Cirsa

Casino and Gaming Operationscirsa.com

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

Casino gaming operations
Online sports betting
Gaming machine manufacturing
Slot route operations
Bingo hall entertainment

Where Cirsa is headquartered

Location

Headquarters

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 offering

Core 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 profile

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Cirsa technology and API

Technology

Technology 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 signal

Partnerships

Three partnerships are on record, tiered minor.

SpicaminorStrategic or Co-development PartnerSpecialized 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.
AplicardminorStrategic or Co-development PartnerCard manufacturer that uses recycled PVC material from CIRSA's circular economy program to produce Club Winner loyalty cards for frequent casino customers.
Plan MOVES IIIminorStrategic or Co-development PartnerEU-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 assessment

Broad 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 compliance and trust

Trust signal

Compliance6 records

Cirsa financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Cirsa leadership team

Management profile

Number of profiles

Profiles9 records

Cirsa subsidiaries and ownership

Company hierarchy

Subsidiaries5 records

Cirsa funding detail

Funding detail

Funding 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 investment

M&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?

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.