Meridian Holdings is exploring an entry into Ontario while seeking US licensing opportunities for its business-to-business gaming content, according to comments by chairman and chief financial officer William Scott. The company currently earns no revenue in the United States, although Scott identified North America as a potential growth opportunity.
The plans would represent a move into new regulated jurisdictions for a group that operates in more than 25 international markets. Meridian Holdings combines consumer-facing sports betting and online casino operations with a B2B division that develops and distributes gaming content to third-party operators.
Its Meridianbet sports betting and casino business accounts for about 71% of group revenue and operates in Europe, Africa and Latin America. Other operations include raffle businesses in the United Kingdom and Australia, as well as Mexplay, a Mexican sportsbook and casino operation.
The B2B unit includes GMAG, an online casino-content distributor, and Expanse, the company’s proprietary game-development studio. Meridian recently entered Sweden through Expanse as it broadened its international footprint and developed the B2B business.
Scott said the company had reported 16% revenue growth in its recent financial performance. Separately, Meridian said in a June announcement that its latest quarter generated $50.1 million in revenue, up 17% year on year, and marked its first GAAP-profitable quarter.
The company has said it operates in more than 25 regulated markets on four continents, with licenses across Europe, Africa and Latin America. Its software automatically declines gaming or redemption requests originating in the United States, which Meridian has described as compliance with US law.
Regulatory approvals and licensing requirements may affect the timing and structure of expansion into regulated markets. Meridian’s SEC filings also identify the ability to obtain and maintain gaming licences, additional financing needs and acquisition funding among risks to growth.
Over the next six to 12 months, the company said it will prioritise operational efficiency, entry into further regulated markets and potential strategic acquisitions.
