Meridian Holdings Inc. (NASDAQ: MRDN) is continuing to build momentum across its global online sports betting and gaming operations, according to the latest research note from Zacks Small-Cap Research. The report, written by Research Analyst M. Marin, highlights several recent developments that could help Meridian broaden its customer reach, strengthen its B2B gaming content business and support future revenue growth.
At the centre of the update is Meridian’s appointment of Serbian-born former footballer Dejan Petković as Global Brand Ambassador. Petković, widely known as “Pet”, is a familiar figure to Brazilian football fans, having played for major clubs including Flamengo, Vasco da Gama, Fluminense, Vitória, Santos and Atlético Mineiro. His profile in Brazil is particularly relevant because Brazil is one of Meridian’s largest markets, and the upcoming FIFA World Cup could lift interest in sports betting across key regions.
The company also plans to launch Pet TV, a multimedia content platform focused on sport, culture and entertainment. This is designed to extend Meridian’s brand beyond traditional sports betting, helping it connect with users through lifestyle and entertainment content. For a consumer-facing betting and gaming business, this type of brand-led approach may support customer engagement while keeping marketing tied closely to sports culture.
Research Analyst M. Marin wrote: “His appointment as Brand Ambassador is designed to boost Meridian’s brand visibility with one of the most engaged sports audiences globally and to extend our reach beyond traditional sports betting channels.”
The Zacks note also points to progress at Expanse Studios, Meridian’s B2B iGaming content subsidiary. Expanse recently signed a strategic distribution agreement with MaxBet, one of Serbia’s leading omni-channel gaming operators and a subsidiary of Flutter Entertainment. The agreement expands Expanse’s reach in Serbia, with its titles already live and accessible through MaxBet’s infrastructure.
According to the note, Serbian online gambling revenue is projected to reach $186 million by 2029, while MaxBet controls an estimated 15% to 20% online market share in Serbia.
Key Operational and Financial Highlights
Meridianbet new customer registrations grew 41% year on year in 1Q26.
Active users increased 21% and depositors rose 27%.
Meridianbet Group segment revenue grew 26% year on year to $34.9 million.
The Meridianbet Group segment represented around 70% of total revenue.
Segment gross margin was approximately 69%.
Expanse Studios added 175 new sites in 1Q26, taking its operator network to 1,519 active sites.
Meridian reduced net debt by 62% year on year to $13.5 million.
Net debt leverage stood at 0.53x annual adjusted EBITDA at the end of 1Q26.
The company had $16.2 million in cash at the end of 1Q26.
Meridian has also issued 2Q26 revenue guidance of $51 million to $53 million. That would represent anticipated year-on-year growth of 18% to 23% compared with 2Q25 revenue of $43.2 million. Zacks attributes this expected growth to continued momentum in core Meridianbet operations and incremental contribution from new Expanse markets, among other factors.
On valuation, Zacks has a valuation of $16.20 for Meridian, compared with the current price of $12.38 stated in the report. The note describes MRDN as a high-risk small-growth stock and makes clear that risks include competition, regulatory change, foreign exchange exposure, possible capital raising and the challenge of gaining market share in new regions.
Even so, the research note presents Meridian as a company with multiple growth initiatives under way. These include expansion into regulated markets, a broader gaming content library, new distribution relationships and the use of AI-driven technology to improve innovation and operational efficiency.
Final Thoughts: The latest research note from Zacks Small-Cap Research suggests Meridian Holdings is making steady progress in brand building, market expansion and balance sheet improvement. With Petković helping raise awareness in Brazil, Expanse Studios extending distribution in Serbia and Meridianbet continuing to scale, the company appears focused on building a broader international platform while managing the risks that come with operating in a fast-moving gaming sector.
