Cirsa acquires majority stake in Paraguay’s Slots del Sol

Spanish gaming conglomerate Cirsa has acquired a majority stake in Slots del Sol, an online slots operator in Paraguay, marking the group’s first entry into the market. 

Monday’s deal further advanced Cirsa’s strategic expansion in Latin America’s regulated digital gambling sectors. The omnichannel operator is also present in Peru, via a partnership with Apuesta Total and in Colombia with Sportium. It is also active in Mexico.

Entering Paraguay

Slots del Sol runs prominent website Slotsdelsolonline.com, alongside two land-based casinos and two gaming halls across Paraguay. 

Cirsa characterised the acquisition as reinforcing its “strategic commitment to accelerating growth in the online gaming space”.

Joaquim Agut, Cirsa’s executive chairman, described Paraguay as “an attractive and highly stable regulated market, with strong fundamentals”.

The transaction, financed from Cirsa’s available cash reserves, aligns with valuation multiples from prior industry deals. Cirsa emphasised that the purchase would not materially affect its financial leverage.

‘Aggressive M&A strategy’

CEO Antonio Hostench praised Slots del Sol’s “exceptional performance” and “outstanding capabilities in online operations”.

He further highlighted the synergy potential, stating that combining Cirsa’s global experience with Slots del Sol’s local expertise will “drive future growth” and improve the online division’s margins.

The operator’s said the acquisition of Slots del Sol aligned with its “aggressive M&A strategy” as emphasised by the company last year.

Cirsa IPO’d on Spanish stock exchanges in July 2025, as it sought additional capital to fund its M&A endeavours. At that time it sought a total market valuation of €2.5 billion ($2.9 billion).

As of July 2025, Cirsa had completed over 130 acquisitions over the course of the previous decade. 

The acquisition also comes days after Cirsa announced the successful placement of a debt issuance of €500 million. The proceeds intend to redeem a €375 million bond that is set to mature in 2028.

Market liberalisation

The deal also marks Cirsa’s first endeavour into Paraguay. The country last year passed a landmark legislation eradicating the gambling monopoly, liberalising the market for private operators. 

When speaking about the benefits of Paraguay’s market, Conajzar President Carlos Liseras told iGB in May last year: “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.” 

Following this liberalisation, Paraguay’s gambling market generated PYG215.9 billion ($32.6 million) in 2025, its highest figure on record. This was 22.9% higher than 2024.