Cirsa sees sharp increase in online gambling revenue
Cirsa’s full-year results show online gambling drove growth in 2025.
Spain.- The Spanish gambling operator Cirsa saw a 25.8 per cent rise in online gambling and betting revenue in 2025 as its omnichannel model gained momentum across key markets. For the 12 months ending December 31, the group posted €2.34bn in revenue overall, marking an 8.8 per cent increase. Online revenue reached €528.9m.
Growth was recorded across all major business divisions, though the online segment stood out with the fastest pace of expansion, now representing 22.5 per cent of total group turnover, up from 19.5% in 2024.
Cirsa attributed this to its customer-focused strategy, noting: “A strategy focused on optimising the customer experience boosted the active user base to 2.4 million over the year, a 49 per cent increase versus 2024, consolidating the company as a leading operator in the regulated market.”
Cirsa emphasised that its omnichannel integration was central to online growth. It now offers cash-in and cash-out at more than 5,000 retail betting outlets worldwide, unified betting across online and offline platforms and wallet transfers between digital and retail channels.
The operator also expanded its product portfolio, introducing bet builder and early payout options in sports betting, while increasing its online casino library by roughly 30 per cent.
Another boost came from the acquisition of Apuesta Total in Peru, finalised in July and fully integrated by year-end. Cirsa confirmed that the brand’s performance and synergies were “fully aligned with expectations.”
On the land-based gambling side, revenue rose across all divisions. Casinos remained the largest contributor, generating €989.5m, up 4.9 per cent year-on-year. Cirsa noted this was almost entirely organic, as acquisitions late in 2025, including a property in Marrakech, Morocco, and four venues in Peru, had minimal impact on reported figures.
“These transactions are fully aligned with our proven bolt-on acquisition strategy, focused on countries where we already operate or in adjacent markets,” Cirsa explained. “This approach not only minimises execution risks but also maximises synergy capture.”
Spanish slot machine revenue grew 5.4 per cent to €436.5m, while Italian slots delivered the strongest land-based performance, climbing 10.6 per cent to €406m despite what Cirsa described as a “stagnant” retail market.
Despite a rise in operating expenses, revenue growth drove operating profit up 14.6 per cent to €382.1m. Cirsa closed the year with a net profit of €117.6 million, a 165.5 per cent increase, while EBITDA rose 6.8 per cent to €746.6m.
Looking ahead, Cirsa forecasts 2026 net operating revenue between €2.50bn and €2.56bn, equating to a 7–9.5 per cent increase over 2025. EBITDA is projected in the range of €800-820m, implying growth of 7.2–9.8 per cent year-on-year.
