Expanse Studios, a subsidiary of Golden Matrix Group, received a Class 2 license from Romania’s National Gambling Office on December 1, 2025. The license allows the studio to supply its proprietary slot, crash, and casino titles to licensed Romanian operators without establishing a local entity or paying Romanian corporate taxes, giving it immediate access to a regulated market with minimal upfront cost.
Romania’s iGaming market generated roughly €600 million in gross gaming revenue in 2024 and boasts one of Europe’s highest mobile‑gaming penetration rates at 88 %. The market is growing at 15 % year‑over‑year, driven by a tech‑savvy player base that prefers mobile platforms, making it an attractive target for B2B providers like Expanse.
For GMGI, the license expands its B2B distribution network into a high‑growth European jurisdiction, complementing the company’s recent acquisition of Meridianbet and its broader strategy of leveraging proprietary content in regulated markets. Expanse’s revenue surged 433 % in Q3 2025, and GMGI’s overall revenue grew 15 % year‑over‑year, underscoring the business impact of the new license and the company’s ability to scale its portfolio.
CEO Brian Goodman said the license “strengthens our portfolio and positions us for continued growth in regulated markets.” He also announced that he will step down effective December 12, 2025, with Chairman William Scott taking over as interim CEO, a leadership change that coincides with the company’s expansion into Romania.
The Class 2 license is expected to contribute to GMGI’s revenue growth without the burden of local taxes or entity costs, improving operating margins. GMGI’s Q3 2025 gross margin expanded to 55.8 %, up 111 basis points from the prior year, while revenue rose 15 % YoY, reflecting strong execution and a favorable mix of high‑margin B2B contracts.
The license signals GMGI’s aggressive expansion strategy and positions it to capture a mobile‑heavy Romanian market, aligning with its broader European growth objectives and reinforcing its competitive stance in regulated iGaming markets.
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