GMGI agreed to acquire MeridianBet in January 2023, in a deal valued at approximately $300.0m (£235.1m/€273.8m). The closing date for the acquisition was initially set for H1 of 2023, but due to amendments made by GMGI in July, the closing date was pushed back to Q4 of 2023. This was accompanied by a reduction in the up-front cash payment by GMGI. Further amendments were made in October, extending the proposed closing date to as late as Q1 2024. However, MeridianBet CEO Zoran Milosevic recently stated that the deal is expected to be completed before the end of March.
MeridianBet disclosed that its revenue for the 2023 calendar year increased by approximately 25%, compared to a 24% increase in the previous year. EBITDA saw a 10% year-on-year growth, while net profit rose by 6%. New product offerings and expansion into regulated jurisdictions were cited as the primary drivers for this growth. Major highlights in 2023 included the launch of the proprietary gaming platform Atlas in 40% of all markets and the introduction of seven new slot games. Additionally, MeridianBet formed partnerships with 36 media outlets, integrated with six online casino platforms, and improved the user experience through streamlined registration and deposits.
MeridianBet expanded its geographic presence by entering the Kenyan market in 2023, bringing the total number of licensed jurisdictions to 15 across Europe, Africa, and South America. The company also expressed its intent to obtain a gaming license in South Africa before the end of Q1. Furthermore, with the recent legalization of sports betting and igaming in Brazil, MeridianBet has established operations in the country and has expressed interest in securing a Brazilian gaming license.
“We are excited about our strong operating results and expansion into new regulated markets, particularly the recent legislation in Brazil, one of the world’s largest gambling markets,” stated Milosevic.
