Diversification proved crucial for Grupo Cirsa as the firm hailed core market success in the second quarter of 2025.
M&A success was a vital ingredient for Grupo Cirsa, as it looked to core markets to offset currency challenges in Latin America.
In Peru, the acquisition of Apuesta Total had a big impact on growth, whilst Casino Portugal enhanced success in Southern Europe.
This success transcended across Europe, as Cirsa also hailed strong performances in Spain and Italy.
The group, which went public on the Madrid Bolsa on 9 July, recorded operating income of €573m and an operating profit of €187m, up 11.3% and 9.2% respectively in the same period last year.
Grupo Cirsa’s ambitions across Spanish speaking countries complement growth in many of these markets, and have been boosted by net proceeds of €373m from its public listing on the Madrid Bolsa.
When hitting the open market, interest in Cirsa’s shares, which were on offer for €15 per share, was eight times higher than the supply, and its Executive Chair, Joaquim Agut expressed a desire to “dominate all Spanish gambling markets”.
He added: “Listing on the Bolsa was not just a financial transaction; it was a statement of intent. We have demonstrated for years that CIRSA can grow consistently and profitably. What we now have is a capital structure and shareholder base aligned with a far more ambitious global outlook.”
However, as for many operators worldwide, Cirsa must caution against the threat of evolving regulations that may disrupt its growth in target markets.
For example, in Spain, there is a growing wave of structural reform headlined by a likely return of advertising restrictions, cross-platform deposit limits and a government-backed algorithm to detect gambling harm, which may significantly impact harmony within the industry.
Whilst success was mirrored across Europe, Cirsa failed to emulate its achievements in Peru across Latin America.
Casino profits across the Latin American region, specifically in Mexico and Colombia, were hit by fluctuations in the countries’ respective currencies.
Volatility in the various pesos, led to a fall of €16m and contributed to a decrease of 11% in net revenue, which stood at €9.7m.
Although land-based operations dominate Cirsa’s business model, with over 25,000 machines in more than 16,000 locations in Spain alone, its online business experienced a significant uptick in the second quarter of the year.
Its online gaming and sports betting division surged with a 63% revenue growth and 120% jump in EBITDA year-on-year.
Spanish iGaming growth
Cirsa’s ambitions have emerged at a time when the Spanish online gaming market is experiencing a surge in activity, which has been attributed to the return of win bonuses.
Data published by the Ministry of Social Rights, Consumption and the 2030 Agenda (MAS) revealed that the number of online players increased by 21.36% last year and the number of accounts by 23.48%.
Welcome bonuses were banned in Spain in 2020 as part of wider advertising and marketing reform under Royal Decree 9587/2000. However, they returned in April 2024 after a Supreme Court annulled aspects of this decree.
According to data from the DGOJ, Spain’s gambling regulator, €526m was invested in marketing campaigns by Spanish betting firms during 2024, divided among promotions (€261m), advertising (€203m), membership expenses (€56m) and sponsorships (€5.45m).
Although promising for Cirsa, the news has sparked some alarm in Spain, as Pablo Bustinduy, the Minister who heads up MAS, has proposed an amendment to ban promotional incentives.
While welcome bonuses returned, they remained under strict regulatory control. However, it is easy to see that they have had a significant impact in a short period of time.
Reflecting on their impact, Fernando Martín, Partner at Loyra Abogados said: “Welcome bonuses didn’t just come back –they redefined the commercial playbook. Their reintroduction reignited a sharp focus on customer acquisition, prompting operators to invest more creatively in marketing while adhering to updated compliance standards.”
Although welcome bonuses played a key role, Martín stressed that the expansion of Spain’s online gaming market reflects a wider shift towards digital entertainment among the country’s population.
“More users are turning to mobile apps, live dealer games, and gamified platforms. This evolution predates the return of welcome bonuses and highlights the growing role of online gaming in everyday leisure,” he explained.
“In that light, welcome bonuses may have reignited user interest –but the sustained momentum comes from a maturing, increasingly sophisticated market. It’s a market shaped by regulatory changes, tech innovation, and evolving user behaviour.”
If a ban on welcome bonuses was implemented, Martín foresees both a slowing down in online gaming growth and also graver “unintended consequences” through the emboldening of the black market – an issue previously raised by industry experts.
He warned: “Experienced or high-frequency players – those already familiar with the ecosystem– may seek out unlicensed offshore operators who continue offering bonuses without oversight, accountability or player protections. In this sense, the restriction may displace rather than deter the behaviour it seeks to control.”
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