Cirsa, a prominent Spanish gaming conglomerate, has secured a majority stake in Slots del Sol, an online slots operator based in Paraguay. This acquisition marks Cirsa’s entry into the Paraguayan market, signifying a noteworthy step in its strategy to expand within Latin America’s regulated digital gambling sectors.
The deal, announced on Monday, enhances Cirsa’s existing presence in the region, where it 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 a well-known website, Slotsdelsolonline.com, and manages two land-based casinos along with two gaming halls throughout Paraguay. Cirsa stated that this acquisition underscores its commitment to accelerating growth within the online gaming sector.
Joaquim Agut, Cirsa’s executive chairman, described the Paraguayan market as “attractive and highly stable,” noting its strong fundamentals. The transaction was financed using the company’s available cash reserves and aligns with valuation multiples from previous industry transactions, with Cirsa asserting that it would not significantly impact its financial leverage.
Cirsa’s CEO, Antonio Hostench, commended Slots del Sol’s “exceptional performance” and highlighted its strong capabilities in online operations. He emphasized the synergies that could arise from merging Cirsa’s global experience with Slots del Sol’s local insights, projecting that this combination would foster future growth and enhance margins within the online division.
This acquisition aligns with Cirsa’s previously stated “aggressive M&A strategy.” In July 2025, the company went public on Spanish stock exchanges in a bid to raise additional capital for its merger and acquisition activities, targeting a market valuation of €2.5 billion (approximately $2.9 billion). In the decade leading up to this acquisition, Cirsa completed over 130 acquisitions.
The timing of the deal is notable, coming shortly after Cirsa successfully issued €500 million in debt, intended to redeem a €375 million bond set to mature in 2028.
This move also occurs in the context of Paraguay’s recent legislative changes that have liberalized the gambling market, dismantling a previous monopoly. Carlos Liseras, President of Conajzar, noted the advantages of this liberalization in May of last year, mentioning that Paraguay offers the lowest tax burden in the region and has emerged as a significant destination for tourists.
Following this liberalization, Paraguay’s gambling market reached revenues of PYG215.9 billion (around $32.6 million) in 2025, representing a record high and a 22.9% increase compared to the previous year.
