CIRSA Secures Majority Stake in CasinoPortugal

Group CIRSA continues to expand in the European iGaming market, after the company confirmed last week that it had finalized the acquisition of a majority stake in CasinoPortugal. The deal was completed on December 20, 2024, following an initial purchase agreement between the companies signed on September 18, 2024.

CIRSA Gets Regulatory Nod to Acquire CasinoPortugal

This is the latest important move for the Blackstone-owned online casino and sports betting company, which operates out of Spain, but has secured international assets in major markets as part of its international pivot.

CIRSA has received approval to acquire a 68% stake in Casino Portugal from the relevant authorities, including the country’s gambling regulator, Comissão de Jogos, and the Portuguese Competition Authority. The deal is financed through cash, with CIRSA arguing that it will not be impacting its operational results.

Other customary approvals have also been granted to the company, following an extensive reviewing process which sought to examine CIRSA’s business model and investment. CIRSA has cleared the high regulatory bar and is expected to assume ownership of the popular CasinoPortugal.pt brand.

CasinoPortugal is an important asset for CIRSA, which is expanding in the market at a time of sustained growth. In 2024, CasinoPortugal generated €15 million ($15.61 million) in revenue.

CIRSA has enjoyed a strong financial year as well. EBITDA for the company is set to surpass €680 million to €710 million in 2024, according to the company’s full-year guidance hailing it as one of the best records the company has posted.

Strong Growth Year for CIRSA as Expansion Continues

The acquisition of CasinoPortugal is not the only big development surrounding the firm either. The Blackstone-owned company may be looking to launch an Initial Public Offering and has secured Lazard, Deutsche Bank, Morgan Stanley, and Barclays to lead the preparations for such a move.

However, there have been no fresh developments so far. CIRSA has been consolidating its global footprint nevertheless, with the company pushing into another important deal with the company buying a 70% stake in Apuesta Total in 2024.

As part of Blackstone, CIRSA has expanded both in Latin America, where it already maintains strong operations, and the North African market, but North America so far remains elusive, perhaps tied to the highly competitive local market, and high costs of doing business.