From gaming to infrastructure, Zoran Milosevic building Golden Matrix Group brick by brick

“We are not a promise-based company,” he states confidently. “We are an execution-based company.” This distinction is important to him, beyond just semantics. In an industry driven by projections, hype, and speculative growth, Milosevic speaks with a mindset shaped by years of considering what causes failure, and how to prevent it from happening. As a senior executive at Golden Matrix Group (Nasdaq: $GMGI) and CEO of Meridianbet, his flagship operation, Milosevic discussed how the company quietly transformed from a regional gaming provider into a global digital infrastructure firm, prioritizing regulation, technology ownership, and core values. Today, Golden Matrix operates across five continents and over 25 jurisdictions. It manages both B2B and B2C operations, owns proprietary platforms end-to-end, and holds licenses in challenging markets. While this appears to be rapid growth, Milosevic emphasizes it’s the fruit of deliberate, meticulous planning, building in emerging markets long before they became fashionable, focusing on execution rather than hype.

That choice – to prioritize systems over storytelling – shaped the company’s DNA. Instead of chasing fast growth or investor buzz, Golden Matrix Group spent years navigating regulatory frameworks, developing its own technology, and learning how to operate under scrutiny in vastly different environments. “We didn’t want to depend on vendors for our core systems,” Milosevic explains. “If you don’t own the technology, you don’t control the risk.” That philosophy now defines the company’s structure. Golden Matrix Group is not simply operating platforms; it is running its own infrastructure in real time, under real-world pressure. And the place where that pressure is felt most directly is Meridianbet, the more than a recognizable brand within the group and the company’s proving ground. “Meridianbet is the operational backbone of the group,” Milosevic says, “It generates real revenue in real markets, under real regulatory scrutiny.” That emphasis on real is deliberate, as Milosevic is keenly aware of how much of the gaming industry exists in abstraction, technology that looks good in presentations but has never faced regulators, scale without ownership, growth without stress testing. Inside Golden Matrix Group, Meridianbet serves two critical functions.

First, it generates recurring cash flow across diverse geographies. Second, it validates the company’s proprietary technology stack in live environments. “Many gaming companies either have technology without scale, or scale without owning the technology,” Milosevic says. “Meridianbet closes that gap.” It does so across different cultures, currencies, and regulatory regimes, a complexity that Milosevic believes most outsiders underestimate. “Our platforms don’t just work in theory,” he says. “They work in practice,” emphasising the practice which naturally leads to Milosevic’s broader view of the industry, one that reframes gaming not as entertainment but as infrastructure.

“Modern regulated gaming is fundamentally a financial activity,” he says. “You are moving money, managing risk in real time, verifying identities, complying with AML and KYC rules, and operating under strict regulatory oversight.” In this model, entertainment is the visible layer. Beneath it lies something closer to a digital financial institution: Payments security, cybersecurity, compliance automation, and data integrity operating simultaneously. “If you don’t treat it that way,” Milosevic says, “you won’t survive long in regulated markets.” This view explains Golden Matrix Group’s posture toward regulation, a subject that often divides the industry. For Milosevic, regulation is not a drag on innovation. It is what makes long-term innovation possible. “Regulation filters out weak operators,” he says. “Every license we hold increases the long-term value of the business.” Licenses raise barriers to entry, build trust with governments and partners, and create stability in markets prone to volatility. Combined with proprietary technology, regulation becomes an advantage rather than an obstacle. “When you combine regulation with technology ownership,” Milosevic explains, “you get scalability without chaos.”

A crucial aspect of Golden Matrix Group’s technological framework is rooted in Israeli innovation, especially in areas with very narrow error margins such as cybersecurity, payments security, and compliance automation. “Israel is one of our main intelligence sources," Milosevic states. “It’s a true global leader in these fields," he stresses, emphasizing that the relationship is highly operational. As gaming companies increasingly function like financial institutions, they encounter similar threats – fraud, cyberattacks, regulatory breaches – and must uphold the same technical standards. "Today’s gaming companies need to operate like financial institutions,” Milosevic notes. “Israeli technology performs exceptionally well where risks are highest and standards most demanding." Israel’s influence on the company extends beyond technology. Milosevic openly supports Israel, even when such views may be sensitive in international business environments. "Leadership is intertwined with values,” he affirms. “Israel embodies resilience, innovation, and moral integrity."

Milosevic argues that those qualities are not abstract ideals, but rather directly shape how organizations are built, how risk is managed, and how decisions are made under pressure. “The same qualities that have allowed Israel to thrive under pressure,” he notes, “are the qualities we apply to building Golden Matrix Group.” That belief was tested sharply after October 7 and the outbreak of war. The moment brought personal shock, but it also introduced volatility across global markets, particularly in emerging economies. “October 7 was a shock, personally and professionally,” Milosevic recalls, yet the company’s operations held steady. Revenues remained diversified, and execution continued without disruption. “That period tested our structure,” he says. For Milosevic, the lesson was clear. Companies that depend on a single geography, a single vendor, or a fragile growth narrative are exposed when shocks arrive. “When you are not dependent on a single geography or vendor,” he says, “you can absorb shocks and continue executing.” That resilience is one reason analysts have shown increased interest in GMGI. Milosevic attributes the attention to a rare combination. “We combine three things that rarely exist together,” he says. “Regulated licenses, proprietary technology, and proven execution in emerging and developed markets.”

Equally important, Milosevic notes, is what the company does not do. It does not outsource its core systems. It does not rely on a single country. And it does not pursue growth by burning capital without discipline. “We don’t grow by burning capital without discipline,” Milosevic says. That discipline is especially relevant amid market volatility. GMGI’s share price, like many Nasdaq-listed stocks, has fluctuated, a reality Milosevic addresses with characteristic calm. “Markets fluctuate,” he says. “Fundamentals compound.” In his view, what ultimately matters are the steady accumulation of regulated assets, intellectual property, and long-term licenses, elements that rarely generate headlines but define a company’s trajectory. “Volatility is noise,” he says. “Structure is a signal.” Looking ahead, Golden Matrix Group’s next phase of growth is unfolding in parallel across Europe and the United States. Licensing developments in countries such as Romania, Sweden, and Brazil, alongside expanding B2B partnerships, are part of a systematic strategy rather than isolated wins. “We are not rushing,” Milosevic says. “We are building.” That emphasis on building reflects Milosevic’s broader leadership philosophy. Asked whether Jewish values shape his approach, he answers without hesitation. “Very much so,” he says. “Responsibility, community, and long-term thinking are not slogans. They are operating principles.”

Short-term speculation, he argues, destroys value. Long-term leadership creates it, and sometimes not only in companies, but in societies. That worldview also informs his message to Jewish and pro-Israel investors evaluating GMGI  (Nasdaq: $GMGI). “You don’t have to choose between values and returns,” Milosevic says. “We are proving that Zionist conviction and global capital discipline can coexist and reinforce each other.” Golden Matrix Group is not positioning itself as a headline-driven story stock. It is assembling something quieter and more durable: a regulated infrastructure designed to function under pressure, across borders, and over time. As Milosevic puts it, the goal is not to win the next news cycle, but to build something that lasts.