Nevada Gaming Holding acquires Spacesiks and Ukrainian-based Cosmolot.UA
Cosmolot is Ukraine’s first and largest online gambling company since the legalization of gambling in 2020.
Key Points
- Negotiations first started in February at the 2024 Munich Security Conference before reaching the final stages
- Nevada Gaming Holding’s goal is to “solidify leadership in the Ukrainian and European gambling sectors and boost contributions to Ukraine’s state budget”
Nevada Gaming Holding announced that it has completed the acquisition of Spacesiks LLC, the owner of Cosmolot.UA (Cosmolot), a Ukrainian-based online gambling company with strong market position in gaming, eSports and gambling.
“Since the invasion began, I’ve provided targeted support to Ukraine, but I wanted a more systematic approach,” Nevada Gaming Holding President and CEO Arnulf Damerau said.
“A year ago, I invested our family office funds into Spacesiks, LLC to explore the market and expand my stake, reinvesting dividends into other Ukrainian IT companies alongside philanthropic efforts.”
The acquisition represents a significant mark in Nevada Gaming Holding’s international portfolio and displays its commitment to help increase Ukraine’s economy.
Negotiations behind the deal first began in February at the 2024 Munich Security Conference before reaching completion.
Cosmolot is Ukraine’s first and largest online gambling company since the legalization of gambling was enforced in 2020, securing its first online gambling license in 2021. Despite exponential growth from 2022 to 2023, placing it among Ukraine’s top 10 taxpayers, the company faced challenges in 2024.
“In 2024, Spacesiks encountered obstacles in Ukraine, but we saw opportunity. With support from global auditing and law firms, we resolved all outstanding issues,” Damerau said.
“During the Munich Security Conference, we decided to fully acquire Spacesiks and scale its market-leading technology platform globally. Finalized last week, this investment is a major milestone for foreign direct investment in Ukraine.”
Good to know: Nevada Gaming Holding focuses on acquiring gambling businesses facing challenges, aiming to restructure operations, restore financial stability and enhance profitability
Nevada Gaming Holding’s goal with the acquisition was said to be solidifying leadership in the Ukrainian and European gambling sectors while boosting contributions to Ukraine’s state budget.
Damerau also spoke on how his company plans on expanding Cosmolot’s presence across the globe, having said, “Following the acquisition and securing of guarantees for the safety of foreign investments, I will promote investment opportunities in Ukraine and expand Cosmolot into major markets in the US, Europe and beyond.
“With Nevada Gaming Holding’s financial backing, we’re obtaining licenses in the EU and the US, including Germany, Bulgaria, the UK, France, Greece and several US states such as Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia.”
With a projected market cap exceeding $1bn and the US generating $25bn in online gambling revenue throughout 2024, Cosmolot is said to be eyeing US IPO by 2026 to align with strategic growth plans.
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