Cirsa Acquires Majority Stake in Paraguay's Slots del Sol

Cirsa has acquired a majority stake in Slots del Sol, the number one online casino operator in Paraguay, marking the Spanish gaming group's first entry into the country and its fifth market in Latin America. The deal, announced on 13 July 2026, is being financed from Cirsa's existing cash and, according to the company, will not have a material impact on its financial leverage. Cirsa said the acquisition multiple is in line with its previous transactions, though it did not disclose the exact price or the size of the stake.

The purchase adds a fast-growing regulated market to a Latin American portfolio that already spans Peru, Colombia and Mexico, and it lands less than a year after Cirsa's July 2025 stock market debut in Spain. For a company that has built itself through more than 130 acquisitions over the past decade, Paraguay is a small but strategically neat addition: a stable, recently regulated market where an established local leader gives Cirsa an immediate foothold in online play.

What did Cirsa actually buy?

Cirsa bought a controlling majority interest in Slots del Sol, described by both companies as the leading online casino brand in Paraguay. Slots del Sol runs the online platform slotsdelsolonline.com alongside two land-based casinos and two gaming halls in the country, giving Cirsa an omnichannel presence from day one rather than an online-only bet.

The company did not publish the precise percentage acquired or the headline price. Cirsa confirmed only that the deal is funded from available cash, that the valuation multiple is consistent with its earlier acquisitions, and that there will be no significant effect on the group's leverage. That framing matters for a business that listed in 2025 partly on a promise of disciplined, cash-generative expansion.

Key facts about the Cirsa and Slots del Sol deal

• Announced: 13 July 2026, by Cirsa via an official company statement.
• Target: Slots del Sol, described as Paraguay's number one online casino operator.
• Assets included: the slotsdelsolonline.com platform plus two casinos and two gaming halls.
• Funding: paid from Cirsa's existing cash, with no material impact on leverage.
• Strategic significance: Cirsa's first entry into Paraguay and its fifth Latin American market after Peru, Colombia and Mexico.

Why is Cirsa moving into Paraguay now?

Cirsa is moving now because Paraguay has become a genuinely regulated online market with room to grow. The country liberalised its online gambling framework in 2024, and the licensed market has responded quickly. Paraguay's regulated gambling sector generated roughly PYG215.9 billion, about 32.6 million dollars, in 2025, a rise of 22.9 percent on 2024, according to figures cited in coverage of the deal. That is a modest absolute market by regional standards, but the growth rate and the newly clarified rules are exactly what a consolidator looks for.

Joaquim Agut, Cirsa's executive chairman, framed Paraguay as "an attractive and highly stable regulated market, with strong fundamentals," positioning the acquisition as a diversification into an adjacent market with structural growth potential rather than a defensive move.

How does this fit Cirsa's Latin America strategy?

Paraguay becomes the fifth piece of a deliberate Latin American build-out. Cirsa already operates in Peru through a partnership with Apuesta Total, in Colombia under the Sportium brand, and in Mexico, where it has a long-established land-based presence. Slots del Sol slots neatly between those markets, deepening the group's online casino capability in the Southern Cone and giving it a regional network it can cross-pollinate with content, technology and marketing know-how.

The logic mirrors what other operators are chasing across the region, where regulated frameworks are maturing market by market. Our coverage of how Brazil's betting market has doubled in 2026 shows the scale of the prize as Latin American jurisdictions move from grey to licensed play, and why established European groups are racing to plant flags early.

What has Cirsa's leadership said?

Cirsa's chief executive pointed to Slots del Sol's track record and the value of local expertise as the core of the deal's rationale.

"Slots del Sol has demonstrated exceptional performance, with outstanding capabilities in online operations," said Antonio Hostench, chief executive of Cirsa, adding that combining Cirsa's international experience with the local team would "drive future growth" and improve margins in the group's online division.

The emphasis on margins is telling. Cirsa's online business is a key part of its equity story, and buying a profitable local leader rather than building from scratch is designed to be accretive rather than a drag on group profitability.

Why does the 2025 IPO matter here?

The Slots del Sol deal is one of the first bolt-on acquisitions Cirsa has completed since going public. Cirsa listed on the Spanish stock exchanges in July 2025 at a target valuation of about 2.5 billion euros, or roughly 2.9 billion dollars. The listing gave the company a public currency and a sharper obligation to show that its acquisition machine still works under market scrutiny.

Cirsa has completed more than 130 acquisitions over the past ten years, so an all-cash, leverage-neutral purchase of a market leader is very much in character. The difference now is that investors are watching each deal for evidence that Cirsa can keep buying growth without stretching its balance sheet.

How big is Paraguay's gambling market?

Paraguay is a small but rapidly expanding market. The regulated sector produced about 32.6 million dollars in 2025, up 22.9 percent year on year, following the 2024 liberalisation. Those numbers are dwarfed by Brazil or Colombia, but the double-digit growth and a clear licensing regime make it attractive for an operator that wants an early leadership position it can scale as the market matures.

How does this compare with Cirsa's other LatAm markets?

The table below sets Cirsa's Latin American markets side by side, based on the company's disclosed footprint and the market context surrounding the Slots del Sol deal.

Market	Cirsa presence	Entry route
Mexico	Established land-based operations	Long-standing direct presence
Colombia	Sportium brand	Branded operation
Peru	Partnership with Apuesta Total	Strategic partnership
Paraguay	Majority stake in Slots del Sol	Controlling acquisition (2026)

What are the risks and open questions?

The main open questions are financial. Cirsa has not disclosed the price, the exact stake size, or Slots del Sol's revenue and profit, which makes it hard for outsiders to judge the multiple beyond the company's own assurance that it is "in line" with past deals. Paraguay's small market also means the near-term revenue contribution will be limited, so the deal is best read as a strategic option on future growth rather than a needle-mover for group earnings today.

Regulatory durability is the other watch item. Paraguay only liberalised online gambling in 2024, and young regimes can still see rule changes, tax adjustments or licensing shifts. Cirsa's bet is that the framework holds and that an early leadership position compounds as the market grows.

What happens next?

Expect Cirsa to integrate Slots del Sol into its online division and look for cross-market synergies in technology, content and player marketing. Given its acquisition history, the group is also likely to keep scanning Latin America for the next bolt-on, using Paraguay as a template: buy the local leader, fund it from cash, and protect the balance sheet. The deeper story is consolidation. As Latin American markets regulate one after another, expect more established European operators to snap up domestic leaders before valuations climb.

Frequently asked questions

What did Cirsa acquire in Paraguay?

Cirsa acquired a majority controlling stake in Slots del Sol, Paraguay's leading online casino operator, which also runs two land-based casinos and two gaming halls.

How much did Cirsa pay for Slots del Sol?

Cirsa did not disclose the price or the exact stake. It said the deal is funded from existing cash, carries a multiple in line with its previous acquisitions, and will not materially affect its leverage.

Which Latin American markets is Cirsa in?

With Paraguay, Cirsa now operates in five Latin American markets, alongside Mexico, Colombia (Sportium), Peru (via Apuesta Total) and its wider regional activity.

When did Cirsa go public?

Cirsa listed on the Spanish stock exchanges in July 2025 at a target valuation of about 2.5 billion euros, roughly 2.9 billion dollars.

How large is Paraguay's regulated gambling market?

Paraguay's regulated gambling market generated about 32.6 million dollars in 2025, up 22.9 percent on 2024, following the country's 2024 online gambling liberalisation.

Updated July 2026. Sources: Cirsa company announcement and iGaming Business.