Focused on the development of a proprietary technology stack to drive and balance both its B2C and B2B growth, William Scott, Chairman of Golden Matrix Group, views the company as one of the strongest value propositions amongst listed gambling PLCs.  

“I think we are very close to finding our sweet spot”, William Scott, Chairman of Golden Matrix Group Inc (GMGI) tells SBC, reflecting on the progress of the Global Nasdaq listed gambling group.

Scott, who will serve as Acting CEO of GMGI on a temporary basis, leads the search for a new chief executive following the retirement of Brain Goodman this December.

The search is on for Scott to find a leader for GMGI, to accelerate its growth in both B2C and B2B segments of gambling, a dynamic that has proved too demanding for many PLCs – a reality Scott is aware of and has experienced as a seasoned iGaming executive.

How will GMGI handle this tricky balance of trade-offs between disciplines, given its flagship property of MeridianBet and its growing portfolio of iGaming technology services.

 2025 has played out as year-1 of the MeridianBet integration, the merger brought together MeridianBet’s vast European sports-betting and gaming operations with GMGI’s proprietary technology platforms and global B2B network.

 “The first year has been about stitching the DNA together,” says Scott. “Meridian had market presence, GMGI had the technology backbone. We’ve now reached the point where the two sides complement rather than compete.”

That synergy has produced early results. GMGI delivered $47m revenue and $26m in gross profits in Q3 2025 above market expectations, marking what Scott calls “a genuine point of inflection for a young business”. 

“We are back to profitability and building momentum,” he explained. “Now the focus is on scale… but scale that pays and puts us on the frontfoot.”

Scott believes 2026 will be the “synergy year.” “Year two is where we start to see the real pay-offs,” he says. “The integrations are done, the systems are centralised, and every new dollar of revenue now carries more leverage than before.”

A PLC in the shadows

Scott describes GMGI as a “PLC in the shadows” a company that has quietly thrived within the backdrop of a noisey sector  “We’re not here to make headlines,” he says. “We’re here to make money for shareholders consistently, credibly and with discipline.”

“Investors are prioritising cost control and consistency now,” he says. “We’ve entered an age of credibility. The market’s not interested in promises of scale without substance.”

That new calculus has favoured GMGI’s model of sustainable profitability. Where other PLCs have been forced into abrupt transformations in 2025, GMGI has built quietly on a foundation of reliance — expanding where it can maintain profit margins, retreating where it cannot.

Technology independence: the cornerstone

The key discipline is technology independence — a feature Scott returns to frequently. “Our technology stack is 100% in-house,” he says. “That’s everything — the sportsbook, risk management, player management, back office, and game development. We’ve built it ourselves and we own it outright.”

For Scott, this autonomy is not simply a matter of cost-saving but a strategic enabler. 

“It’s what allows us to move fast in underpenetrated markets,” he says. “When regulation changes or a new licence opens, we don’t have to wait for a supplier to adapt — we make the change ourselves.”

This degree of control is rare among gaming PLCs, most of which rely on third-party platforms that limit flexibility and eat into margins. “Independence means we’re not paying rent on our own house,” Scott says. “It’s a quiet advantage, but it’s what keeps us ahead.”

Serbia: a home advantage

GMGI’s focus on self-sufficiency has a proving ground, it is Serbia — the company’s largest and most mature market, and home to MeridianBet headquarters. 

“Serbia has always been a bellwether for us,” Scott explains. “It’s where we built the operational discipline that now defines the group.”

GMGI commands one of the strongest domestic positions in Serbia, where the government continues to  tighten compliance rules, controls and oversight across land-based and online businesses – a mandate  led by President Aleksandar Vučić to aid Serbia’s ascension to the EU. 

While some operators are wary, Scott welcomes the move. “We like good regulation,” he says. “Bad regulation hurts the industry, but good regulation clears out the noise. It keeps the table clean.”

That clarity, he argues, will give MeridianBet — and by extension GMGI — a decisive edge. “We operate at the high end of compliance,” he says. “So when jurisdictions raise the bar, it plays to our strengths. It means others can’t compete in the same space.”

Serbia also serves as a cultural anchor for the wider group. “Our Meridian headquarters are in Belgrade, so we mostly hear about regulatory changes before anyone else,” Scott laughs. “But more importantly, we’ve built a team there that knows how to grow profitably. It’s not about chasing volume; it’s about knowing your customers, your regulators, and your limits.”

In recent quarters, Serbia has been one of GMGI’s most profitable markets — a base of stability supporting growth in newer territories such as Brazil and Canada. “It’s a model we can replicate,” Scott says. “Serbia shows what happens when you combine strong regulation with smart localisation and full tech control.”

Prime Cuts in low-penetrated markets 

For GMGI, the line between developing and mature markets has blurred. “We call them prime markets,” says Scott. “They’re not necessarily rich countries, but they are regulated, credible and growing.”

That includes Brazil, where MeridianBet holds a licence and continues to expand steadily. “We don’t fight the giants,” Scott explains. “We find our middle ground — agile enough to adapt, strong enough to stand out.”

In North America, GMGI has turned its focus to the B2B segment, particularly in the US and Ontario. “The B2C side of the US is brutal,” Scott admits. “The cost of acquisition is just too high. But as a B2B provider, we’ve found traction — because operators need partners who can deliver flexibility and compliance.”

Scott is further monitoring developments in South Africa, a market he knows intimately. “It’s a fantastic market,” he says. “Complex, yes — regulated provincially, not nationally — but full of opportunity. The big land-based operators are now fully digital, payments are improving, and the regulatory framework is evolving.”

He sees South Africa as part of a broader pattern — large, underpenetrated markets where GMGI’s independence and compliance experience can make a difference. “When you’ve built your own technology, you can enter these markets quickly and safely,” he says. “That’s the playbook we’ll follow in Africa and Latin America.”

New investor calculus

As the gaming sector’s cycle turns, Scott sees investors rediscovering the virtues of prudence. “The old model was growth at any cost,” he says. “Now investors want growth with profit. You can’t keep scaling on losses.”

He sees GMGI’s approach — balancing self-funded expansion with strict cost discipline — as a blueprint for the next decade. “The message I give our shareholders is simple,” he says. “We’re not chasing hype. We’re building an institution. Profitability, consistency and cash generation — that’s the trilogy.”

The numbers reinforce the story: 15% revenue growth, expanding margins, and a business that has delivered profits where others have posted losses.

For Scott, the formula is clear: independence, discipline, and adaptability. “Some countries will do things that aren’t good for the industry,” he concedes. “Some will do great things. But if you look globally, the best is yet to come.”

GMGI has reached its point of inflection — not through luck, but through patience and precision. “We’re not the biggest,” Scott says. “But we are among the quickest to adapt. And in this business, speed and stability don’t often live in the same house.”

In an era of overextended operators and cautious investors, Golden Matrix stands as a rare thing — a resilient PLC, quietly building its sweet spot while others chase the noise.