Spain’s largest casino operator reported its strongest first quarter and informed investors it is ready to move on a major deal in 2026.
Cirsa posted its best first-quarter results since going public last year:
- net revenue reached €623M, up 8%,
- EBITDA rose 8.5% to €193.9M,
- net profit increased 85% year-over-year to €34.6M.
These results follow an active acquisition cycle for Cirsa:
- Apuesta Total and four additional casinos in Peru,
- CasinoPortugal in Portugal,
- a 50% stake in Grand Casino de La Mamounia in Marrakech.
On the post-results call, executive chairman Joachim Agut said the company was “ready for another sizable M&A”, while CEO Antonio Hostench named Western Europe and 1–2 new Latin American markets as the most likely targets.
Cirsa’s acquisitions are already reshaping its digital portfolio
Cirsa’s portfolio is still concentrated around three brands tracked by Blask in its key markets:
- Sportium in Spain,
- Apuesta Total in Peru,
- Casino Portugal in Portugal.
Together, they show the logic behind the group’s current M&A strategy: buying regulated assets with existing demand and integrating them into a larger retail and operating structure.
Sportium remains Cirsa’s flagship betting brand in Spain, with both online and retail presence. The company operates one of the country’s largest sports betting retail networks, with more than 3,000 points of sale, as well as an online casino and sportsbook.
According to Blask data for the last 12 months (May 2025–April 2026), Sportium generated $240.5M in CEB in Spain. Its Blask Index declined 2.4% YoY — a modest dip in a mature, highly competitive market where several rivals posted steeper losses.
Apuesta Total is the strongest acquisition case. Cirsa acquired a controlling stake in the Peruvian sportsbook and online casino in July 2024. In 2025, Apuesta Total became the dominant brand in Peru according to Blask data.
Apuesta Total Blask Index grew 171.52% year-over-year. Its CEB reached $149.5M — more than double second-place Betano ($56.4M) and Betsson ($56.6M).
Casino Portugal gives Cirsa another strong regulated asset. Cirsa closed the acquisition of a 68% stake in January 2025, entering Portugal through an established brand that has operated in the market since 2017.
In Blask’s last year Portugal ranking, Casino Portugal ranked sixth by BAP, with $108.3M in CEB. The brand’s Blask Index grew 19.31% YoY. Betclic and Betano still lead the market, leaving Casino Portugal room to grow within a compact regulated market.
Western Europe and LatAm are next on Cirsa’s M&A map
Cirsa has not named specific targets in Western Europe, but its current footprint shows a clear pattern. The group already operates in Spain, Italy and Portugal, and is likely to look at neighbouring regulated markets where retail and online assets can be integrated into its existing infrastructure.
In Latin America, Hostench said Cirsa is looking at 1–2 new markets. The company already operates in Mexico, Colombia, Panama, Peru, the Dominican Republic, Puerto Rico and Costa Rica, so its next move is likely to stay within Spanish-speaking regulated markets where Cirsa can reuse its operating model.
Cirsa’s Q1 2026 results validate the acquisition strategy the company pursued in 2024 and 2025: its three digital acquisitions are growing, the retail business is holding margins, and leverage has come down to a manageable level after the IPO. Financially, the company is ready to move again.