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Nexus International reported third-quarter revenue of $301.9 million, bringing year-to-date performance to $847.9 million and placing the privately held gaming operator within reach of its $1 billion annual target. The Q3 results were driven primarily by Spartans, the group’s flagship online casino platform, which has rapidly scaled following a $200 million internal investment earlier this year.
The performance marks a significant acceleration from 2024, when Nexus reported full-year revenue of $400 million. With one quarter remaining, the company needs approximately $152 million in Q4 revenue to cross the $1 billion threshold, a target that founder and CEO Gurhan Kiziloz has described as both achievable and critical to the company’s pre-IPO positioning.
Spartans.com accounted for the majority of Q3’s revenue growth, marking a shift from earlier quarters when Megaposta’s Brazil operations dominated group performance. The casino platform, which offers both cryptocurrency and fiat payment options alongside instant withdrawals, has benefited from strategic investments in game selection, localised user experiences, and compliance infrastructure.
The platform now features more than 5,900 games across slots, live dealer, and table games. Unlike competitors that deploy generic global interfaces, Spartans tailors offerings by market, adjusting payment methods, promotional mechanics, and game catalogues to regional preferences. The $200 million investment announced following Megaposta’s Brazil success has funded licensing applications in multiple jurisdictions, expanded game partnerships, and supported high-profile sponsorships, including a deal with Argentina’s national football team.
Industry analysts note that Spartans’ rapid ascent reflects both product differentiation and operational discipline. While established casino operators like PokerStars and 888casino compete primarily on brand recognition and marketing spend, Spartans has focused on solving friction points that frustrate players; slow withdrawals, limited payment options, and cookie-cutter experiences.
While Spartans drove Q3 growth, Megaposta continues to perform solidly in Brazil’s regulated sports betting market. The platform secured early licensing under the country’s January 2025 regulatory framework and has maintained competitive positioning despite intensifying competition from global operators, including Flutter, Entain, and Betsson.
Brazil’s iGaming market is forecast to generate between $3 billion and $4 billion in gross gaming revenue by 2026. Megaposta’s focus on football betting, which accounts for 58 percent of Brazilian sports wagering, has allowed the platform to capture market share in the country’s most popular category. Nexus opened a São Paulo office in mid-2025 to anchor its Latin American operations, facilitating integration with local payment processors and regulatory bodies.
Lanistar, the group’s third brand, continues to contribute to overall performance, though specific revenue breakdowns were not disclosed. The platform bridges fintech and gaming, serving European and Latin American markets with mobile-first experiences and seamless digital payments.
One factor underpinning Nexus’s ability to scale multiple brands simultaneously is its unified backend infrastructure. Risk management, payment processing, compliance monitoring, and customer verification systems operate across all three platforms, creating operational leverage that reduces per-brand overhead costs.
This approach differs from many multi-brand operators that maintain separate technology stacks for each property, often the result of acquisitions that were never fully integrated. Nexus built its infrastructure from the ground up with cross-brand functionality as a core design principle, allowing resources to be deployed more efficiently as new markets open.
The shared infrastructure has proven particularly valuable in managing regulatory compliance. By centralising know-your-customer protocols, anti-money-laundering monitoring, and responsible gaming tools, Nexus maintains consistent standards across all brands while reducing duplication of effort.
Reaching $1 billion in annual revenue would represent a significant milestone for a self-funded operator. Nexus has remained wholly privately held since inception, reinvesting earnings rather than drawing on external capital. That independence has enabled strategic flexibility but also means the company has scaled without the marketing budgets typical of venture-backed or publicly listed peers.
The Q4 target of approximately $152 million appears achievable based on current trajectory. Q3’s $301.9 million represented sequential growth from earlier quarters, and seasonal factors typically favor online gaming in the final quarter as sports calendars intensify and holiday spending patterns shift toward entertainment.
Crossing the $1 billion threshold would also strengthen Nexus’s positioning ahead of its planned March 2027 IPO. The company has set an internal target of $5 billion in annual revenue before proceeding with a public listing, viewing the milestone as essential to entering markets from operational strength rather than speculative growth projections.
At $847.9 million year-to-date, Nexus is approaching the scale of established mid-tier operators like Betsson AB and Rank Group. The comparison is notable given that Nexus remains privately held while most operators at comparable revenue levels are either publicly listed or backed by institutional capital. Q3’s results suggest the company’s multi-brand strategy is delivering on its promise, with Spartans validating the casino-first thesis while Megaposta provides stable revenue from Brazil.
—TechRound does not recommend or endorse any financial, investment, gambling, trading or other advice, practices, companies or operators. All articles are purely informational—
