Cirsa, a Spanish gaming conglomerate, has taken a significant step by acquiring a majority stake in Slots del Sol, a leading online slots operator in Paraguay. This acquisition marks Cirsa's entry into the Paraguayan market for the first time.
The deal, finalized on a Monday, is part of Cirsa's ongoing strategic efforts to expand in the regulated digital gambling sectors of Latin America. The company already has a presence in Peru through a partnership with Apuesta Total and operates in Colombia with Sportium, in addition to its activities in Mexico.
Slots del Sol operates the well-known website Slotsdelsolonline.com and manages two land-based casinos and gaming halls throughout Paraguay.
Cirsa has expressed that this acquisition underlines its commitment to rapidly enhancing its online gaming presence. Joaquim Agut, Cirsa's executive chairman, noted that Paraguay is an appealing and stable regulated market with solid fundamentals.
The acquisition was funded using Cirsa's cash reserves and is consistent with valuation multiples in previous industry transactions. The company has clarified that this purchase will not significantly impact its financial leverage.
Antonio Hostench, Cirsa's CEO, praised Slots del Sol's strong performance and capabilities in the online gaming space. He emphasized the potential for synergy between Cirsa's global expertise and Slots del Sol's local insights, which he believes will boost future growth and enhance margins in the online division.
This acquisition supports Cirsa's stated aggressive mergers and acquisitions strategy, which was highlighted by the company in the preceding year. In July 2025, Cirsa went public on Spanish stock exchanges to raise capital for further acquisitions, targeting a total market valuation of €2.5 billion (approximately $2.9 billion). Over the preceding decade, Cirsa had completed more than 130 acquisitions.
The timing of the acquisition is noteworthy, occurring just days after Cirsa successfully placed a €500 million debt issuance, aimed at redeeming a €375 million bond maturing in 2028.
This move into Paraguay is especially timely, as the country enacted a landmark law last year that dismantled the gambling monopoly, thus allowing private operators to enter the market. Carlos Liseras, president of Conajzar, commented on the advantages of Paraguay’s market, pointing out the low tax burden compared to the region and the country’s emerging status as a notable destination for visitors.
Following this legislative change, Paraguay's gambling market achieved a record-high revenue of PYG215.9 billion ($32.6 million) in 2025, reflecting a 22.9% increase from 2024.
