In January 2023, GMGI entered into an agreement to acquire MeridianBet for approximately $300.0 million (£235.1 million/€273.8 million), with hopes of finalizing the deal in the first half of 2023.
However, in July, GMGI made several modifications to the deal, postponing the closing date to the fourth quarter of 2023 and reducing the up-front cash payment.
In October, further amendments were disclosed following ongoing discussions between the two parties, with the primary change being an extension of the proposed closing date, possibly as late as the first quarter of 2024.
Although GMGI initially aimed to complete the deal by the end of 2023, MeridianBet CEO Zoran Milosevic now anticipates closure by the end of March 2024.
Milosevic expressed enthusiasm for the acquisition, stating that the merged entity would provide state-of-the-art B2B and B2C gaming platforms across various jurisdictions, ultimately generating long-term value for stakeholders through economies of scale and historical revenue and profit growth from both companies.
In addition to the acquisition update, MeridianBet reported its 2023 performance, with revenue rising by approximately 25%, up from the previous year’s 24%.
EBITDA also saw a 10% year-on-year increase, while net profit grew by 6%.
These positive results were attributed to significant new product offerings and ongoing expansion into regulated markets.
Highlights of 2023 included the launch of the proprietary gaming platform Atlas in 40% of markets and the introduction of seven new slot games.
MeridianBet also established partnerships with 36 new media outlets and integrated with six online casino platforms.
Streamlined registration and deposit processes were implemented to enhance user experience.
Geographically, MeridianBet expanded into Kenya in 2023, securing licenses in 15 jurisdictions across Europe, Africa, and South America, with plans to acquire a license in South Africa by the end of Q1.
Furthermore, the company highlighted the expected impact of approved regulations in the Brazilian market, where it has already initiated casino and sportsbook operations and expressed interest in securing a gaming license in the growing Brazilian gambling market.
Milosevic expressed satisfaction with the company’s year-on-year operating results and emphasized their excitement regarding recent legislation in Brazil, which has officially regulated online casino and sportsbook operations, making Brazil one of the world’s largest gambling markets.