Gurhan Kiziloz
Photo courtesy of Gurhan Kiziloz

Nexus International has reported $546 million (£402 million) in revenue for the first half of 2025, a 110% increase year-on-year, securing its position among the top 100 gaming operators globally by revenue. The milestone is notable not only for the scale achieved but for the way it has been accomplished without external funding, venture capital, or private equity involvement.

The privately held gaming operator has exceeded its total 2024 revenue of $400 million (£295 million) in just six months, with current projections estimating a full-year run rate of $1.1–$1.2 billion (£810-£883 million). Nexus maintains a year-end target of $1.54 billion (£1.1 billion). CEO Gurhan Kiziloz attributes the growth to a disciplined approach to market entry and a lean operational model that relies on internally generated capital.

'Control over capital means control over pace,' Kiziloz said. 'Our independence gives us the agility to act in the market's interest without delay.'

Operating in more than 40 markets worldwide, Nexus has built its growth around a portfolio of three core platforms: Spartans.com, its crypto-native gaming platform; Lanistar, a newly licensed gaming brand with a presence in Europe and Latin America; and Megaposta, the company's leading platform in Brazil. Each brand targets a specific audience segment, with Spartans.com focusing on multi-currency gaming, Lanistar building regional traction, and Megaposta leveraging early regulatory licensing to secure a strong position in Brazil's newly regulated iGaming market.

Brazil has been a central driver of Nexus' H1 performance, with Megaposta achieving high user retention and consistent transaction volumes since the market's legalisation earlier this year. The company's decision to secure early compliance with Brazil's regulatory framework allowed it to move quickly once the market opened, avoiding onboarding bottlenecks that have affected other operators.

The strategic importance of Brazil has led Nexus to establish a new regional office in São Paulo, set to open next week. The hub will serve as a base for Latin American operations, offering localised support and infrastructure for future market expansions in the region. According to the company, the office is intended to deepen its presence in what is now its largest single market by revenue.

Nexus' business model is unusual in a sector where public listings, venture funding, and private equity are common. By self-funding growth, the company has avoided share dilution and external oversight, instead consolidating decision-making within a small leadership team. Kiziloz sees this as a structural advantage, allowing Nexus to act quickly on market intelligence and operational shifts.

'Our speed is not just in product delivery — it's in strategic decision-making,' Kiziloz said. 'We can make and execute high-level decisions without weeks of approvals, and that's increasingly important in a competitive, regulated market.'

This approach, however, comes with a higher concentration of operational responsibility. Without the checks and balances of a traditional board, Nexus' leadership assumes full accountability for strategic direction and market performance. Kiziloz acknowledges the trade-off but maintains that the benefits outweigh the risks.

In addition to Brazil, Nexus has seen growth across multiple regulated markets, with Spartans.com expanding its reach and Lanistar gaining momentum after its licensing transition. The company says it will continue to prioritise regulated jurisdictions, with further licence applications planned for the second half of 2025.

Market analysts note that Nexus' revenue performance now places it in the same tier as established mid-sized operators such as Betsson AB and Rank Group, while still operating without the financial and operational support structures of those publicly traded peers. While it remains significantly smaller than global leaders such as Flutter Entertainment or Entain, Nexus' growth trajectory suggests increasing competitive pressure in key regions, particularly Latin America.

Kiziloz emphasises that Nexus' objective is not short-term valuation but sustainable, market-leading positions in its chosen verticals. 'We're building for resilience and long-term relevance,' he said. 'Revenue is a metric of progress, but market fit and operational strength are what sustain growth over time.'

The company has not disclosed any plans to alter its funding structure or pursue an IPO, instead reaffirming its commitment to operating as a privately held, founder-led enterprise. With more than half a billion dollars in revenue recorded in the first half of the year, Nexus' operational model and geographic strategy will be closely watched in the second half of 2025.