Meridian Holdings reports $46m Q3 revenue and plans legal efforts to resume Brazil business
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Meridian Holdings said Brazil’s online gambling ban affected its Q3 business and that it would pursue legal routes to resume operations there. Group revenue was $46m, down 3% year on year, while a $13.3m net loss included $11.4m in non-cash impairments, some linked to the ban.
Meridian Holdings intends to remain in Brazil after an online gambling ban hit its business in Q3, the company said. Group revenue declined 3% year on year to $46m in Q3, compared with $47.3m in Q3 2025. For the year to date, Meridian’s revenue rose 16%.
Brazil has suspended fixed-odds betting, including online casinos, across all operators, Milosevic said. He said expenses had been reduced and a minimal office retained. Brazilian licence holders faced a 6 October deadline to shut their betting platforms.
The Supreme Federal Court is considering whether Lula’s ban is constitutional and has put lower-court challenges on hold until it decides. After a 120-day review, the National Congress can change or reject the president’s provisional measure. Shortly after the ban was announced, Betano said it would pursue legal action; Kaizen Gaming owns Betano, with Allwyn holding a minority stake.
The group finished Q3 with $16m in cash and $24m in total debt, compared with $34.7m in debt in Q3 2025. A September agreement with former owners deferred repayment of $15.6m until November 2031, with no interest due.