Cirsa, the Spanish gaming conglomerate, has completed the acquisition of a majority stake in Slots del Sol, a prominent online slots operator based in Paraguay. This marks Cirsa's inaugural entry into the Paraguayan market.
The deal, finalized on Monday, underscores Cirsa’s strategy to expand its footprint within 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, in addition to its activities in Mexico.
Slots del Sol operates the well-known website Slotsdelsolonline.com, alongside two physical casinos and gaming halls across the country. Cirsa noted that this acquisition reinforces its intent to expedite growth in the online gaming sector.
Joaquim Agut, Cirsa's executive chairman, referred to Paraguay as “an attractive and highly stable regulated market, with strong fundamentals.” The purchase was financed through Cirsa’s cash reserves and aligns with valuation multiples from previous industry transactions, with the company stating that the acquisition would not significantly impact its financial leverage.
Antonio Hostench, CEO of Cirsa, commended Slots del Sol for its “exceptional performance” and impressive online operations. He emphasized that the combination of Cirsa’s global experience and Slots del Sol’s local expertise would foster future growth and enhance the margins of the online division.
This acquisition aligns with Cirsa's “aggressive M&A strategy,” a point that had been stressed by the company in the previous year. In July 2025, Cirsa went public on Spanish stock exchanges, seeking to raise capital for further acquisitions, aiming for a total market valuation of €2.5 billion ($2.9 billion). Over the past decade, Cirsa has completed more than 130 acquisitions.
The deal comes shortly after Cirsa announced a successful €500 million debt issuance, intended to refinance a €375 million bond maturing in 2028.
Cirsa’s move into Paraguay coincides with significant changes in the country's gaming landscape. In the previous year, Paraguay enacted legislation that dismantled the gambling monopoly, allowing private operators to enter the market. Carlos Liseras, President of Conajzar, highlighted the benefits of Paraguay’s newly liberalized market, pointing out its favorable tax conditions and growth in tourism.
As a result of these changes, Paraguay’s gambling market recorded an impressive PYG215.9 billion ($32.6 million) in revenue for 2025, marking a 22.9% increase compared to 2024 and the highest figure in the country's history.
