Nexus International founder and chief executive Gurhan Kiziloz has maintained his grip on the fast-growing gaming operator as first-half revenue jumped to $546 million, more than doubling from a year earlier. The performance vaults the company into the global top 100 gaming operators by revenue – unusual for a business without external capital or a formal board.
The six-month result already exceeds Nexus’s full-year 2024 revenue of $400 million. Projections now point to annual turnover of $1.1 billion to $1.2 billion, with an upper target of $1.54 billion if growth continues. The expansion has been fueled by three core platforms: Spartans.com, which scaled to over 5,900 games; Lanistar, which completed its pivot into gaming from fintech; and Megaposta, which capitalised on Brazil’s newly regulated iGaming sector.
Kiziloz has resisted the routes pursued by rivals such as Flutter Entertainment and Entain, which rely on investor funding and formal governance. Instead, Nexus is privately financed and run through a centralised leadership model. “Without the delays associated with board structures, we can move quickly to capture opportunities,” he said.
This model has enabled Nexus to expand into more than 40 markets in less than five years. The company’s latest move was a regional hub in São Paulo, a bet on Brazil becoming Latin America’s largest regulated iGaming market, with revenue projected between $3 billion and $4 billion by 2026. The hub also positions Nexus for expansion into Chile, Peru and Colombia, where regulation is advancing.
The speed of decision-making has been central to Nexus’s rise, though it also poses governance questions. Public peers such as Betsson AB and Rank Group distribute oversight through boards and committees, while Nexus consolidates authority within Kiziloz’s core team. Analysts say the lean structure has so far been effective, but scaling beyond $1 billion in annual revenue will test its resilience.
For now, the model is delivering results. Nexus’s H1 numbers place it alongside mid-sized listed operators, despite remaining independent. The firm has emphasised its ability to pair agility with discipline, keeping operations lean while targeting investments at high-growth markets.
Brazil is a critical test case. With licensing approvals expected to favour operators with proven compliance and operational capacity, Nexus’s early move gives it an advantage. Sports betting is already gaining traction, and if online casino regulation follows, the addressable market could grow sharply. Nexus’s multi-product portfolio and cross-platform ecosystem position it to benefit from this expansion.
Elsewhere, the company has strengthened its presence in Europe through Lanistar’s rebrand as a gaming-first business, while Spartans.com has gained adoption in multi-currency markets. Investment has been directed toward platform upgrades and payment infrastructure, supporting further international rollouts.
Industry analysts note that Nexus’s trajectory underscores the potential of founder-led companies in gaming, a sector dominated by listed firms. Kiziloz’s direct approach has allowed the group to enter new markets faster than rivals constrained by governance or investor oversight. Whether this independence continues to serve as a competitive edge will depend on its ability to balance speed with compliance as regulatory scrutiny intensifies.
Looking ahead, Nexus says it has no immediate plans for an IPO or private equity funding. That stance reinforces its independence but may limit options should expansion require heavier capital commitments. For now, Kiziloz’s conviction-led model has propelled Nexus into the top tier of gaming operators and will determine how far the company can climb.
Disclosure: Insider Monkey doesn’t recommend purchase of any securities/currencies. Insider Monkey received compensation to publish this article. We don’t guarantee the accuracy of the statements made in this article. Insider Monkey and its principals are not affiliated with the client and have no ownership in the client’s business. Insider Monkey doesn’t recommend the purchase/sale of any securities, cryptocurrencies, or ICOs. Please get in touch with a financial professional before making any financial decisions. You understand that Insider Monkey doesn’t accept any responsibility and you will be using the information presented here at your own risk. You acknowledge that this disclaimer is a simplified version of our Terms of Use, and by accessing or using our site, you agree to be bound by all of its terms and conditions. If at any time you find these terms and conditions unacceptable, you must immediately leave the Site and cease all use of the Site.
