Meridian Holdings Inc. (NASDAQ:MRDN), an international developer, licensor, and operator of online gaming and e-commerce platforms, has provided the below update relating to the Provisional Measure signed by the President of Brazil on September 25, 2026, which prohibits the operation, intermediation and advertising of online betting and online casino services in Brazil and requires that funds be returned to bettors. The measure is provisional and is expected to be subject to approval by the Brazilian Congress (within 120 days of adoption) to remain in effect.
Immaterial exposure expected as Brazil represents an immaterial share of Meridian Holdings’ Group revenue.
The Company’s Meridianbet brand operates in Brazil through its subsidiary Meridian Gaming Brasil SPE Ltda, which holds authorisation SPA/MF nº 0086/2024, granted by Portaria SPA/MF nº 526 of March 14, 2025, for the operation of fixed-odds sports betting and online gaming.
The Company has been, and continues to be, fully compliant with the Provisional Measure and all applicable regulatory requirements in Brazil.
The Company entered the Brazilian market on a conservative basis and did not commit large-scale marketing expenditure in advance of licensing. Its exposure to the measure is limited as a result. The Company’s authorization in Brazil was granted until December 31, 2029. The Company is reviewing the Provisional Measure and its implications with its Brazilian and United States legal advisers.
Under Brazilian law, a Provisional Measure takes effect on publication in the Diário Oficial da União and has immediate force of law. It is valid for 60 days and may be extended once for a further 60 days. The Brazilian Congress must approve it within that period, failing which it ceases to have effect.
