Gurhan Kiziloz
Photo courtesy of Gurhan Kiziloz

Nexus International, one of the fastest-growing privately held gaming operators in the world, has posted $546 million (£402 million) in revenue for the first half of 2025, up 110% year-on-year. The performance pushes Nexus into the global top 100 gaming operators by revenue, alongside publicly listed brands many times its size, and reflects the scalability of a model that has been built without venture funding, private equity, or a formal board.

The figure already exceeds Nexus' full-year 2024 revenue of $400 million (£295 million). Based on current momentum, the company projects a full-year run rate between $1.1 billion and $1.2 billion (£810-£883 million), with a stretch target of $1.54 billion (£1.1 billion). CEO Gurhan Kiziloz argues this trajectory underscores the advantage of funding independence in a highly competitive and regulated global market. 'When you control the capital, you control the pace,' he said. 'Our ability to move without layers of external approval has been central to our expansion.'

The company operates in over 40 markets, with growth in 2025 driven by three core brands. Spartans.com, its crypto-native gaming platform, has rapidly expanded its multi-currency offering across regulated jurisdictions. Lanistar, now fully licensed as a gaming operator, has gained traction in Europe and Latin America. Megaposta, Nexus' flagship platform in Brazil, has been the largest single contributor to H1 results, benefiting from early regulatory licensing and tailored market strategies in one of the most competitive new iGaming arenas.

The decision to remain self-funded is deliberate. Kiziloz has repeatedly emphasised that avoiding external capital gives Nexus operational agility that can be difficult to match in publicly traded or investor-backed environments. Without a formal board, major strategic and operational decisions can be made in days rather than months. This structural advantage, the company argues, allows it to enter new markets faster, respond to regulatory changes in real time, and pivot resources with minimal friction.

The trade-off is that the leadership team carries full responsibility for both execution and risk management. Kiziloz acknowledges this, framing it as a conscious choice aligned with the company's culture. 'We don't have the luxury of passing decisions through layers of governance,' he said. 'That means accountability is absolute — and that's exactly how we want it.'

In Brazil, that approach paid off. Nexus was among the earliest operators to secure full licensing under the country's new regulatory framework, which came into effect in January. By having compliance systems ready ahead of time, Megaposta avoided the onboarding and payment integration delays that slowed growth for some competitors. Industry analysts estimate the regulated Brazilian market could exceed $3.5 billion (£2.6 billion) annually within three years, with early movers well-positioned to capture significant share.

To support this growth, Nexus is opening a new regional office in São Paulo next week. The office will serve as the company's Latin America hub, providing operational oversight, regulatory engagement, and localised marketing for Brazil and other regional markets, including Colombia, Peru, and Chile.

The broader market context makes Nexus' trajectory unusual. Most operators at this revenue level are either public companies with substantial investor capital or long-established private firms with multi-decade histories. Nexus, by contrast, has achieved its scale in a short time frame, driven by rapid platform growth and market entries. Its ability to do so without raising external capital challenges the prevailing view that high growth in gaming requires significant outside funding.

Internally, Nexus supports its lean governance model with a data-centric operational framework. Real-time market performance metrics, customer behaviour analytics, and risk management dashboards are integrated into daily decision-making. This infrastructure, according to the company, enables its small leadership team to manage a global footprint without sacrificing oversight or compliance standards.

Looking ahead, Nexus plans to maintain its funding independence, focusing on expanding its brand portfolio in regulated markets, investing in platform infrastructure, and strengthening customer acquisition strategies. The company has not indicated any plans for a public listing, despite speculation in the industry that a listing could provide capital for further expansion.

Kiziloz remains clear on the company's direction. 'We're not building for a quick exit or a headline valuation,' he said. 'Our goal is sustainable, long-term market leadership, and the independence to shape our strategy without compromise.'

With half-year revenue already surpassing its total for the previous year, Nexus will enter the second half of 2025 with significant momentum. Whether it can sustain this trajectory will depend on continued execution in markets like Brazil, disciplined operational control, and its ability to leverage its speed advantage in an increasingly regulated global landscape.