In this sense, Moretus Research signaled a potential upside of up to 362% in GMGI shares. The projection also considers an EV/Sales multiple of 4.0x over the revenue estimate for 2026, which is expected to reach US$260 million — a figure significantly above the current market consensus.
It is worth noting that, at this moment, revenue for 2025 is projected to be around US$205 million, according to the survey.
Follow the reading below and understand more about Golden Matrix Group's growth, the outstanding planning for the coming years and the main factors for this expansion.
The report classifies the organization's actions as "Strong Buy", that is, very rewarding. Among the major highlights presented, two major catalysts for the company's growth were reported: the expansion in Brazil with Meridianbet, a subsidiary of its ecosystem, and the growth of the sports betting and casino games segment in recent years due to regularization in new countries.
Golden Matrix Group's growth with its entry into Brazil
According to the report presented by Moretus, the license of Meridianbet, a subsidiary of the group, to operate with sports betting and online casino games in Brazil represents a prominent factor for the growth of Golden Matrix Group.
The Brazilian market already shows impressive numbers in the sector. Last year, the sector, which was still in the regulatory process, moved approximately 240 billion reais (US$44bn).
Meridianbet has won its definitive authorization to operate in Brazil, granted directly by the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance (MF).
With this approval, the platform is officially regulated to operate in the country until December 31, 2029.
"Brazil represents an extraordinary market opportunity, and secures this license position at Meridianbet to deliver substantial value. With our proprietary technology and proven operational expertise, we are poised to make a significant impact on the country's growing regulated gaming landscape," said Zoran Milosevic, CEO of the company.
It is worth noting that the organization was one of the first companies to obtain full authorization to operate nationally.
As such, GMGI secures significant competitive advantage and early access to a still-forming user base, as the sports betting and casino gaming landscape is still shaping in the country.
In addition, the strategic allocation of investments in the territory reinforces Golden Matrix Group's commitment, alongside Meridianbet, to providing a robust, transparent and long-term oriented operation.
Sports betting and casino games segment with great potential for the coming years
Another highlight is the significant growth of active users in the segment. In the first quarter, the number of active users within the Golden Matrix Group ecosystem grew by 146% compared to the previous year, as pointed out by the Moretus report.
In the survey, GMGI's business model — which is based on constant investment in software and technology — increases operational efficiency, offers low incremental cost per new user and creates a self-sustaining growth cycle, with a direct impact on cash generation and revenue visibility.
To give you a better idea, Meridianbet became the first iGaming company in Southeast Europe to receive Oracle recognition, for its AI-driven approach to customer engagement, automation, and scalable marketing solutions.
Importantly, this is a selection of the best customer projects around the world, which seeks to highlight innovation, scalability, and real-world impact. In addition, the distinction is shared by only 5% of companies in the field.
Long-term vision and solid fundamentals
Golden Matrix Group was also praised in the Moretus survey for its scalable, robust business model with low sensitivity to macroeconomic factors — which reinforces the resilience of the operation and its strength for investments.
Even in the face of possible operational challenges typical of entering new markets, such as Brazil, the report presented considers that the fundamentals of GMGI's entire structure and ecosystem remain strong.
The combination of accelerated growth, recurring revenue base, international expansion and product innovation are the elements that, according to the analysis, justify a positive reclassification of the company's value in the market.
It is worth noting that Golden Matrix Group (NASDAQ: GMGI) reported solid results in the 1st quarter of 2025 in operational and financial terms.
Among its main positive points, it highlights its number in revenue, with an increase of 72% compared to the previous year, reaching the US$43 million registered. Thus, its gross profit reached US$24.2 million with a consolidated margin of 57%
It is also worth noting that, even though it already maintains a low debt-to-equity ratio, the company strengthened its financial position with the early repayment of US$ 9.6 million in debt and the conversion of another US$9.5 million in liabilities related to acquisitions into shares.
In addition, GMGI has fully paid the outstanding principal of Lind Global's Senior Secured Promissory Note in the amount of US$7.2 million.
Brian Goodman commented on the company's momentum along with the publication of the report: "We enter fiscal 2025 with high operational efficiencies and diversified revenue streams that continue to grow in the market. Our segment has reached all-time highs, our debt profile has strengthened significantly, and our B2B and B2C businesses are operating in positions of renewed financial and strategic strength."
Golden Matrix Group
Golden Matrix Group (GMGI) is an established B2B and B2C gaming technology company that operates in several international markets, being a leader in casinos, sports betting and other entertainment branches.
Its B2B division focuses on the development and licensing of proprietary gaming platforms, while its B2C operations provide betting and gaming services in more than 20 regulated countries, operating in markets in Europe, America and Africa.
The companies that are part of the Golden Matrix Group operate in different areas of the same niche. In this context, Expanse Studios appears as an organization specializing in high-quality slots, crash games, table games, and gamified casino experiences.
Meridianbet is a group focused on sports betting and B2B and B2C casino games with its own technology and scalable systems, with more than two decades of experience in the sector.
Other companies that are part of the group's ecosystem are: Mexplay in South America, Rkings in the United Kingdom and Classics for a Cause in Australia. This presents a scenario of great optimism for the brand to continue to be a reference in regulated markets.
If you are interested in more updates about Golden Matrix Group, visit the Group's Investor Relations page or follow us on social media.
www.goldenmatrix.com
https://x.com/meridianbet_br
Source: GMB
