CIRSA completes purchase of CasinoPortugal
The Spanish multinational has completed its acquisition of 68 per cent of CasinoPortugal.
Portugal.- CIRSA has announced the completion of its acquisition of the Portuguese online gaming and sports betting operator CasinoPortugal (CasinoPortugal.pt), one of the main players in the Portuguese market.
On September 18, 2024, CIRSA entered into a share purchase agreement in which it agreed to acquire a 68 per cent stake in CasinoPortugal. All conditions precedent to the completion of the acquisition have been satisfied, including the receipt of antitrust and local gaming regulator approvals.
CasinoPortugal operates a successful online gaming and sports betting platform, providing a wide variety of casino games and sporting events. Since its creation in 2017, CasinoPortugal has grown significantly, with Gross Gaming Revenue (GGR) expected to be above €15m in 2024.
According to a press release from CIRSA, the acquisition “is consistent with our M&A strategy focused on the online space and positions Cirsa as a significant player in the relevant Portuguese online gaming and sports betting market, which is among the fastest-growing markets in Europe. Transaction will be funded from available cash at Cirsa, and the impact on Cirsa Group Proforma leverage is not significant.”
The acquisition further enhances CIRSA’s igaming and sports betting offering, which includes the Sportium brand in Spain and Peru’s Apuesta Total, which was acquired last July.
igaming in Portugal
Online gambling revenue shows no sign of slowing down in Portugal, after an eighth consecutive quarter of growth in Q3. Revenue rose 23.7 per cent year-on-year and 1.7 per cent sequentially to €266.3m.
The growth remains driven by the online casino segment. According to national gambling regulator, the SRIJ, online casino revenue was up by 31.2 per cent year-on-year and 10.5 per cent sequentially at €175.1m. Player spending on online casino was up 33.7 per cent year-on-year to a record €4.87bn.
Slots accounted for 80.4 per cent of bets, way ahead of French roulette (6.1 per cent), the Portuguese dice game French bank (5.5 per cent) and blackjack (4.5 per cent).
In contrast, online sports betting generated revenue of €91.2m, up by 11.4 per cent year-on-year but down 11.7 per cent from Q2 of last year. Player spending reached €483.4m, with football accounting for 72.7 per cent of bets, ahead of tennis (21.2 per cent). Gambling participation reached 4.5 million in Q3, a rise of 16.9 per cent year-on-year.
