Nevada Gaming Holding has officially completed the acquisition of Spacesiks, the proprietor of Cosmolot, Ukraine’s pioneering online gambling enterprise since the country legalized gambling in 2020. This acquisition not only broadens Nevada Gaming Holding’s international portfolio but also highlights its commitment to bolstering Ukraine’s economy during a crucial period.
Strategic acquisition marks global expansion for Nevada Gaming Holding:
The negotiations, which commenced at the Munich Security Conference in February 2024, culminated in a significant expansion strategy for the investment firm. Arnulf Damerau, President and CEO of Nevada Gaming Holding, expressed his strategic intent, stating, “Since the invasion began, I’ve provided targeted support to Ukraine, but I wanted a more systematic approach.” Damerau further detailed his investment approach: “A year ago, I invested our family office funds into Spacesiks to explore the market and expand my stake, reinvesting dividends into other Ukrainian IT companies alongside philanthropic efforts.”
Since securing Ukraine’s first online gambling license in February 2021, Cosmolot has played a pivotal role in shaping the local gambling industry, operating exclusively through its website, cosmolot.ua. Despite facing challenges in 2024, the company has shown exponential growth from 2022 to 2023—becoming one of Ukraine’s top ten taxpayers, with contributions exceeding UAH 3.5 billion or $85 million (USD) in 2023 alone.
“In 2024, Spacesiks encountered obstacles in Ukraine, but we saw opportunity,” Damerau remarked, according to EZ Newswire. “With support from global auditing and law firms, we resolved all outstanding issues. During the Munich Security Conference, we decided to fully acquire Spacesiks and scale its market-leading technology platform globally.” This decision, finalized last week, represents a significant milestone for foreign direct investment in Ukraine.
Global expansion and licensing initiatives:
Following the acquisition, Damerau plans to promote investment opportunities in Ukraine and propel Cosmolot into major markets across the U.S., Europe, and beyond. With Nevada Gaming Holding’s financial support, the company is pursuing licenses in several EU countries and U.S. states, including Germany, Bulgaria, the UK, France, Greece, Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia.
Nevada Gaming Holding aims to leverage Cosmolot’s strong market position and its advanced, vertically integrated technology platform to lead the Ukrainian and European gambling sectors. The company’s strategic approach involves streamlining internal processes and enhancing collaborations with key stakeholders to develop a resilient and compliant business framework, aligning with its long-term portfolio expansion and responsible business development strategies.
The global online gambling market is experiencing rapid growth, projected to reach $95 billion in revenue in 2024 and expected to grow to $131.9 billion by 2027. With the U.S. being the largest online and land-based gambling market globally, Cosmolot is positioning itself for a U.S. IPO in 2026, anticipating a market cap exceeding $1 billion. This aligns with the company’s strategic growth plans and is indicative of its potential in the burgeoning global gambling industry.
