CIRSA Expands into Paraguay: Acquisition of Slots del Sol Strengthens LatAm Strategy

Spanish gaming giant CIRSA has further expanded its presence in Latin America. By acquiring a majority stake in Slots del Sol, CIRSA secures access to Paraguay's online and land-based gambling market. This strategic move is part of an aggressive expansion policy focused on regulated digital gambling segments.

Paraguay is considered by Joaquim Agut, Executive Chairman of CIRSA, to be an “attractive and highly stable regulated market, with strong fundamentals.” The acquisition diversifies the company’s portfolio and strengthens its position in a growing region.

Numbers and facts

CIRSA has acquired over 130 businesses since 2015. This demonstrates the group's strong expansion drive. Slots del Sol operates the online platform Slotsdelsolonline.com, along with two land-based casinos and two gaming halls across Paraguay. CIRSA is already present in Peru through a partnership with Apuesta Total. In Colombia, CIRSA collaborates with Sportium. The company is also active in Mexico. The acquisition was financed from CIRSA's cash reserves. It is not expected to materially affect financial leverage. In July 2025, CIRSA launched an IPO on Spanish stock exchanges, seeking a total market valuation of 2.5 billion Euros. A recent 500 million Euro bond issuance aims to redeem a 375 million Euro bond maturing in 2028. The Paraguayan gaming market generated PYG215.9 billion in 2025. This equates to 32.6 million US dollars and represents a record high. This turnover was 22.9 percent higher than in 2024.

Background

The market entry in Paraguay is facilitated by a recent liberalization. The country has ended its gambling monopoly. This opens the market to private operators. Conajzar President Carlos Liseras emphasized this to iGB in May last year:

“In addition to the fact that Paraguay has a law on the demonopolization of gambling, the tax burden is the lowest in the region and Paraguay has become an important country for visiting.” - Carlos Liseras, President of the Paraguayan gambling regulator Conajzar

Antonio Hostench, CEO of CIRSA, praised Slots del Sol's “exceptional performance” and “outstanding capabilities in online operations.” Combining CIRSA's global experience with Slots del Sol's local expertise is expected to drive future growth and improve margins in the online division. This deal is a clear sign of the ongoing trend towards consolidation and internationalization in the gambling industry, particularly in Latin America.

Why it matters for German players

This development in Paraguay has no direct impact on German players. The German online gambling market has been strictly regulated since July 1, 2021, by the Interstate Treaty on Gambling (GlüStV 2021). Players in Germany can only play with providers that hold a German license from the Joint Gaming Authority of the Federal States (GGL). These providers are listed on the so-called GGL whitelist.

German requirements are very specific. These include a stake limit of 1 Euro per spin on online slot machines and a monthly deposit limit of 1,000 Euros. In addition, the central self-exclusion system LUGAS monitors compliance with these limits and ensures player protection. Casinos with licenses from Malta or Curacao are not permitted to offer their services in Germany. The strict rules in Germany serve to protect players and channel the market. However, the internationalization of companies like CIRSA demonstrates the global growth of the industry, while Germany pursues its own highly specific path.

What it means for GGL-licensed casinos

For GGL-licensed casinos in Germany, the legal situation remains unchanged. They must continue to implement the strict German requirements precisely. The international strategies of industry giants like CIRSA have little impact on the German market. The GGL focuses on complying with national rules to ensure a safe and transparent gambling market. This also includes rigorously combating illegal offerings. German players should always check the GGL whitelist before registering with an online casino. This ensures they play in a legal and protected environment.