Expanse Studios, a subsidiary of Golden Matrix Group Inc. (GMGI), has secured a content distribution agreement with Vegas.hr, a newly licensed online casino operator in Croatia. The deal places Expanse’s certified Croatian portfolio—including flagship titles such as Super Heli, Wild Icy Fruits, Titan Roulette and Wild White Whale—onto Vegas.hr’s platform via Bragg Gaming’s aggregation system, giving the studio immediate access to a regulated EU market.
The agreement follows Expanse’s July 2025 certification from the Croatian Ministry of Finance, which approved Super Heli and cleared the studio for 15 additional titles. The certification process required compliance with strict technical, security and responsible‑gaming standards, underscoring Expanse’s commitment to operating in high‑barrier jurisdictions. Vegas.hr, which launched in 2025, is positioned as one of Croatia’s fastest‑growing online casino operators, and the partnership will allow its players to access a diverse slate of Expanse games without additional licensing hurdles.
Croatia’s online‑casino market is projected to generate about $482 million in 2025, according to Statista, and the country’s internet penetration of 84.6 % (DataReportal) supports a robust digital‑gaming ecosystem. While other estimates place the total gambling market at roughly $849 million, the online‑casino figure highlights a sizable niche that Expanse can capture. The deal also complements recent regulatory approvals in Romania and Sweden, positioning GMGI as a multi‑jurisdictional B2B provider with a growing footprint across Europe.
GMGI’s Q3 2025 earnings—released on October 30—showed a return to profitability with revenue of $47.3 million, up 15 % YoY, and a net income of $0.4 million after a $3.3 million loss in Q3 2024. The rebound was driven by strong performance in the Meridianbet and GMAG segments, and the company cited disciplined cost control and strategic investments in high‑margin products. The financial turnaround gives GMGI the capital and confidence to pursue new market entries such as Croatia, reinforcing its strategy of leveraging regulatory approvals to accelerate growth.
Damjan Stamenkovic, CEO of Expanse Studios, said the Croatian certification “validates our content quality and compliance capabilities in demanding EU jurisdictions.” He added that the partnership with Vegas.hr “opens a new revenue stream and expands our presence in a high‑growth market.” Brian Goodman, GMGI CEO, noted that the company’s “steady momentum across key markets, particularly in Latin America, underpins our confidence in scaling operations and maintaining profitability.” The combined approvals in Croatia, Romania and Sweden signal a broader European expansion strategy that could unlock additional revenue streams and diversify GMGI’s B2B portfolio.
The deal positions Expanse Studios to capitalize on Croatia’s growing online‑gaming market while reinforcing GMGI’s multi‑jurisdictional strategy. With a proven track record of regulatory compliance and a growing portfolio of certified titles, the studio is well‑placed to capture market share in a country that offers both high internet penetration and a favorable regulatory environment. The partnership with Vegas.hr marks a significant step in GMGI’s expansion plan and is expected to contribute positively to the company’s future revenue mix.
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