Cirsa, the Spanish gaming conglomerate, has secured a majority stake in Slots del Sol, marking its inaugural venture into the Paraguayan market.
This acquisition bolsters Cirsa’s ongoing strategy to expand within Latin America’s regulated digital gambling sectors. 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 manages the prominent online platform Slotsdelsolonline.com, along with two casinos and two gaming halls located throughout Paraguay.
Cirsa views this acquisition as a reinforcement of its commitment to accelerate growth in online gaming. Joaquim Agut, executive chairman of Cirsa, remarked that Paraguay represents “an attractive and highly stable regulated market, with strong fundamentals.”
The purchase was financed using Cirsa's cash reserves, aligning with valuation benchmarks from previous industry acquisitions. The company noted that this acquisition would not significantly impact its financial leverage.
CEO Antonio Hostench commended Slots del Sol for its “exceptional performance” and “outstanding capabilities in online operations.” He also pointed out the synergy potential, stating that merging Cirsa’s global experience with Slots del Sol’s local insights will “drive future growth” and enhance the online division’s margins.
This acquisition aligns with Cirsa’s stated “aggressive M&A strategy,” which the company highlighted in the previous year. Cirsa went public on Spanish stock exchanges in July 2025, seeking capital to further its M&A activities, aiming for a market valuation of €2.5 billion ($2.9 billion).
By July 2025, Cirsa had executed over 130 acquisitions in the preceding decade. This deal follows Cirsa's recent announcement regarding a successful €500 million debt issuance, intended to redeem a €375 million bond maturing in 2028.
Significantly, this transaction is Cirsa’s first foray into Paraguay following the country's transformative legislation last year that dismantled the existing gambling monopoly, allowing private operators to enter the market.
Carlos Liseras, President of Conajzar, noted the advantages of Paraguay's market, 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 market liberalisation, Paraguay’s gambling market achieved a record high of PYG215.9 billion ($32.6 million) in 2025, representing a 22.9% increase compared to 2024.
