an estimated market volume of $1.1 billion.
This expansion aligns with Meridianbet’s strategy for consistent operational growth and innovation in the global iGaming sector. The South African market is a significant player globally, with the sports betting sector contributing substantially to the country’s economy, accounting for 50% of gross gambling revenue. In the 2023 fiscal year, gross gambling revenue (GGR) in South Africa totalled $2.42 billion, according to Moneyweb.
By entering the South African market, Meridianbet is positioned to capitalize on the region’s expanding digital gambling sector, supporting the company’s global growth trajectory and economic contributions to the local market.
“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,” said Zoran Milosevic, CEO of Meridianbet. “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.”