Cirsa, the Spanish gaming conglomerate, has taken a significant step by acquiring a majority stake in Slots del Sol, an online slots operator based in Paraguay. This marks Cirsa’s debut in the Paraguayan market.
The agreement was announced on Monday and is part of Cirsa’s broader strategy to expand its presence in the regulated digital gambling sectors of Latin America. The company already operates in Peru through a partnership with Apuesta Total and in Colombia with Sportium, along with activities in Mexico.
Slots del Sol operates the popular website Slotsdelsolonline.com and runs two land-based casinos and two gaming halls throughout Paraguay.
Cirsa views this acquisition as a way to enhance its “strategic commitment to accelerating growth in the online gaming space.” Joaquim Agut, Cirsa’s executive chairman, described Paraguay as “an attractive and highly stable regulated market, with strong fundamentals.”
The transaction is funded from Cirsa’s existing cash reserves, in line with valuation multiples from previous deals in the industry. The group stated that this acquisition would not have a significant impact on its financial leverage.
Cirsa’s CEO, Antonio Hostench, commended Slots del Sol’s “exceptional performance” and praised its “outstanding capabilities in online operations.” He expressed optimism about the synergy between Cirsa’s global experience and Slots del Sol’s local knowledge, emphasizing that this combination will foster future growth and enhance margins in the online division.
The acquisition aligns with Cirsa’s stated “aggressive M&A strategy,” which was highlighted by the company last year. The company had previously conducted its IPO on Spanish stock exchanges in July 2025, aiming to raise capital to support its M&A initiatives and achieving a market valuation target of €2.5 billion ($2.9 billion).
Up to that point, Cirsa had completed over 130 acquisitions in the last decade. The announcement of the Slots del Sol acquisition follows Cirsa’s recent debt issuance of €500 million, with plans to use part of the proceeds to redeem a €375 million bond maturing in 2028.
This acquisition is particularly notable as it is Cirsa’s first move into Paraguay, which liberalized its gambling market last year by eliminating the gambling monopoly, thus allowing private operators to enter.
Carlos Liseras, President of Conajzar, commented on the market conditions in Paraguay, stating, “In addition to the fact that Paraguay has a law on the demonopolisation of gambling, the tax burden is the lowest in the region and Paraguay has become an important country for visiting.”
As a result of this legislative change, Paraguay’s gambling market reported a record PYG215.9 billion ($32.6 million) in revenue for 2025, reflecting a 22.9% increase compared to 2024.
