Meridian Holdings has committed to staying in Brazil and riding out the legislative and judicial storm that has engulfed the country’s gambling industry.
The company, which operates the MeridianBet online sportsbook, acknowledged that President Lula da Silva’s online gambling ban had a big impact on its business during Q3.
Total group-wide revenue came in at $46m (£34.6m), down 3% year-over-year (Q3 2025: $47.3m). This dampened what was otherwise looking like a promising year for Meridian, with year-to-date revenue up 16%.
The most daunting figure from the quarter was the net loss of $13.3m. This has been directly attributed to $11.4m of non-cash impairment charges, including ones related to the Brazil online gambling ban.
“This was a challenging quarter, impacted by customer-favorable sports results, regulatory developments in Brazil and higher operating costs,” said Zoran Milosevic, Chief Executive Officer of Meridian Holdings.
