Golden Matrix’s Expanse Studios Pursues B2B Gaming License in Ontario

Golden Matrix Group Inc. announced a significant development on Wednesday as its subsidiary, Expanse Studios, initiated the process of applying for a B2B gaming license in Ontario, Canada. The move represents a crucial milestone in the company’s broader strategy to expand into regulated markets.

Expanse Studios has enlisted the expertise of Segev LLP, a Canadian legal and regulatory firm, to guide them through the application process with the Alcohol and Gaming Commission of Ontario (AGCO). This partnership underscores the studio’s commitment to adhering to stringent compliance requirements as they prepare for entry into one of North America’s most dynamic gaming markets.

Expanse Studios’ Expanding Portfolio

Golden Matrix, headquartered in Las Vegas, operates as a B2B and B2C developer, licensor, and operator of online gaming platforms. Its subsidiary, Expanse Studios, boasts a diverse library of over 50 iGaming titles, ranging from social casino games and crash games to classic slots and table games. This extensive portfolio is poised to resonate well with Ontario’s regulated iGaming audience.

Damjan Stamenkovic, CEO of Expanse Studios, emphasized the importance of this licensing milestone. “Completing the filing process is a critical milestone in our journey to bring Expanse Studios to Ontario,” he stated. “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.”

Segev LLP, known for its expertise in gaming law, plays a pivotal role in ensuring the licensing application meets Ontario’s rigorous standards. Alon Segev, Managing Partner at Segev LLP, expressed confidence in Expanse Studios’ potential impact. “Expanse Studios continues to set itself apart with its innovative approach to gaming and its dedication to regulatory excellence. We are proud to them in this important step and look forward to seeing their positive impact in the Ontario market,” Segev said in a written statement.

Challenges on the Horizon

While this development marks a forward-looking step for Golden Matrix, the company’s press release highlighted potential hurdles. Chief among these is the challenge of securing the necessary funding for obligations tied to its ongoing acquisition of Meridianbet Group. Such financial constraints could pose risks to Golden Matrix’s growth trajectory.

Additionally, the company’s ability to obtain further gaming licenses remains critical. Regulatory compliance across multiple jurisdictions is an ongoing challenge that could affect their expansion plans. Broader economic pressures, including inflation, fluctuating interest rates, and geopolitical tensions, also present uncertainties that could impact operations.

Golden Matrix’s decision to enter Ontario aligns with its broader goal of establishing a presence in well-regulated and lucrative markets. By showcasing its innovative gaming portfolio, Expanse Studios aims to capture the attention of Ontario’s vibrant gaming audience while solidifying its reputation for regulatory compliance and quality.

As the licensing process unfolds, Golden Matrix and Expanse Studios’ collaborative efforts with Segev LLP signal a proactive approach to navigating the complexities of a competitive iGaming landscape. Their success in Ontario could pave the way for further growth in other regulated markets worldwide.

Source:

”Golden Matrix Group Inc. Announces Expanse Studios Begins B2B Gaming License Registration in Ontario”, nasdaq.com, December 18, 2024.