Spanish gaming giant makes winning move in Portugal

Lisbon: Spain and Portugal flags together. Spanish gaming giant Cirsa secures 68% stake in one of Portugal’s leading online gaming operators.

Spanish gaming giant Cirsa secures 68% stake in one of Portugal’s leading online gaming operators.

Spanish bigwig gaming giants Cirsa have clinched a major deal, after they acquired a sixty-eight per cent stake in Casino Portugal, one of the key players in the online gaming and sports betting sector in Portugal.

The deal announced back in September, reached its final stage just two months after being approved by the Competition Authority. And while there were some legal hurdles along the way, including anti-competition and gaming regulatory approvals, the deal has now gone through with all conditions met. It was a Christmas present for Cirsa – and a big win in their battle for ultimate dominance in Europe’s online gaming arena.

Before Cirsa swooped in, Casino Portugal was largely controlled by two Portuguese companies: Sociedade Figueira Praia, which also operates the Casino da Figueira, and Local Gate, led by notable figures António Maria de Sousa Bandeira Couceiro Laranjo and Jorge Manuel Salazar Coelho Gonçalves.

Cirsa, already the big ‘quesos’ in Spain’s gaming scene, say this acquisition is part of their broader strategy to bolster their online presence. “This acquisition is consistent with our M&A strategy, focused on the online space,” said the new owners, adding that the deal positions Cirsa as a formidable force in Portugal’s online gaming market, one of Europe’s fastest-growing sectors.

With this acquisition, Cirsa are banking on big returns. By 2024, Casino Portugal is expected to rake in more than 15 million euros in gross gaming revenue. And with Cirsa’s recent financial success – posting an operating profit (EBITDA) of 173 million euros in Q3, up 9.5% year-on-year – this deal is already shaping up to be a lucrative one. The Spanish company’s operating revenues are currently at a hefty 531 million euros.

With the acquisition sealed and the future looking bright, Cirsa is now in pole position to cash in on the booming online gaming and sports betting markets of Portugal. It’s game on.