Confidence in Ukraine’s gambling industry remains buoyant with US-based Nevada Gaming Holding purchasing the country’s largest gambling operator
Nevada Gaming Holding has acquired Spacesiks, the owner of Cosmolot, which is Ukraine’s largest gambling company since the country’s industry re-regulation, in a groundbreaking deal that signals confidence in the domestic market.
Cosmolot Owner Acquired by US Investors
Nevada Gaming Holding has cited an investment rationale behind its decision to bolster Cosmolot, arguing that the new asset will help with the company’s international portfolio, but similarly seek to strengthen the country’s economy at a difficult time.
Nevada Gaming Holding CEO and president Arnulf Damerau has welcomed the opportunity to buy out the asset. Damerau evoked the current geopolitical situation and did not shy away from confirming that he has long supported Ukraine since the beginning of the war in a personal quality. Yet, he also wanted to do so in a more “systematic 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,” he added.
Cosmolot has been one of Ukraine’s top ten taxpayers in the period between 2022 and 2023, with the company contributing $85 million in 2023 alone, although facing challenges in 2024. Spacesiks has faced challenges in Ukraine, Nevada Gaming Holding said in a press statement, but those challenges have been an opportunity for the US-based company.
The challenges the Nevada Gaming Holding and Damerau are referring to are most likely allegations of tax evasion from earlier this year.
Following the Munich Security Conference, Nevada Gaming Holding decided to both go ahead with the purchase and ensure that Cosmolot becomes a global brand that operates across multiple markets, demonstrating business acumen and an understanding of difficult geopolitical processes.
Once the acquisition is complete, Nevada Gaming Holding said, the company will seek to expand the Cosmolot brand across both the United States and Europe but also scout new important opportunities. The buyer is already in the process of obtaining multiple licenses in Germany, Bulgaria, France, Greece, and the United Kingdom.
Cosmolot to Become a Global Gambling Behemoth
Similarly, Nevada Gaming Holding is focusing on the local market in the United States, obtaining licenses in Connecticut, Delaware, Michigan, New Jersey, Rhode Island, Pennsylvania, and West Virginia, readying to leverage Cosmolot’s profound experience in offering both gaming and sports betting products, as well as innovative verticals such as electronic sports.
