Cirsa
Cirsa is a Barcelona-based multinational gaming and leisure operator (founded 1978, IPO July 2025, BME:CIRSA) running casinos, gaming halls, slot routes, the Sportium #1 Spanish online sportsbook, and UNIDESA gaming machines across 10 regulated markets, generating ~€2.3B in 2025 revenue with 16,000+ employees and 50M annual visitors.
- Company typePublic
- Founded1978
- HeadquartersTerrassa, Spain
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Cirsa does
Cirsa Enterprises, S.A. is a multinational gaming and leisure company headquartered in Terrassa (Barcelona), Spain, founded in 1978 and listed on the Spanish stock exchange (BME) under ticker CIRSA following an IPO in July 2025. The company operates across 10 fully regulated markets — Spain, Italy, Colombia, Mexico, Costa Rica, Panama, Morocco, Dominican Republic, Peru, and Portugal (online) — through five core business lines: full-service casinos (roulette, blackjack, baccarat, poker, slots, bingo, sports betting), gaming halls (salas de juego) including multioffer electronic bingo and slot venues, gaming machines and route operations in hospitality venues under the in-house UNIDESA manufacturing brand, online sports betting and casino via the Sportium platform (the #1 sportsbook brand in Spain with 75,000 betting markets and 7,800 weekly live events), and B2B sale of UNIDESA gaming machines and management systems to third-party operators. The platform serves three primary customer segments: adult gaming/entertainment consumers (50M annual physical visitors and 2.4M active online users, +49% YoY), hospitality operators (bars and restaurants across 23 Spanish delegations plus Italy), and online sportsbook/casino users.
The company monetizes almost exclusively via transaction-based revenue models: house edge on casino games, slot machine play in owned and partner-located machines, take-rate on Sportium betting, and B2B hardware sales from UNIDESA. Pricing is pay-as-you-go across consumer and partner channels with no publicly disclosed subscription fees; B2B hospitality relationships run on revenue-share arrangements. The technology stack combines UNIDESA-designed gaming machines and management systems with the "Gaming Xperience" interconnected-hall platform and an AI-based responsible gaming monitoring system using supervised artificial neural networks across 25 online and 20 offline behavioral indicators — a capability that anchors G4 and ECA responsible gambling certifications and is a key license-to-operate asset. Sponsor Blackstone remains the controlling shareholder post-IPO (≈74.8% following April 2026 secondary), with Lionel's Assant as Vice-Chair, Joaquim Agut as Executive Chairman and Antonio Hostench as CEO.
In 2025, Cirsa generated €2,339M revenue (+9% YoY, above guidance), €753.5M EBITDA (+7.8%, margin ~32%), and a record €72.9M net profit. Q1 2026 reached €623M revenue (+8%) and €194M EBITDA (+8.5%), with 2026 guidance of €2.50–2.56B revenue and €800–820M EBITDA. Leverage has been reduced to ~2.4x following a €1B October 2025 high-yield refinancing and €589M of debt paydown since January 2025, supporting the company's first post-IPO €75M dividend. Post-IPO M&A momentum includes Grupo Comatel (Valencia slot route, December 2025), four Peruvian casinos (December 2025), Mamounia Casino Morocco (50% stake, November 2025), and Italian venues Game Paradise and Bingo Borgaro (January 2026).
Cirsa firmographics
Firmographics- Name
- Cirsa
- Legal name
- CIRSA ENTERPRISES, S.A.
- Website
- https://www.cirsa.com
- Company type
- Public
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Cirsa is a Barcelona-based multinational gaming and leisure operator (founded 1978, IPO July 2025, BME:CIRSA) running casinos, gaming halls, slot routes, the Sportium #1 Spanish online sportsbook, and UNIDESA gaming machines across 10 regulated markets, generating ~€2.3B in 2025 revenue with 16,000+ employees and 50M annual visitors.
- Ownership category
- akta.pro rank
Cirsa industry classification
Industry- Product category
- Casino and Gaming Operations
- NAICS
- Casinos (except Casino Hotels) (71321), Gambling Industries (7132), Amusement Parks and Arcades (7131)
- SIC
- Services-Amusement & Recreation Services (7900)
- akta.pro primary industry
- Online Poker Casinos (Casino + Poker Rooms) (MPAEABAC)
- akta.pro secondary industries
- Casino Loyalty, CRM & Player Development Operations (MPAEAAAJ), Electronic Table Games (ETGs) & Stadium Gaming (MPAEAJAC), Electronic Table Games (ETGs) & Stadium Gaming Terminals (MPAEANAC)
Keywords
Where Cirsa is headquartered
LocationHeadquarters
- HQ city
- Terrassa
- HQ country
- Spain
- HQ region
- Europe
Offices9 records
Markets served
Cirsa business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Retail Gaming Operations: Revenue from casino operations, gaming halls, bingo halls, and slot machine placement in hospitality venues. Q1 2026 net operating revenue of €623 million with 8% year-on-year growth. Includes strong retail gaming performance in Spain's slot division.
- Online Gaming and Betting: Revenue from Sportium online betting and gaming platform. Q1 2026 online gaming revenue of €143 million, up 9.4%. Includes sports betting, casino games, and poker with 2.4 million active users as of 2025.
- Gaming Machine Manufacturing and Distribution: UNIDESA designs, manufactures and commercializes gaming machines and management systems, serving both internal CIRSA operations and external B2B customers in the gaming industry.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Casino entry and gaming services |
| Transaction based/ take rate | Pay-as-you-go | Online gaming subscription/membership |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels5 records
Cirsa product offering
Product offeringCore offering
Cirsa is a multinational gaming and leisure company that operates a vertically integrated gaming platform spanning physical casinos, gaming halls (salas de juego) and bingo halls, slot machine route operations in hospitality venues, the Sportium online sports betting and gaming platform, and the UNIDESA B2B division for gaming machine design and manufacturing. Revenue is generated through house edge on table games and slot machines, betting margins on sports wagering, revenue-sharing arrangements with hospitality partners, and direct sales of gaming hardware to other gaming operators across 10 regulated markets.
Product overview
CIRSA is a multinational gaming and leisure company founded in 1978 in Terrassa, Spain, operating a diversified platform of casinos, gaming halls (salas de juego), slot machines, and online betting/gaming across 10 countries. The company operates through several distinct brands: its core casino and gaming hall divisions, the Sportium online betting and gaming platform (the #1 sports betting brand in Spain with presence in 7 countries), the UNIDESA B2B division for gaming machine R&D and manufacturing, and loyalty programs Club Winner (casinos) and Club TOKA (gaming halls). The portfolio includes both retail operations (physical casinos, bingo halls, slot routes) and digital offerings (Sportium online sports betting, casino, and poker).
Differentiator
Problem solved
Functional benefit
Brands
- Sportium: Online sports betting and gaming platform, #1 sportsbook in Spain with presence in 7 countries
- UNIDESA
- Club Winner
- Club TOKA
- Fundación Sportium
Products and services
- Cirsa Casinos Full-service casino establishments offering table games (roulette, blackjack, baccarat, poker), slot machines, bingo, sports betting, live entertainment shows and specialized restaurants across multiple countries, serving adult gaming and entertainment consumers.
- Salas de Juego (Gaming Halls) Gaming halls and bingo halls offering multioffer experiences with electronic gaming machines, electronic bingo, traditional bingo, sports betting via Sportium and hospitality services for adult gaming consumers.
- Máquinas Recreativas (Slot Route Operations) Slot machine placement, management and service in hospitality venues (bars and restaurants) across Spain and Italy through 23 regional delegations, using revenue-sharing arrangements with venue operators.
- Sportium (Online Sports Betting and Gaming) Online sports betting and gaming platform available via web and mobile across 7 regulated markets, offering 75,000 betting markets, 7,800 live events weekly, online casino, slot games and poker to 2.4 million active users in 2025.
- UNIDESA Gaming Machines and Management Systems (B2B) Research, design, development and commercialization of gaming machines and management systems for gaming halls, serving both internal CIRSA operations and external B2B customers. Founded in 1982, UNIDESA is a leader and pioneer in a highly competitive market.
Quantifiable outcome
- 70 consecutive quarters of EBITDA growth (excluding COVID period)
- +4 more outcomes
Companies that use Cirsa
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Cirsa technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature3 records
Cirsa partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- SpicaminorSpecialized recycling firm that processes PVC playing cards from CIRSA casinos, incorporating recycled material into industrial processes to create new PVC sheets for manufacturing loyalty cards.
- AplicardminorCard manufacturer that uses recycled PVC material from CIRSA's circular economy program to produce Club Winner loyalty cards for frequent casino customers.
- Plan MOVES IIIminorEU-funded program managed by the Spanish Government through Next Generation funds, supporting CIRSA's installation of 45 electric vehicle chargers across Spanish facilities. Program objective is to promote electric mobility through direct aid for charging infrastructure installation.
Scale indicators10 records
Recent moves10 records
Expansion highlights8 records
Cirsa competitors and assessment
Company assessmentBroad incumbents
- Flutter Entertainment: Flutter Entertainment (owner of PokerStars, Betfair, Paddy Power and Sisal) is a global regulated-market gaming leader with significant Spanish, Italian, and Latin American online gaming exposure, providing the upper-bound scale benchmark for Cirsa's online ambitions.
- Kindred Group (Unibet): Kindred operates multiple regulated-market online gambling brands including Unibet across Europe, competing head-on with Sportium for online sports betting and casino market share in shared regulatory jurisdictions.
- Entain plc: Entain is a FTSE-listed broad gaming operator combining online sports betting, casino, and retail gaming halls (e.g., Italy), making it a comparable diversified regulated-market operator at a larger scale than Cirsa.
- 888 Holdings (William Hill International): 888 owns William Hill International and operates regulated-market online sports betting and casino brands across Europe, including Italy and Spain—the same core markets Cirsa competes in for online share.
- Betsson AB: Betsson is a Swedish-listed operator with a strong European and Latin American online casino and sportsbook presence, overlapping with Cirsa's Sportium online business across several regulated markets including Italy and several LatAm jurisdictions.
Direct peers
- Novomatic: Novomatic operates one of Europe's largest gaming machine manufacturing businesses alongside land-based casino operations and online gaming, structurally comparable to Cirsa's UNIDESA B2B plus casino-plus-online portfolio across regulated European markets.
- Codere: Codere is a Spanish-headquartered multinational gaming operator with overlapping retail casinos, gaming halls, and online sports betting across Spain, Italy, and Latin America—directly mirroring Cirsa's business model and geographies and explicitly competing in the same regulated markets.
- Lottomatica Group (Snaitech): Lottomatica-Snaitech combines Italian retail gaming halls, sports betting, and online gaming under one platform, directly comparable to Cirsa's integrated retail-plus-online model in similarly-regulated European markets.
- Merkur Group (Gauselmann): Merkur Group combines B2B gaming machine production (Merkur Gaming) with arcade and casino operations across European regulated markets, mirroring Cirsa's UNIDESA B2B plus Salas de Juego footprint with similar regulatory exposure.
Others
- Playtech plc: Playtech is a leading B2B gambling technology and gaming-content supplier serving European and Latin American operators, comparable to Cirsa's UNIDESA division as a gaming technology/machines supplier and platform partner to retail and online operators.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Cirsa social profiles
Digital presenceCirsa compliance and trust
Trust signalCompliance6 records
Cirsa financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cirsa leadership team
Management profileNumber of profiles
Profiles9 records
Cirsa subsidiaries and ownership
Company hierarchySubsidiaries5 records
Cirsa funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cirsa M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cirsa
What does Cirsa do?
Cirsa is a multinational gaming and leisure company that operates a vertically integrated gaming platform spanning physical casinos, gaming halls (salas de juego) and bingo halls, slot machine route operations in hospitality venues, the Sportium online sports betting and gaming platform, and the UNIDESA B2B division for gaming machine design and manufacturing. Revenue is generated through house edge on table games and slot machines, betting margins on sports wagering, revenue-sharing arrangements with hospitality partners, and direct sales of gaming hardware to other gaming operators across 10 regulated markets.
Is Cirsa a public or private company?
Cirsa is a public company. It is classified as public and is currently operating.
When was Cirsa founded?
Cirsa was founded in 1978. It employs 5,001 to 10,000 people.
Where is Cirsa based?
Cirsa is headquartered in Terrassa, Spain, in the Europe region.
How does Cirsa make money?
Three revenue lines are on record. Retail Gaming Operations are the primary driver. The others are online Gaming and Betting and gaming Machine Manufacturing and Distribution.
Who are Cirsa's main competitors?
Broad incumbents on record are Flutter Entertainment, Kindred Group (Unibet), Entain plc, 888 Holdings (William Hill International) and Betsson AB. Direct peers are Novomatic, Codere, Lottomatica Group (Snaitech) and Merkur Group (Gauselmann). Playtech plc is listed as an others.
Does Cirsa have an API?
No public API is recorded for Cirsa.
What industry is Cirsa in?
Cirsa's product category is Casino and Gaming Operations. Its primary akta.pro industry code is MPAEABAC, Online Poker Casinos (Casino + Poker Rooms), with a secondary code of MPAEAAAJ, Casino Loyalty, CRM & Player Development Operations. Its NAICS code is 71321 and its SIC code is 7900.