May 5, 2023 2 min read


Blackstone-owned Cirsa Explores Potential IPO in Spain

Investment banks have been asked to submit proposals to handle a possible share sale and refinancing of Cirsa’s debt

Spanish gambling company Cirsa, owned by US asset manager Blackstone, is considering various options, including an initial public offering (IPO), according to anonymous insiders. 

Cirsa’s Potential Deal May Be Affected by Lottomatica’s Disappointing IPO

However, Lottomatica’s recent lackluster IPO in Milan, which priced its shares at the bottom of the targeted valuation range and led to share prices dropping in the aftermarket, could impact the timing of any deal. The explorations are preliminary and may not result in a transaction, according to the sources, cited by Reuters.

Cirsa posted earnings before interest, tax, depreciation, and amortization (EBITDA) of €552.5 million ($609.24 million) for 2022, but had nearly €2.3 billion ($2.5 billion) in net debt in 2022, equivalent to four times its EBITDA, based on its latest annual accounts. Based on Lottomatica’s valuation, Cirsa could be worth several billion euros, including debt. Blackstone bought Cirsa for an enterprise value of €2.2 billion (2.4 billion) in 2018.

Cirsa buys Guadalajara-based betting firm GanaBet MX for $22m

In other news, about two weeks ago Cirsa acquired GanaBet MX, a Guadalajara-based betting company, for a reported €20 million ($22 million). GanaBet is Mexico’s fifth-largest online betting house and holds licenses for online casino games, slots, and bingo. 

The deal follows Cirsa’s 2022 entrance into the Italian online gambling marketplace by acquiring Go-Goal’s business and a 60% majority shareholding in EPlay24. With the addition of, Cirsa will expand its sportsbook portfolio to three primary brands, including Sportium in Spain and EPlay24 in Italy. 

Cirsa’s Global Footprint Grows Under Blackstone’s Ownership

Under Blackstone’s ownership, Cirsa has expanded its global footprint, operating in nine countries, with 146 casinos, over 81,000 recreational machines, 78 bingo halls, 241 lounges, and nearly 3,000 sports betting points. 

Cirsa announced its best year in business in 2022. This led to Cirsa investing in international expansion by acquiring the only casino in Tangier, a major tourist destination in Morocco, and closing the purchase of a stake in Italian iGaming and online sports betting firm Eplay24. The new Tangier venue expanded Cirsa’s presence in the area, while the Italian acquisition boosted the sportsbook’s popularity and helped the company make headway in Italy. 

However, speculation continues as to whether Blackstone will pursue an IPO for Cirsa in Spain. The company returned to profits under Blackstone’s ownership, leading news sources to speculate that the US fund could target a €5 billion ($5.5 million) listing.


Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.

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