Meridianbet, a subsidiary of Golden Matrix Group, Inc., has officially entered Nigeria's betting market through its newly licensed local entity, Masterlive Network Limited. The company received full regulatory approval from the Lagos State Lotteries and Gaming Authority, positioning itself to operate in sports betting and online casino verticals.
The Nigerian betting market represents a significant opportunity, with over $2 billion in current value and more than 60 million active participants. According to Orange Business Intelligence Technology, the market is projected to potentially reach $4.7 billion in annual revenue over the next decade, making it one of the fastest-growing industries on the continent.
Zoran Milosevic, CEO of Meridianbet, emphasized the strategic importance of this expansion, highlighting the company's commitment to bringing cutting-edge technology and AI-powered betting solutions to the region. The company's entry includes proprietary AI Sports Betting and Casino Recommenders designed to deliver personalized betting experiences through real-time data and predictive analytics.
Golden Matrix Group has preliminarily estimated its full-year 2024 revenue at $150 million, with the Nigerian market representing a crucial opportunity for future growth. By leveraging its 20-year presence in Africa and operations across 18 markets, Meridianbet aims to provide advanced technology solutions and platform services to local operators.
The soft launch of Meridianbet.ng has already demonstrated promising initial results, with strong partner satisfaction and positive customer feedback. Football remains the primary driver of market growth, offering significant potential for the company's B2B model.
