Cirsa, the Spanish gaming conglomerate, has acquired a majority stake in Slots del Sol, a prominent online slots operator in Paraguay. This marks Cirsa's inaugural venture into the Paraguayan market.
The deal, announced on Monday, underscores Cirsa's strategic push into the regulated digital gambling landscape across Latin America. The company is already operational in Peru through its partnership with Apuesta Total and in Colombia via Sportium, along with activities in Mexico.
Slots del Sol operates the popular website Slotsdelsolonline.com, in addition to maintaining two land-based casinos and two gaming halls within Paraguay. Cirsa has described this acquisition as a crucial step in solidifying its commitment to rapidly expanding its online gaming offerings.
Joaquim Agut, Cirsa’s executive chairman, noted the appeal of Paraguay's market, referring to it as "an attractive and highly stable regulated market, with strong fundamentals."
The acquisition was financed through Cirsa’s existing cash reserves and aligns with standard valuation multiples seen in previous industry transactions. The company stressed that this purchase would not have a significant impact on its financial leverage.
CEO Antonio Hostench lauded Slots del Sol’s “exceptional performance” and its strong online operational capabilities. He emphasized the potential for synergy, suggesting that merging Cirsa’s global expertise with the local know-how of Slots del Sol will foster growth and enhance profit margins in the online division.
Hostench indicated that this acquisition fits within Cirsa’s “aggressive M&A strategy” highlighted by the company last year. Cirsa went public on Spanish stock exchanges in July 2025 to generate funds for further acquisitions, aspiring to achieve a total market valuation of €2.5 billion ($2.9 billion). To date, Cirsa has executed over 130 acquisitions in the past decade.
The timing of this deal is significant, coming shortly after Cirsa successfully completed a €500 million debt issuance, using some of the proceeds to redeem a €375 million bond maturing in 2028.
This acquisition also coincides with recent liberalization efforts in Paraguay's gambling sector, which last year dismantled the gambling monopoly, opening the market to private operators. Carlos Liseras, President of Conajzar, has praised Paraguay's regulatory environment, noting the low tax burden in the region, which has made the country increasingly attractive for visitors.
In 2025, Paraguay's gambling market achieved its highest revenue to date, generating PYG215.9 billion ($32.6 million), a 22.9% increase compared to 2024.
