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Compliance Updates

Golden Matrix Group Subsidiary Meridianbet Enters Final Phase of Brazil Licensing

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Golden Matrix Group, Inc. (Nasdaq: GMGI) is pleased to announce that its subsidiary Meridianbet has received formal notice from Brazil’s Ministry of Finance, through its Secretariat of Prizes and Betting (SPA) division, that it may proceed with the licensing process to operate in the country. This critical milestone affirms Meridianbet’s compliance with Brazil’s regulatory requirements and marks a significant step toward entering one of the world’s most promising gaming markets.

The notice enables the company to move forward with paying the licensing fee and submitting additional documentation, including proof of certification.

Meridianbet has already allocated the necessary funds to finalize the licensing payment and will now move forward with fulfilling all conditions to ensure its place on the list of licensed operators authorized to serve Brazilian customers beginning January 1, 2025.

“We are thrilled to be moving forward with an operating license in Brazil and are committed to swiftly meeting the final requirements set forth by the government,” said Brian Goodman, CEO of Golden Matrix Group. “The Brazilian market represents an extraordinary growth opportunity and a key milestone in our global expansion strategy. We are confident that entering the Brazilian market will lead to2025 being a transformational year for the company as we establish a strong presence in one of three most dynamic global growth markets. This milestone reinforces our strategy of entering regions with high growth potential while continuing to deliver gaming experiences that set new quality standards for the industry.”

Golden Matrix is committed to maintaining the highest standards of compliance and innovation, and intends to strengthen its presence in Brazil over the near and long term while continuing to deliver value to its stakeholders.

Canada

Fennica Gaming Granted Supplier License for Ontario Market

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Fennica Gaming has announced that it has been granted a gaming supplier license in Ontario, Canada. This milestone marks a significant step in the company’s expansion strategy, allowing it to offer its cutting-edge gaming experiences to gaming operators in one of North America’s most dynamic regulated markets.

The supplier license, granted by the Alcohol and Gaming Commission of Ontario (AGCO), enables Fennica Gaming to introduce its portfolio of entertaining and high-quality games to gaming operators across the province. This registration empowers Ontarian operators, whether online or land-based, to access the omnichannel offerings developed in the Nordics.

“We are thrilled to receive our B2B supplier license in Ontario and to offer our advanced gaming solutions to operators in the region. After a thorough application process, we can now proudly and prominently display our registration and achievement. We have followed the market in North America for a long time and Ontario is an excellent example of market that is well organized. It represents an exciting market with immense potential, and we are committed to delivering secure, entertaining, and trustworthy gaming experiences tailored to local preferences,” Timo Kiiskinen, Managing Director of Fennica Gaming, said.

Fennica Gaming’s Nordic gaming experience and heritage as an omni-channel gaming operator through its parent company Veikkaus offers a broad range of entertainment for Ontarian operators with a player-first attitude. This registration supports Fennica Gaming’s commitment to a sustainable industry, enabling operation in compliance with Ontario’s local regulatory framework.

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Compliance Updates

MGCB Continues Crackdown on Unlicensed Online Casinos

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The Michigan Gaming Control Board (MGCB) has taken decisive action against five offshore online casinos, sending cease-and-desist letters for violating state gaming laws. These websites offer a variety of casino games, such as slots, poker, blackjack, Keno, bingo, and game show games, in addition to sports betting.

The following unlicensed operators are now under scrutiny following the MGCB’s action:

BetWhale Casino, Curaçao

Black Lotus Casino, owned by TD Investments Ltd., Belize

Coins Game Casino, Curaçao

Love2play Casino, Curaçao and Costa Rica

Orion Stars 777 Players, Sichuan Province, China

“These illegal platforms not only violate Michigan’s gaming regulations but also put consumers at risk by offering unreliable withdrawal options and lacking essential consumer protections. Our top priority is safeguarding Michigan residents by ensuring that all online gaming activities are conducted legally and safely. These operators must stop their activities or face additional legal consequences,” MGCB Executive Director Henry Williams said.

Investigations into these illegal activities have revealed that the operators are in violation of multiple Michigan state laws.

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Despite offering various payment options like Visa, MasterCard, PayPal, and cryptocurrencies (e.g., Bitcoin and Ethereum), these illegal operators impose strict withdrawal conditions, often requiring players to wager their initial deposits multiple times before they can access their winnings.

The MGCB has given these operators 14 days from the date of receipt of the cease-and-desist letters to halt their illegal activities.

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Compliance Updates

Attention: Important Information from the Arizona Department of Gaming Regarding Reporting Gambling Winnings on Taxes

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The Arizona Department of Gaming (“ADG”) has received inquiries from patrons seeking to verify the legitimacy of companies that are issuing tax forms for gambling winnings. As a result, the ADG wants to take this opportunity to remind Arizonans to be cautious this tax season and to thoroughly review and investigate any requests from anyone purporting to be the Internal Revenue Service (“IRS”).

The ADG would like to remind Arizonans that if they participate in casino gambling, parimutuel/simulcast wagering, event wagering, and/or fantasy sports, they may receive a W-2G or 1099-MISC form for their winnings. It is important to be aware that the gambling institution that you choose to participate in gaming activities with will be the payor, and the payor is responsible for issuing the tax form. The ADG
advises that Arizonans keep accurate records of any winnings from all gambling activities throughout the year to avoid any confusion during tax season. It is further recommended that Arizonans consult a tax professional if they have any questions about income reporting requirements to ensure they file an accurate tax return.

To help ensure Arizonans are aware of common tax scams, the ADG advises Arizonans to review the
following links and articles on the IRS website discussing common tax scams for 2025:

  1. As stated on the IRS website, the IRS will make initial contact with a taxpayer through a letter
    sent via the United States Postal Service. Be wary of anyone purporting to be the IRS or ADG
    contacting you by phone, email, or social media requesting personal or financial information.
  2. If you receive a letter from someone purporting to be the IRS, you can verify that the letter is
    legitimate through the IRS website.
  3. Dirty Dozen tax scams for 2025: IRS warns taxpayers to watch out for dangerous threats.
  4. Misleading social media advice leads to false claims for Fuel Tax Credit, Sick and Family Leave
    Credit, household employment taxes; FAQs help address common questions, next steps for those
    receiving IRS letters.

What to Do If You Encounter Fraud or Identity Theft:

If you believe you or someone you know has been targeted by fraudulent payors or individuals
purporting to be the IRS, file a consumer complaint by visiting azag.gov/consumer. You can also find the
contact information for the Arizona Attorney General’s Office below:

  • Phoenix: (602) 542-5763
  • Tucson: (520) 628-6648
  • Statewide: (800) 352-8431

For more information, check out the Department’s related news releases from this past year:

  • ADG PSA: Tips for Safe and Responsible Online Gaming
  • Please Remain Vigilant: Department PSA on Gaming Scam Calls
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