Nevada Gaming Holding, a US-based investment manager focused on entertainment and pre-IPO gaming opportunities, has successfully acquired Spacesiks.
This acquisition grants Nevada Gaming ownership of Cosmolot, Ukraine’s foremost online gambling company, having been a major player since the country legalised gambling in 2020.
The acquisition aims to fuel both domestic growth and international expansion, while signalling a substantial boost for Ukraine’s economy during a challenging period.
The deal was initiated in early 2024 during the Munich Security Conference, where initial discussions set the stage for the deal. With the acquisition now finalised, Nevada Gaming Holding is poised to expand Cosmolot’s technology platform across Europe and North America.
Since the onset of the conflict in Ukraine, Nevada Gaming CEO Arnulf Damerau (pictured) has actively supported the country through targeted philanthropic initiatives. To provide more systematic assistance, he initially invested his family office funds into Spacesiks, acquiring a minority stake in the company.
Building on that foundation, Damerau decided to fully acquire Spacesiks, a move that reflects confidence in Ukraine’s economic potential.
By reinvesting dividends from Cosmolot into other Ukrainian tech firms, he aims to contribute to a broader effort to stabilise and grow the country’s economy.
A rising star in the gaming industry
Cosmolot quickly rose to prominence after Ukraine legalised gambling, and secured the country’s first online gambling licence in February 2021. It operates exclusively through its website, cosmolot.ua.
Between 2022 and 2023, the brand experienced impressive growth, ascending to rank among Ukraine’s top 10 taxpayers. By the close of 2023, the company’s tax contributions had exceeded UAH3.5bn, equivalent to approximately $85m.
Despite these achievements, 2024 presented hurdles for Cosmolot and Spacesiks as they faced operational challenges tied to the broader context of doing business in Ukraine. However, Damerau and his team viewed these obstacles as opportunities to further reinforce their commitment to the Ukrainian market.
Damerau views the acquisition as a landmark for foreign direct investment in Ukraine. He’s committed to using Nevada Gaming’s resources to secure safety guarantees for foreign investments in the country.
With these protections in place, Damerau plans to promote Ukrainian investment opportunities and expand Cosmolot’s footprint in lucrative international markets.
Nevada Gaming seeks global expansion
Nevada Gaming is in the process of obtaining gambling licenses across Europe and the US.
The company’s immediate targets include key European countries such as Germany, the UK, France, and Greece. It has also targeted several US states including Michigan, New Jersey, Pennsylvania and others.
By scaling Cosmolot’s platform internationally, Nevada Gaming aims to introduce the technology and operational prowess honed in Ukraine to new audiences.
The acquisition is also intended to boost the perception of Ukraine as a viable destination for foreign investment, even in a challenging geopolitical climate.