Meridian plans to retain Brazil presence after quarterly loss
Meridian Holdings plans to maintain a limited presence in Brazil while pursuing a possible return to the market, after the country’s betting prohibition contributed to a third-quarter loss. The company reported a net loss attributable to Meridian Holdings of $13.3 million for the three months ended September 30.
The November 10 financial release reported quarterly revenue of $46.0 million, down 3% year over year. Results included $11.5 million in noncash impairment charges, with $5.5 million relating to the full write-off of its Brazilian gaming license and associated intangible assets.
Meridian suspended Brazilian operations following the September 25 prohibition on fixed-odds betting, including online casinos. Its filing states that Brazilian revenue was not material to the group and that it does not expect to resume gaming operations there during the remainder of 2026.
Zoran Milosevic, Chief Executive Officer of Meridian Holdings, commented, “This was a challenging quarter, impacted by customer-favorable sports results, regulatory developments in Brazil and higher operating costs. Brazil suspended fixed-odds betting, including online casinos, by all operators. Our core business remains healthy and outside one-off adjustments continues to generate cash to drive its own growth.”
Casino growth accompanies weaker sportsbook margins
Meridianbet Group’s quarterly revenue increased 2% to $33.1 million. Within that business, online casino revenue rose 17% to $17.1 million, while online sports betting revenue fell 15% to $8.7 million following customer-favorable results. Its online sportsbook margin was 7.4%, compared with 8.2% a year earlier.
Across Meridian Holdings, adjusted EBITDA was $0.4 million, compared with $4.8 million under the current definition for the prior-year quarter. For the first nine months, group revenue increased 10% to $146.3 million; the separate Meridianbet Group business recorded 16% growth to $103.8 million.
The company ended September with $16.0 million in cash and $24.1 million in total debt. In September, it extended the remaining $15.6 million acquisition payment owed to Meridianbet Group’s former owners to November 1, 2031, without interest.
Meridian now forecasts full-year revenue of $195 million–$198 million, assuming no Brazilian reopening during 2026. That outlook replaces its earlier second-half guidance and incorporates weaker prize-competition revenue, sportsbook results and the Brazilian shutdown, which remains subject to legislative and judicial proceedings.
