Gurhan Kiziloz has amassed a $1.7 billion personal fortune without relying on venture capital, private equity, or public markets. His wealth is tied to his stake in Nexus International, holdings linked to BlockDAG, and the Spartans.com casino brand.
Nexus International reported $1.2 billion in 2025 revenue, up from $400 million in 2024. That was an $800 million increase in one year. The company had targeted $1.45 billion for 2025, missing the goal by $250 million, while profit fell 7% by year-end as management chose to reinvest heavily into expansion.
Revenue growth came with heavier internal spending
The group operates three platforms: Spartans.com, a crypto-native casino; Megaposta, a Brazil-focused sportsbook; and Lanistar, which combines fintech and gaming operations across European and Latin American markets. Spartans.com has emerged as the main revenue driver inside the group.
During 2025, Kiziloz directed $200 million of internal capital into Spartans.com. The spending covered infrastructure buildout, licensing applications in multiple jurisdictions, and marketing commitments, including sponsorship of Argentina’s national football team. The platform now offers more than 5,900 games, supports both crypto and fiat payments, and includes instant withdrawals.
BlockDAG extends the strategy into blockchain infrastructure
Kiziloz is also expanding into blockchain infrastructure through BlockDAG, a Layer-1 network built on directed acyclic graph architecture. The project says it aims to combine high transaction throughput with security properties associated with proof-of-work systems. The article notes that those claims still need to be proven at scale.
Earlier in the year, Kiziloz removed BlockDAG’s chief executive and senior leadership team. The report says the move drew attention because blockchain companies often lean toward consensus-driven governance, while his view was that extra management layers had started to slow execution.
IPO plans depend on a much larger revenue base
Nexus has said it intends to pursue an IPO by 2027, conditional on reaching a $5 billion revenue threshold. No listing venue has been disclosed. Against current revenue of $1.2 billion, that target remains some distance away.
The self-funded model sets Nexus apart from listed competitors such as Flutter Entertainment and Entain. Kiziloz does not need board approval or investor consultation for major capital allocation decisions, but the constraint is clear: expansion has to be financed through operating cash flow, which limits how many large initiatives can be run at the same time.