Golden Matrix Group has applied for a B2B gaming license to allow its Expanse Studios subsidiary to enter the Ontario market, calling it a “pivotal step” in its global expansion strategy.

Las Vegas-based Golden Matrix is a B2B and B2C gaming technology company operating across multiple international markets. Its B2B division develops and licenses proprietary gaming platforms for an extensive list of clients, while its B2C division, including Meridianbet, operates regulated online sports betting and gaming sites.

Expanse Studios already has a presence in more than 50 regulated gaming markets, offering a range of titles including slots, table games, crash games, social casino games and more. The studio said its planned move into Ontario opens new possibilities to showcase its premium gaming experiences in one of North America’s biggest online casino markets.

“Completing the filing process is a critical milestone in our journey to bring Expanse Studios to Ontario,” said Expanse CEO Damjan Stamenkovic. “This achievement underscores our commitment to operating in the biggest and most regulated markets and delivering world-class gaming content to players across the globe. We are optimistic about the opportunities Ontario presents and confident in our ability to contribute to this thriving iGaming ecosystem.”

Ontario a long-term goal for Golden Matrix

As far back as January 2023, Golden Matrix had outlined Canadian expansion as part of its North American strategy.

In its release announcing the Expanse Studios application, Golden Matrix noted that the Ontario licensing process typically takes six to 12 months for approval, and success is not guaranteed. It also noted that while it will face competition from established operators, market entry could provide significant revenue opportunities.

Expanse Studios worked with Canadian legal and regulatory firm Segev LLP on its Ontario license filing.

“Expanse Studios continues to set itself apart with its innovative approach to gaming and its dedication to regulatory excellence,” added Segev Managing Partner Alon Segev. “We are proud to support them in this important step and look forward to seeing their positive impact in the Ontario market.”

Golden Matrix Group recently reported a record-breaking performance in Q3 2024, with its consolidated quarterly revenue of $41 million up 85% year-over-year. The company attributed the growth to strategic initiatives and the strength of its team.

It’s not just Canada in Golden Matrix’s crosshairs; it expects to receive approval to operate as a B2B provider in Brazil’s new iGaming market. Its Meridianbet brand, which it acquired in April for as estimated $300 million USD ($430 million CAD) has been shortlisted for a sports betting and iGaming license in Brazil and also secured a sports betting license to operate in South Africa.