Latest News
Golden Matrix Provides Corporate Update on Pending (MeridianBet) Acquisition

Golden Matrix Group, Inc., a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today provided a corporate update on its pending acquisition of MeridianBet Group, one of Southeast Europe’s leading business-to-consumer (B2C) sports betting and gaming groups, with headquarters in Malta, operating in multiple markets across Europe, Africa and Latin America.
As previously reported, on September 27, 2023, the Company and the owners of MeridianBet entered into a First Amendment to Amended and Restated Purchase Agreement, pursuant to which GMGI had agreed to acquire the MeridianBet Group and its related companies. Among the various amendments to the prior agreement as set forth in the 1st amendment (as described in greater detail in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on September 28, 2023), the prior agreement was amended: 1) to extend the required closing date thereof; and 2) to modify financial closing terms of the previously announced definitive agreement.
The modification to the financial closing terms allows for the use of up to $20 million of cash-on-hand of MeridianBet Group to pay a portion of the $30 million cash payable by Golden Matrix at the closing of the transaction, to the extent approved in the sole discretion of the sellers.
Subsequently, on September 29, 2023, Golden Matrix filed a Current Report on Form 8-K, disclosing excerpts from certain presentations used by GMGI in connection with the funding sought by Golden Matrix to close the transaction.
“These recent filings reinforce the importance of this strategic acquisition, and demonstrate both companies’ willingness and ability to close the transaction,” said GMGI CEO, Anthony Brian Goodman, who continued, “The amendment allowing GMGI and the sellers to use up to $20 million of the MeridianBet Group’s cash-on-hand at closing (subject to the sole discretion of the sellers), not only provides the Company with potential greater flexibility on financing, but we believe also demonstrates the sellers’ confidence in the value of creating a combined entity capable of being greater than the sum of its parts.”
Mr. Goodman noted that the MeridianBet Group has increased its year-to-date revenues considerably against last year’s revenues; and the proforma performance of the combined company, following the acquisition, is now projected to be approximately $132 million in revenues and $27 million in Adjusted EBITDA, for the October 31, 2023 fiscal year.
“Both MeridianBet Group CEO, Zoran Milosevic, and I are confident that the completion of this acquisition will drive long-term value for all our stakeholders as we seek to benefit from economies of scale and both companies’ historical revenue and profit growth. We are also working closely with our bankers in an effort to raise the most beneficial financing available for the transaction,” concluded Mr. Goodman.
Golden Matrix expects to file the required proxy statement requesting shareholder approval for the issuance of the shares of common stock issuable in connection with the transaction, and other matters, with the SEC for shareholder approval very soon.
The acquisition is expected to close in the fourth quarter of 2023 or first quarter of 2024, subject to customary conditions to closing including, but not limited to GMGI shareholder approval, and Nasdaq approval, to the extent required, and other items.
For additional information regarding the purchase agreement, as amended, and the terms of the 1st amendment, including a breakdown of all of the consideration payable thereunder, please refer to Golden Matrix’s Current Report on Form 8-K, which was filed with the Securities and Exchange Commission on September 28, 2023 and is available at www.sec.gov
Central America
21VIRAL Boosts Latin American Reach Through Strategic Partnership with Virtualsoft

21VIRAL, a leading games aggregator for the Central and Latin American market, has strengthened its expansion by signing an agreement with platform provider Virtualsoft
21VIRAL, a leading games aggregator for the Central and Latin American market, today announced a strategic agreement with prominent platform provider Virtualsoft, significantly strengthening its expansion across the region.
This collaboration will integrate 21VIRAL’s extensive portfolio of games into Virtualsoft’s platform, providing enhanced content options for operators across key Central and Latin American nations. Virtualsoft is a key supplier with a strong presence in markets including Ecuador and Peru, delivering innovative gaming solutions to a diverse range of operators.
Christoph Härtel, CEO of 21VIRAL, commented: “Partnering with Virtualsoft is a pivotal moment for 21VIRAL as we deepen our engagement with one of the world’s most rapidly advancing online gaming markets. Virtualsoft underpins numerous leading brands in the region, and integrating our GameConnector solution will allow swift access to their operational brands. We look forward to working closely with Virtualsoft’s talented team to deliver innovative and revenue driving gaming experiences.”
Alejandro Velez, General Manager at Virtualsoft, stated: “21VIRAL has a strong reputation for seamless integrations and profound expertise in the Latin American gaming market, making them an ideal partner for us. Together, we are streamlining operations and elevating the gaming experience for players, aiming to set new benchmarks for the industry.”
Compliance Updates
New Bill in California Could End Online Sweepstakes Gaming

California State Assemblymember Avelino Valencia (D-Anaheim) has introduced Assembly Bill (AB) 831 to protect Californians from unregulated online gambling by prohibiting online sweepstakes games that use a “dual currency” model to mimic casino-style wagering.
“Sweepstakes” platforms sell virtual coins that are used to play casino-style games and can be redeemed for cash or prizes, essentially operating as unlicensed gambling businesses. By exploiting “No Purchase Necessary” disclaimers, they sidestep California’s regulatory framework and evade the state’s voter-approved proposition related to Tribal-State gaming. Many of these “sweepstakes” operators are based offshore and function without proper oversight, avoiding requirements like consumer protections, responsible gaming safeguards, background checks, and tax compliance.
“We cannot look the other way while these platforms exploit legal grey areas. These operations undermine the voter-approved framework that affirms Tribal governments’ sovereign right to conduct gaming in California. AB 831 strengthens that framework and ensures gaming in California remains fair and accountable,” said Assemblymember Avelino Valencia.
AB 831 fortifies existing sweepstakes laws and clarifies the illegality of internet-based sweepstakes that use the dual currency model. It reinforces the shared responsibility between the State, licensed operators, and Native Nations to keep gaming safe, transparent, and accountable. AB 831 is co-sponsored by the Yuhaaviatam of San Manuel Nation, the California Nations Indian Gaming Association (CNIGA), and the Tribal Alliance of Sovereign Indian Nations (TASIN), reflecting strong support from across Indian Country.
“For over 25 years, Tribal governments like Yuhaaviatam of San Manuel Nation, have upheld the will of California voters by operating gaming with integrity. That commitment has allowed us to reinvest in our communities, boost local economies, and support essential public services on reservations and in partnerships across the state. Illegal online gaming now threatens this foundation—compromising voter-approved law and putting Californians at risk,” said Yuhaaviatam Tribal Council of San Manuel Chairwoman Lynn Valbuena.
“We support this legislation that will close dangerous loopholes and strengthen the integrity of California’s gaming system. We remain committed to defending a proven framework that protects the sovereignty of Tribal Nations and delivers real and lasting benefits to all Californians. Together, Tribal governments and the State of California will continue to address and take decisive action against illegal internet gaming in all its forms,” said Yuhaaviatam Tribal Council of San Manuel Vice Chairman Johnny Hernandez, Jr.
“Tribal government gaming contributes nearly $25 billion to California’s economy, sustains over 112,000 jobs, and funds critical community programs. Unregulated online sweepstakes threaten this voter-approved system by imitating casino gaming without oversight, accountability, or community investment. These illegal platforms erase the benefits of regulated gaming while exposing consumers to serious risks,” said CNIGA Chairman James Siva.
AB 831 is pending a hearing in the Senate.
Compliance Updates
New Initiative from DI Council Aims to Enable Betting on Professional Sports

The Division I Council introduced a proposal that, if adopted in October, would change sports betting rules to permit student-athletes and staff members to bet on professional sports and refocus the Association’s enforcement efforts on college sports betting and behaviors that directly impact game integrity. If adopted, the change will be implemented only if Divisions II and III also vote to allow betting on pro sports.
The council’s introduction of the proposal, which comes after a directive from the Division I Board of Directors in April that the council adopt changes to sports betting rules, is not an endorsement of sports betting behaviors, especially for college athletes. The NCAA’s prohibition against betting on college sports would remain in place, as would the prohibitions against sharing information about college events with bettors. The NCAA also would continue to maintain its prohibition for NCAA championships against advertising and sponsorships associated with betting.
“NCAA rules prohibiting sports betting at all levels were written and adopted at a time when sports gambling was largely illegal nationwide,” said Josh Whitman, athletics director at Illinois and chair of the council. “As betting on sports has become more widely accepted across the country, Division I members have determined that further discussion of these sports betting rules is warranted, particularly as it relates to the potential distinctions between betting on professional versus collegiate sports. Throughout our discussions, the council has remained focused on student-athlete wellness and educating student-athletes about the risks and potentially harmful impacts of betting.”
Current NCAA rules do not allow student-athletes or institutional staff to engage in sports betting at any level (professional, college or amateur) for any sports that have NCAA championships, and NCAA members have continually maintained that any betting by a student-athlete on his or her own team or own sport in college should continue to result in a permanent loss of any remaining collegiate eligibility. However, in 2023, Division I changed the reinstatement guidelines for student-athletes who participate in sports betting on professional sports to focus on harm reduction for problematic betting behaviors.
“Deregulating professional sports betting may provide schools an additional opportunity to implement harm-reduction strategies, which can be more effective and have long-term benefits not seen with abstinence-only approaches. Harm-reduction strategies include education, stigma reduction and acknowledging actual behaviors,” said Dr. Deena Casiero, NCAA chief medical officer. “By meeting student-athletes where they are, schools may be more effective at preventing, identifying and supporting student-athletes with problematic gambling behaviors. Regardless of the change, schools are encouraged to use the many sports betting resources already available.”
The recently released Harm Reduction Considerations for Gambling & Sports Betting in Collegiate Sports references available sports betting resources, including the NCAA Mental Health Best Practices. Additionally, more than 100,000 student-athletes, coaches and administrators have been reached through the NCAA’s education efforts with EPIC Global Solutions, and the NCAA has launched an e-learning module to educate student-athletes on problem gambling harms and the integrity risks associated with sports betting.
Several sports betting-related violations by staff members at NCAA schools have been resolved through the infractions process in recent years, and the enforcement staff is working on issuing Notices of Allegations in several ongoing cases that involve allegations of betting on professional and college sports by student-athletes and/or athletics department staff members at a handful of NCAA schools.
The proposed rule change would not be retroactive. If it is adopted, it would apply only to sports betting activities that occur after the effective date of the proposal.
“The enforcement staff’s sports betting-related caseload has significantly increased in recent years, and our staff — including our new sports betting integrity unit — has been effective in detecting and pursuing violations,” said Jon Duncan, NCAA vice president of enforcement.
The Association prioritizes competition integrity, which is vital to college sports. The NCAA uses a layered strategy to respond responsibly to the rise in sports betting across the United States by monitoring over 22,000 contests per year, advocating for limits on prop bets that pose heightened risks, reducing the potential for student-athlete abuse by aggrieved bettors, and creating greater transparency to assist with the timely investigation and resolution of integrity-related issues.
This layered approach includes the most recent agreement extension with Genius Sports to establish unprecedented betting restrictions on high-risk proposition bets. Sportsbooks licensing NCAA championship data must cooperate fully with NCAA investigations, including providing access to account data, financial history and geolocation records. This will allow the NCAA to work with the sportsbooks to gather detailed account information when harassers are identified to prevent repeat offenders from continuing to place bets across platforms, increasing safeguards to protect student-athlete mental health and well-being.
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