Core Viewpoint - Golden Matrix Group Inc. is undergoing a leadership transition with the retirement of CEO Brian Goodman and the appointment of William Scott as Interim CEO, aiming to enhance strategic execution and operational scale [6][8]. Leadership Transition - Brian Goodman will step down as CEO effective December 12, 2025, with William Scott taking over as Interim CEO and leading the search for a permanent successor [8]. - Scott, who has extensive experience in global gaming, previously held senior roles at GTECH/Lottomatica, contributing to the company's transformation into a broader international gaming group [10]. Company Transformation - Under Goodman's leadership, Golden Matrix evolved from a micro-cap operator to a diversified, NASDAQ-listed international gaming group, expanding into multiple regulated markets and establishing a scalable B2B and B2C platform portfolio [9]. - The company has built a business model focused on recurring revenue and disciplined growth, positioning itself for future success [9]. Strategic Focus - As Interim CEO, Scott will prioritize performance, operational optimization, and continued value creation for shareholders while overseeing the search for a permanent CEO [11]. - The company is committed to innovation, compliance, and delivering consistent results in a dynamic industry landscape, aiming to outperform the market and provide long-term value for shareholders [10][11].

Core Insights - Meridianbet, part of Golden Matrix Group (NASDAQ: GMGI), has been supporting user-generated real-world prediction markets for over a decade through its Free Bet product [1][2] Group 1: Customer Engagement and Market Performance - For the second half of 2025, customer participation on the Free Bet platform has seen an 11.5% increase in ticket volumes, indicating renewed engagement in prediction markets related to major elections, entertainment outcomes, weather forecasting, and novelty events [2] - Free Bet represents a relatively small and non-material portion of Meridianbet's overall wagering activity [2] Group 2: Product Functionality and Market Creation - Free Bet allows customers to propose wagers on measurable real-world outcomes across various categories, including sports, politics, entertainment, weather, financial milestones, and social statistics [3] - Customers initiate Free Bet markets by submitting proposed prediction events, which are then reviewed for legality, ethical appropriateness, and measurability before being accepted and priced by Meridianbet's trading operators [4] Group 3: Popular Prediction Markets - Over the past five years, Meridianbet customers have created and wagered on thousands of custom prediction markets, with the following being the most actively played: - U.S. Presidential Election outcomes [6] - Global Entertainment Awards, including Oscars and BBC Sports Personality of the Year [7] - Weather Prediction Markets for seasonal forecasts [8] - Social Outcome Markets related to demographic statistics [9] Group 4: Regulatory Compliance - The Free Bet product and related offerings are provided in accordance with applicable national and local regulatory requirements, available only in jurisdictions where such wagering formats are authorized by law [10] Group 5: Company Overview - Founded in 2001, Meridianbet Group operates in 18 jurisdictions across Europe, Africa, and South America, utilizing proprietary technology and scalable systems for its online sports betting and gaming operations [11] - Golden Matrix Group (NASDAQ: GMGI) operates globally through B2B and B2C divisions, including Meridianbet, which is a leading sportsbook [13]

Core Insights - Expanse Studios has entered a content distribution agreement with Vegas.hr, enhancing its presence in the Croatian iGaming market [1][2] - The partnership allows Vegas.hr to offer a range of certified games from Expanse's portfolio, including popular titles [2][3] - Croatia's online casino revenue is projected to reach $482 million in 2025, indicating a rapidly growing market [4] Company Developments - Expanse Studios has received Croatian certification from the Ministry of Finance, starting with Super Heli and expanding to 15 certified titles [5] - The CEO of Expanse Studios highlighted the importance of regulatory compliance and content quality for market access [6] - The partnership with Vegas.hr is part of Expanse's strategy to build relationships in regulated markets [6] Market Context - Croatia's iGaming market is characterized by accelerating digital adoption, with internet penetration at 84.4% at the start of 2024 [4] - Expanse Studios has also secured regulatory approvals in Romania and Sweden, expanding its European B2B distribution network [7] - The company has over 1,300 B2B operator partnerships globally and a portfolio of 56 proprietary titles [8]

Core Insights - Expanse Studios has received a software provider license from Spelinspektionen, allowing it to distribute gaming software in Sweden's regulated iGaming market [1][2][4] - The license is valid until December 1, 2030, enabling Expanse Studios to supply its proprietary games to licensed B2C operators in Sweden, a market that generated approximately €2.4 billion in total gambling revenue in 2024 [2][3] - Sweden's online gambling revenue reached $1.9 billion in 2024, reflecting a 5% increase from the previous year, with online gaming accounting for 64% of total market activity [2][3] Market Characteristics - Sweden has around 100 licensed operators serving a population of 10.5 million, with internet penetration exceeding 95% [3] - The market has a high channelization rate of 85-90%, indicating strong player preference for licensed platforms [4] - The regulatory framework established by the 2019 Gambling Act emphasizes technical compliance, responsible gaming, and transparency, aligning with Expanse Studios' operational standards [4] Company Strategy and Growth - The CEO of Expanse Studios highlighted that the license approval validates the company's technical capabilities and commitment to responsible gaming [5] - The Swedish license complements Expanse Studios' recent regulatory approvals in Romania and partnerships with operators like AdmiralBet and MerkurXtip, indicating growing demand for compliant content in Europe [5][6] - Expanse Studios has a portfolio of 56 proprietary titles and aims to scale its B2B operations across Europe, Latin America, and North America [6][8] Parent Company Overview - Golden Matrix Group Inc. operates globally through B2B divisions, including Expanse Studios, and has various B2C operations [9] - The company focuses on expanding regulated B2B operations in jurisdictions with robust player protection standards [7]

Core Insights - Meridianbet, a subsidiary of Golden Matrix Group Inc., is committed to disability inclusion across its operations, aligning with the International Day of Persons with Disabilities [1][2] - The company integrates disability inclusion into its core business rather than treating it as a separate corporate social responsibility initiative [2] Operational Commitments - In Malta, Meridianbet has partnered with Inspire Malta to support individuals with disabilities, linking charitable contributions to sporting outcomes through its FA Trophy sponsorship [3] - The company has raised awareness of disability services in Malta through fundraising events and media campaigns [3] Corporate Sustainability - Meridianbet is a member of the UN Global Compact, adhering to principles on human rights, labor, environment, and anti-corruption, which aligns with licensing requirements in regulated gaming markets [4] Charitable Initiatives - The Meridian Donate platform, integrated into its gaming technology, has facilitated numerous charitable initiatives across various markets in 2024 [5] - This platform allows users to support nonprofit organizations as part of their standard engagement, creating sustained charitable impact [5] Workforce Development - Over the past three years, Meridianbet has increased the employment of individuals with disabilities by over 20%, while also growing its overall workforce [6] - The company has invested in employee training and maintained strong retention rates during its international expansion [6] Regulatory and Investor Considerations - Operational indicators related to disability inclusion have become increasingly important for licensed gaming operators, with European regulators incorporating these criteria into licensing frameworks [7] - Institutional investors now routinely request data on workforce composition and ESG performance when evaluating opportunities in the gaming sector [7] Strategic Positioning - For Meridianbet, disability inclusion serves as both an operational commitment and a means of regulatory positioning, impacting licensing, market access, and capital availability [8] - The company's consistent workforce development and community partnerships provide the documented operational history required by regulators and investors [8] Integrated ESG Execution - Meridianbet's model combines sports sponsorship with charitable outcomes, integrates donation technology into its platform, and maintains workforce inclusion during international expansion, showcasing effective ESG execution [9]

Core Insights - Expanse Studios has received a Class 2 license from Romania's National Gambling Office, allowing it to distribute specialized gaming software in a rapidly growing regulated market [1][2][3] Market Overview - Romania's iGaming market generated approximately €600 million in gross gaming revenue in 2024, with a channelization rate exceeding 90% [2] - The total industry turnover in Romania surpassed €2 billion in 2023, reflecting a 15% year-over-year growth [3] Strategic Importance - The Class 2 B2B license enables Expanse Studios to distribute content to licensed Romanian operators without the need to establish a local entity or pay corporate taxes [4] - Romania's regulatory framework is designed to ensure technical compliance, player protection, and operational transparency, aligning with Expanse Studios' existing European operations [5] Company Positioning - The approval of the ONJN license validates Expanse Studios' technical capabilities and regulatory compliance in a demanding jurisdiction, enhancing its B2B footprint in Europe [6] - Expanse Studios has a portfolio of 56 proprietary titles, including popular games, and is expanding its high-margin B2B operations across Europe, Latin America, and North America [7][8] Future Prospects - The Romanian market's characteristics, such as a preference for mobile platforms and a strong affinity for slot content, align well with Expanse Studios' offerings [8] - The license approval supports Golden Matrix Group's strategy to expand regulated B2B operations in markets with transparent licensing frameworks and sustainable growth [9]

Core Insights - Expanse Studios, a subsidiary of Golden Matrix Group, has entered into a strategic content distribution agreement with MerkurXtip, enhancing its presence in regulated European markets [1][2][3] Company Overview - Expanse Studios specializes in B2B iGaming content, offering a portfolio of 56 proprietary titles and powering over 1,300 casino brands across Europe, LATAM, and North America [5][8] - Golden Matrix Group operates globally through B2B divisions and B2C operations, including various online gaming platforms [8] Partnership Details - The agreement will integrate Expanse's successful titles into MerkurXtip's online and land-based network via the Bragg Gaming aggregation platform [2][3] - This partnership reflects the rising demand for localized gaming content and aims to drive growth through quality content and scalable B2B distribution models [4][5] Market Position - MerkurXtip operates over 100 retail shops in Southeast Europe and is part of the internationally recognized Merkur Group, known for its gaming technology and entertainment systems [7][8] - The collaboration is expected to deliver exceptional value for both Expanse Studios and MerkurXtip, aligning with their vision of constant innovation in the gaming sector [5][6]

Core Insights - Expanse Studios has entered a strategic partnership with AdmiralBet to enhance its presence in the European iGaming market [1][3][4] - The collaboration allows AdmiralBet to integrate Expanse Studios' proprietary gaming titles into its online platforms, expanding the reach of Expanse's content [2][3] - This partnership aligns with Golden Matrix Group's strategy to scale its B2B operations in regulated markets, focusing on innovative and localized content delivery [3][4] Company Overview - Expanse Studios is a B2B iGaming content provider under Golden Matrix Group, specializing in various gaming formats and currently offers a portfolio of 56 proprietary titles [4][7] - Golden Matrix Group operates both B2B and B2C segments, with a focus on developing gaming platforms and running online casinos, including MEXPLAY in Mexico [7] AdmiralBet Profile - AdmiralBet is a sports betting and gaming operator in Serbia and Southeast Europe, part of the Novomatic Group, which has a significant global presence [6][7] - The company operates a network of gaming venues and online platforms, contributing to the competitive landscape of the European gaming market [6]

Core Viewpoint - Aleksandar Milovanović, founder and largest shareholder of Meridianbet, has converted $8 million of cash consideration into equity, reinforcing Golden Matrix's balance sheet and signaling confidence in its long-term growth trajectory [1][3]. Financial Impact - The conversion involved Mr. Milovanović exchanging $8 million of 18-Month Non-Contingent Post-Closing Cash Consideration for 8 million shares of Golden Matrix common stock at a price of $1.00 per share [2]. - This debt-to-equity conversion significantly improves Golden Matrix's financial position by eliminating $8 million in near-term cash obligations, preserving capital for growth initiatives and operational expansion [8]. Strategic Significance - Mr. Milovanović's decision to increase his equity stake rather than receive cash aligns his interests with public shareholders, indicating strong belief in the company's value creation potential [3][4]. - Following the transaction, Mr. Milovanović owns approximately 93.3 million shares of Golden Matrix, solidifying his role as a significant long-term stakeholder [4]. Company Overview - Meridianbet Group, established in 2001, operates in 18 jurisdictions across Europe, Africa, and South America, utilizing proprietary technology for its online sports betting and gaming operations [5]. - Golden Matrix Group, based in Las Vegas, NV, is a B2B and B2C gaming technology company, developing proprietary gaming platforms and operating an online casino in Mexico [6].

Economic Indicators - US MBA mortgage applications fell by -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6% [1] - The September ISM manufacturing index rose +0.4 to a 7-month high of 49.1, exceeding expectations of 49.0 [6] - The September ADP employment change unexpectedly fell by -32,000, marking the largest decline in 2.5 years, while August was revised lower to -3,000 from +54,000 [5] Market Reactions - Stocks initially moved lower due to the US government shutdown, but later recovered, with the S&P 500 and Nasdaq 100 reaching new all-time highs [2][4] - The dollar index fell to a one-week low, while gold prices climbed to a record high amid risk-off sentiment [2] - Rising corporate earnings expectations are a bullish backdrop for stocks, with over 22% of S&P 500 companies providing guidance for Q3 earnings that are expected to beat analysts' expectations [8] Sector Performance - Pharmaceutical stocks rallied, with AstraZeneca closing up more than +9% and Eli Lilly up more than +8%, driven by hopes from Pfizer's deal with the US government [15] - Chipmakers and AI-infrastructure stocks also saw gains, with Super Micro Computer closing up more than +9% and Micron Technology up more than +8% [16] - Grocery retailers declined after Amazon announced a new private-label food brand, leading to Dollar Tree and Dollar General closing down more than -4% and -3% respectively [22] Upcoming Economic Data - Weekly initial unemployment claims are expected to increase by +7,000 to 225,000, and August factory orders are expected to rise by +1.4% month-over-month [9] - September nonfarm payrolls are anticipated to increase by +51,000, with the unemployment rate expected to remain unchanged at 4.3% [9]