Nevada Gaming Buys Largest Ukraine Gambling Operator
Nevada Gaming Holding has finalized its acquisition of Spacesiks LLC, parent company of leading Ukrainian online gaming platform Cosmolot.UA (Cosmolot)
Cosmolot is the first and largest licensed online gambling operator in Ukraine. (Source: David Peinado, Pexels).
LISTEN TO THIS ARTICLE:Talks leading to the agreement were first initiated at the 2024 Munich Security Conference in February. With the deal now completed, Nevada Gaming Holding can immediately assume operations of Cosmolot's gaming, eSports and gambling businesses.
The acquisition strategically positions Nevada Gaming Holding for long-term growth in Eastern Europe's burgeoning gaming market. It also underscores its dedication to supporting Ukraine's economic development.
Since the invasion began, I've provided targeted support to Ukraine, but I wanted a more systematic approach. 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.
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Acquisition to Strengthen Ukraine’s Economy
Cosmolot is the first licensed online gambling operator in Ukraine since the country's 2020 gambling legalization. The operator earned its license in 2021 and experienced exponential expansion between 2022 and 2023, ranking among the nation's top 10 taxpayers. However, in 2024, the company started encountering challenges related to regulatory changes and increased competition.
"In 2024, Spacesiks encountered obstacles in Ukraine, but we saw opportunity. 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. Finalized last week, this investment is a major milestone for foreign direct investment in Ukraine." Damerau continued.
With the purchase, Nevada Gaming Holding aims to cement its market leadership in Ukraine and Europe's gaming industries while increasing its financial support to Ukraine's state revenue.
According to Damerau, Nevada Gaming Holdings will now focus on showcasing Ukraine's investment potential and spearheading Cosmolot's expansion into key US, European and international markets.
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