Nexus International has posted first-half revenues of $546 million, more than double the figure recorded in the same period last year, placing the Dubai-based group among the world’s 100 largest gaming operators by turnover. The result marks a significant milestone for a business that remains wholly owned and led by its founder, Gurhan Kiziloz, at a stage when most peers of comparable scale operate under public or private equity ownership.
Founded without external investment, Nexus has scaled its presence to more than 40 markets while retaining a single point of strategic authority. In a sector where decision-making is typically mediated by boards, shareholders and investment committees, the company’s founder-led governance allows for compressed approval timelines and a direct link between market intelligence and operational action.
The group’s performance in the first half was supported by its three main brands. Spartans.com, a crypto-enabled gaming platform, has expanded to more than 5,900 titles, benefiting from uptake in multi-currency jurisdictions. Lanistar, following its repositioning from fintech to licensed gaming operator, has gained traction in European and Latin American markets. In Brazil, Megaposta has delivered notable growth in active users and transaction volumes, helped by early compliance with the country’s new iGaming licensing regime.
Kiziloz attributes the revenue momentum to disciplined market sequencing. “Our approach has been to prioritise jurisdictions where regulatory clarity is emerging and where we can establish scale before the field becomes crowded,” he said.
July saw the opening of Nexus’s first regional hub in Latin America, located in São Paulo, reflecting the strategic weight of Brazil in the group’s growth plan. Independent forecasts suggest Brazil’s regulated gaming market could reach $3–$4 billion in annual revenue by 2026. The new office will also act as a staging point for planned expansion into neighbouring markets as regulatory frameworks mature.
The company’s governance model has drawn industry attention for its rarity at this level of revenue. Comparable operators such as Sweden’s Betsson AB or the UK’s Rank Group are subject to multi-tiered corporate oversight, often with investor groups influencing operational priorities. Nexus’s ability to reinvest profits directly into product development, licensing, and market entry, without external sign-off, has been cited as a factor in its speed to market.
Nonetheless, the absence of outside capital also places demands on the company’s operational discipline. Sustaining growth at the current run rate, which points to full-year revenue between $1.1 billion and $1.2 billion, with a stated target of $1.54 billion, will require careful allocation of resources to high-yield markets and continued attention to compliance in heavily regulated jurisdictions.
Kiziloz has given no indication of plans to alter the ownership model in the near term. There has been no public discussion of a stock market listing or private placement. The stated priority for the remainder of the year is to consolidate positions in existing regulated markets, strengthen brand equity across its portfolio, and prepare for selective entries into newly opened jurisdictions.
“Our strength lies in alignment – vision, capital, and execution are all under one roof,” Kiziloz said. “It allows us to be responsive without losing sight of the long-term trajectory.”
Industry analysts view Nexus’s trajectory as indicative of a broader shift in the gaming sector, where agile, founder-led firms are using regulatory openings in emerging markets to capture share before larger incumbents can mobilise. For Nexus, the question will be whether this model, successful at mid-nine-figure turnover, can be sustained as the group edges closer to the scale of established global brands.
