In global iGaming, a small cluster of publicly listed giants, Bet365, Flutter Entertainment, and DraftKings, account for much of the industry’s attention, supported by multibillion-dollar revenues and investor backing. Outside that circle, Nexus International has emerged as an exception. The privately held group, led by founder and chief executive Gurhan Kiziloz, reported $546 million in revenue in the first half of 2025, placing it among the world’s top 100 operators. It reached that milestone without external capital or institutional shareholders, relying instead on a founder-driven model of speed and concentrated control.
The contrast between Nexus and the industry’s biggest players is stark. Flutter and Entain, for example, control multi-brand portfolios with market capitalisations running into the tens of billions. DraftKings, publicly listed in the United States, has expanded aggressively with heavy marketing spend. These operators draw on investor funding and governance structures that prioritise scale and shareholder returns.
Nexus, by comparison, is self-financed and founder-led. It operates Spartans.com, Megaposta, and Lanistar across more than 40 markets. The company does not publish detailed user data, but its revenue trajectory, surpassing full-year 2024 results in just six months, suggests meaningful traction in regions where regulation has recently opened, most notably Brazil.
This independence carries both advantages and risks. Without a board or external shareholders, Nexus moves quickly. New markets can be entered without prolonged deliberation. At the same time, concentrated decision-making places responsibility squarely on the founder, limiting the structural cushions that larger peers rely upon.
Brazil has become a proving ground for the strategies of both global giants and smaller operators. With regulation formalised in January 2025, the country is projected to generate $3–4 billion in annual iGaming revenue by 2026, making it the largest regulated market in Latin America.
Global incumbents have sought footholds through acquisitions and sponsorships. Flutter, for example, moved to acquire a majority stake in NSX Group, while Entain leaned on BetMGM’s brand leverage. Nexus pursued a different path. Its Megaposta platform secured an early licence, focusing on compliance readiness and localisation. With football accounting for 58% of betting growth, Megaposta’s sports-led offerings are designed to resonate with Brazil’s core demand.
The decision to open a São Paulo hub reflects this commitment. Unlike rivals leveraging international scale, Nexus is embedding itself in local infrastructure, payments integration, marketing partnerships, and regulatory engagement. The approach highlights how smaller operators can compete not by matching capital outlays but by aligning tightly with national market conditions.
Another axis of competition lies in technology. While Flutter and DraftKings rely on proprietary tech stacks optimised for mass markets, Nexus integrates crypto functionality and fintech-style payments across Spartans.com. The idea is to appeal to segments of users underserved by conventional platforms, particularly in emerging markets where digital wallets and instant payment systems like Pix dominate transactions.
Lanistar, another Nexus brand, illustrates this hybrid approach. Originally launched in Europe, it has pivoted into gaming across Latin America, blending fintech experience with iGaming offerings. For Nexus, such diversification is not just about spreading risk but about creating differentiated value propositions in markets where traditional sportsbook models are already saturated.
Yet the model is not without tension. Operating without external funding enables autonomy but restricts access to the capital reserves available to public rivals. Flutter’s Q1 2025 revenue exceeded $3.6 billion; Nexus’s H1 revenue was $546 million. The scale gap is significant, and catching up through organic reinvestment requires not only continued growth but resilience through volatility.
The absence of a board also means fewer checks and balances. While agility can be a strength, it also raises governance questions, particularly in regulated markets where compliance lapses carry heavy penalties. Larger incumbents absorb such risks through broad compliance infrastructures; Nexus’s leaner approach depends on the founder’s ability to balance speed with discipline.
Despite the disparities, Nexus’s trajectory challenges the assumption that only capital-backed giants can shape the iGaming market. Its rise illustrates how smaller operators, with sharper focus and localised strategies, can carve out lanes in high-growth jurisdictions. Brazil’s ARPU is forecast to exceed $1,500 by 2028, and Nexus’s decision to emphasise retention and engagement aligns with the economics of high-value players rather than volume-driven acquisition.
For Gurhan Kiziloz, the bet is not on matching the Goliaths in scale, but on exploiting the spaces they cannot move into quickly, crypto-native segments, fintech integrations, and early regulatory footholds. The question is whether that agility can be maintained as Nexus pushes toward its full-year revenue target of $1.1–1.54 billion for 2025.
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.
