While the IPO was oversubscribed multiple times, it closed at the IPO price of €15 on its first trading day and has remained flat since then. 

Here’s everything we know about the IPO and Cirsa, which is the second-largest listing in Spain this year, in a market that has been lackluster for new listings in Europe.

Cirsa Stock Falls Below IPO Price

Cirsa shares briefly rose to €16 on their debut day, or 6.7% higher than their issue price, but quickly lost momentum. The stock also briefly fell below its IPO price today.  

Typically, massively oversubscribed IPOs, such as Cirsa, deliver substantial listing gains. 

However, companies often tend to price the IPO at higher prices as the demand for shares outweighs the supply. That leaves less room for post-listing upsides.

While investors haven’t seen immediate gains in the Cirsa IPO, Blackstone, which acquired the company for an enterprise value of around €2 billion in 2018, has made decent returns.

According to reports, at the IPO price, the equity value in Cirsa IPO was 2.5 times Blackstone’s original investment.

Nonetheless, Cirsa’s listing is a boost not only to the gaming sector but also to European stock markets, where IPOs have plummeted to 46 in the first half of the year, compared to 61 in the same period last year, according to Dealogic.

What Cirsa Plans to Do with the Funds

Cirsa raised €400 million in capital through the IPO, which could increase to €521 million if the overallotment option is fully exercised. At a minimum, 18% of Cirsa’s shares will be freely tradable on the market. 

The company plans to use the proceeds to reduce its debt, which currently stands at €2.37 billion, and aims to achieve a net leverage ratio of between 2.0x and 2.5x.

Additionally, Cirsa plans to consider acquisitions worth between €400 million and € 500 million between 2025 and 2027. 

The company has identified 100 potential targets, primarily in Latin America and Spain.

Acquisitions have been a key growth pillar for Cirsa, and the company has acquired 130 companies since 2015, spending a cumulative €1.2 billion. 

Notable recent deals include sports betting operator Apuesta Total in Peru, as well as Casino Portugal.

A Diversified and Growing Business

Cirsa has globally diversified operations. Spain is the company’s biggest market, where it’s a casino market leader. 

The company also operates in Italy, Morocco, Latin America, Portugal, and Puerto Rico. 

The company’s online segment is its fastest-growing business segment, accounting for 22.5% of its total operating net revenues in the first quarter of this year.

Looking at EBITDA contributions: 

• Casino business: 58% of EBITDA with a 42% margin.
• Slots Spain (slot machines): 27% of EBITDA, 46% margin.
• Online gaming: 12% of EBITDA, 20% margin.

The online gaming business is still evolving and navigating regulatory uncertainty; while its margins are arguably lower, it is also the fastest-growing segment for Cirsa. 

First-quarter revenues rose by 54.8% year-over-year, supported by expansions into new markets, including Peru and Portugal.

Cirsa has a strong track record of growing its EBITDA, with the metric increasing for 67 consecutive quarters (excluding quarters affected by the COVID-19 lockdown).

Last year, the company posted €2,150 million in operating revenue (8% year-over-year increase) with an operating profit of €699 million(up 11% year-over-year). 

Cautious Investor Reaction Despite Strong Fundamentals

While Cirsa’s IPO was heavily oversubscribed, investors remained cautious after the debut. The stock reached €16 but closed unchanged, reflecting hesitation. 

Some investors raised concerns over Cirsa’s relatively high debt and heavy reliance on Latin American markets and online gaming. 

Others noted that Cirsa’s estimated post-IPO value of roughly €2.5 billion places the enterprise value-to-EBITDA in the approximately 7.5x range, providing limited room for short-term upside. 

Notably, several prominent Spanish fund managers opted out of the IPO. They cited ethical or regulatory discomfort. 

Dividend Plans in 2026

Cirsa does not currently pay dividends, but the company intends to do so in 2026, targeting a dividend payout of 35% of its adjusted net profits. 

The company has a cash conversion of 74% which is quite robust. In its IPO prospectus, the company said: 

“This strong cash generation provides a platform for a ‘virtuous circle’ of profitable growth, while enabling CIRSA to deleverage and still maintain a disciplined and attractive dividend policy.” 

The post Cirsa Has a Lacklustre Debut Despite Oversubscribed IPO appeared first on CasinoBeats.

While it represents a 1% nominal increase from the $143.4 billion in Q1 2024, revenue declined 3.7% in real terms (adjusted for inflation and other economic factors).

The number of casino visitors also decreased by 3.7% in Q1 to 1,788,327. Of that, 1,689,729 were visits to casinos authorized under Law No. 19,995, generating gross revenue of CLP 135.3 billion ($143.4 million). The Puerto Varas casino has not yet reported numbers to the SCJ.

While casino visits have declined, spending has increased. The average expenditure per visit was CLP 80,079 ($85.16), representing a 0.7% year-over-year increase.

Chile Gambling Tax Revenue Declines by 3.4% in Q1

As expected, with the decline in revenue, SCJ collected less tax. In Q1, the 22 regulated casinos contributed CLP 51.962 billion ($55.1 million) in taxes. That represents a 3.4% decrease in real terms to the $51.222 billion ($54.3 million) collected in Q1 2024.

The collection breaks down as follows:

• Specific Gaming Tax: CLP 22.366 billion ($23.7 million). Regional and municipal governments split the proceeds and use funds for infrastructure and development. 
• Value-Added Tax (VAT): CLP 21.604 ($22.9 million). Proceeds go to the general national fund.
• Gaming Hall Entry Tax: CLP 7.992 billion ($8.5 million). Proceeds go to the general national fund.

The collected tax does not include data from the Iquique, Puerto Varas, and Natales casinos, which follow a different tax regime.

Online Casino Regulation has Stalled

While land-based casinos contribute significant money to the economy, online gambling remains unregulated in Chile. That means online sports betting and casino operators are exempt from taxation, oversight, and responsible gambling requirements.

Efforts to introduce iGaming regulations began in 2021. The efforts gained momentum in December 2023, when the Chamber of Deputies passed a bill to legalize and regulate online gambling.

However, the legislation has been stuck in the Senate since. There are many reasons for the lack of progress. That includes the Supreme Court intervening, demanding that Chilean authorities recognize and prosecute online gambling as illegal activity.

The lack of regulation means online gambling operators continue to thrive. This has raised concerns that Chile may become a target for illegal platforms that have recently ceased operating in other countries in the region, such as Brazil and Peru, which have recently begun to regulate their markets.

Regulating the markets has brought in benefits. For instance, in its first month, Brazil approved 173 gambling brands, each of which contributes to tax revenue.

Meanwhile, according to the country’s gambling regulator, Peru has seen a 40% drop in traffic to illegal platforms since early 2024.

The post Land-Based Casino Revenue in Chile Drops 3.7% to CLP 145.19 Billion in Q1 appeared first on CasinoBeats.

Deputy Finance Minister Julapun Amornvivat said on May 19 that Wynn and MGM have already held talks with senior government officials.

The Bangkok Post quoted Julapun as stating that the government held talks with MGM on May 19 following a previous meeting with Wynn.

Wynn, MGM: Thai Casino Plans?

The Deputy Finance Minister added that two other unnamed “major foreign investment firms have also scheduled meetings to discuss potential investments. “

Julapun said: “Both Wynn and MGM Resorts share the same view as us. They are interested in investing in Thailand and believe our legal framework is quite solid, especially regarding money laundering and gambling regulation.”

The government official added that potential investors know they are participating in an open consultation phase.

He said that Bangkok intends to hold a “fair and transparent bidding process” before issuing concessions.

Prime Minister Paetongtarn Shinawatra and her ruling Pheu Thai Party want to legalize casinos as part of new entertainment complexes.

However, she will need lawmakers to approve her proposal to legalize the gambling sector. Many MPs and senators, including Deputy Prime Minister Anutin Charnvirakul, bitterly oppose the bill.

Anutin and leading senators have called on Paetongtarn to hold a referendum on the proposal, claiming it violates the Thai constitution.

Demonstrators expressed displeasure at the proposal outside the parliament building in early April.

Despite Paetongtarn’s efforts to fast-track the bill through parliament, senators want to hold a review. Experts claim this could hold up the bill until the last few months of the year.

But Paetongtarn’s government appears undeterred. Julapun said: “We are now clearly signalling that we are open to discussions with investors. Especially as we move forward with drafting legislation and seek to attract over 100 billion baht [$3 billion] in investment.”

We Only Want to Work With Major Companies, Says Thai Government

Julapun added that the government will not work with small or unprepared investors due to worries about their capacity to adhere to regulations and fight gambling addiction and money laundering.

The Deputy Minister says the government must listen to industry stakeholders to ensure that new regulations comply with global standards and align with investors’ expectations.

Earlier this month, the former abbot of one of Thailand’s most famous temples was publicly disrobed over allegations he stole money from temple funds to spend on illegal online gambling platforms.

The post MGM, Wynn Resorts, Two More Investors Meet Thai Government For Casino Complex Talks appeared first on CasinoBeats.

The media outlet Infobae reported that the ministry has vowed to turn the country into a regional leader in the regulated gambling sector.

It claims that its drive is helping promote responsible gaming via “a modern regulatory framework that seeks to protect consumers, ensure transparency, and foster formal economic development.”

Sports Betting: Peru to Increase Gambling Tax in July

The ministry said that its regulatory measures have also helped it shut down or block access to 15% of the country’s illegal sports betting-related websites.

In total, it has granted permits to 4,516 gambling operators nationwide since Lima approved licensed betting in February 2024. This number includes 683 permits granted in the past six months.

The newest approvals include 60 online platforms, as well as 280 gambling sector-related service providers.

The ministry pointed out that Peru has become one of the foremost countries in Latin America when it comes to establishing clear regulations for the gambling sector.

Colombia became the first Latin American country to legalize online gambling in 2016. Brazil, Mexico, and Argentina have also moved to institutionalize their betting sectors.

New Regulatory Powers

Since February 2024, Peru’s gaming regulator, the General Directorate of Casino Games and Slot Machines, has been given the power to conduct on-site inspections.

The regulator also has the power to close down unauthorized operators and force IP providers to block access to websites.

The regulator and the ministry also say that the number of people gambling on illegal websites and apps has dropped by 40% since 2024.

And they claim to be working with payment providers and banking firms to block accounts and transactions linked to unauthorized operators.

The ministry says that its drive is helping provide new investment opportunities in Peru.

The government has followed up with new tax laws for the sector. As of January 19, 2025, sports betting in Peru has been subject to a tax rate of 0.3%.

That rate will increase to 1% starting July 1, with the government claiming it will “progressively adjust the tax burden.”

Gambling Industry Growing Fast, Lima Claims

Lima claims that the sports betting sector has shown sustained growth. And this, it says, means that it can sustain higher rates of taxation in the future.

The ministry has rebuffed claims that it is promoting unhealthy habits, claiming that it has developed initiatives designed to promote responsible gaming.

These include educational resources on gambling addiction in educational institutions. The ministry has also begun offering training sessions for gambling-related companies.

It says that it is collaborating with gaming sector associations to help protect society’s most vulnerable groups.

This, it says, will help build a safe environment for customers and create awareness of the risks associated with gambling.

Overseas Firms Moving In

Major international players have taken advantage of the new law. These include the slots and table games operator Habanero, which received its permit late last year. Other firms moving into the nation include the likes of BGaming, Bet365, and Stake.

Elsewhere in the region, Argentinian courts have ordered IP providers to block residents’ access to over 330 illegal online gambling platforms since September 2024.

The post Almost 700 Legal Sports Betting Venues Have Opened in Peru Since Start of 2025 appeared first on CasinoBeats.

Per an official release from the Buenos Aires Provincial Lottery and Casino Institute, the move will help boost the “competitiveness of the province’s casinos.”

The casinos in question are located in Necochea, Miramar, Tandil, Sasso, Hermitage, Mar de Ajo, and Sierra de la Ventana.

The regulator’s President, Gonzalo Atanasof, signed a resolution to promote the call for tender. All seven casinos are currently operating with an extension on their concessions.

Buenos Aires Casinos Set for ‘Modernization’ Bids

The regulator said successful bidders will be invited to sign 20-year operating agreements with one-year optional extension clauses.

The regulator will begin to review tenders from bidders at midday on July 8 at its headquarters in La Plata. The Institute wrote: “We expect bidders to invest in building improvements.” It added that bidders would need to “modernize gaming rooms and slot machine offerings and promote competitive entertainment venues.”

The regulator also wants the operators to provide year-round dining and entertainment offerings.

Atanasof called the move “a fundamental step for the modernization and competitiveness of the province’s casinos.” He said the tender call was “based on a commitment made in conjunction with the province.”

The Institute chief said that the move would “guarantee the continuity of employees and improve their working conditions.” Atanasof said it would also help “capitalize on the tourism and entertainment potential” of all seven casinos.

Necochea Wrinkle for Province’s Plans?

However, the bidding process for the Necochea casino could yet hit a hurdle. The city’s Mayor Arturo Rojas told the media outlet Ecos Diarios that Necochea has been pursuing an outright sale.

He suggested that the tender documents may need to be modified to specify that the modernization of the Necochea casino’s gaming room and the operation of its slot machines were a key condition for the casino’s sale.

The municipal administration, Rojas said, “intends to finalize” the sale deal. The media outlet wrote that it was “clear that the new bidding process to attempt the sale of the casino property will take place in six months, once the question of who operates the slot machines has been resolved.”

The Mayor insisted that the tender call from the Province was “very important” for the city. He also said that “there are high expectations, because apparently some parties are interested [in submitting bids].”

The call comes amid wider gaming sector business expansions in the wider Latin America region.

Many companies have also expressed an interest in branching out into the markets in Colombia, Mexico, Argentina, Brazil, and Peru.

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Matt Bastock

Superbet has reached a €1.3 billion refinancing agreement with Blackstone and HPS Investment Partners.

The new arrangement will support the company’s ongoing expansion. Superbet has announced that the raise will help support its ongoing expansion and provide a strong platform for the coming years as Ii looks to execute its growth strategy.

Superbet’s Growth Strategy: Expansion, Innovation, and Market Leadership

The company’s strategy includes expansion in the newly regulated Brazilian market, potential mergers and acquisitions, continued investment in its proprietary technology platform, and new ‘innovative technologies.’ 

The Superbet Group’s Chairman, Hans-Holger Albrecht, commented: “We are delighted to announce the successful signing as we continue our growth trajectory. The fact that we have two blue-chip investors, Blackstone and HPS, is not only a milestone for the company, but also, given our strong balance sheet, is something that enables us to continue our expansion story, driven by our unique tech and product position.” 

He continued: “Together with Blackstone and HPS, we will drive sustainable growth through investments in innovative technology, the enhancement of our entertainment ecosystem, and strengthen our strong culture of responsible entertainment.” 

Albrecht emphasized the importance of being a technology-driven company that aims to deliver a unique offering to its customers. Superbet strives to create an ‘entertainment ecosystem’ that includes sports betting, curated content, and pertinent social media. 

Jimmy Maymann, co-CEO of Superbet Group, echoed this sentiment: “The core vision of Superbet is to scale at pace and become a global leader in the tech and entertainment industry through product innovation and a customer-centric approach.” 

Sacha Dragic, Founder and co-CEO, remarked, “Our strong financial fundamentals and operational excellence provide a solid platform to accelerate growth in our existing markets while also targeting expansion into high-potential markets.” 

Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, concluded, “Sacha is a visionary founder and entrepreneur, backed by an exceptional management team. We are proud to continue to support this company on its remarkable journey of growth and innovation. With exciting expansion plans on the horizon, we look forward to our ongoing partnership and the opportunities that lie ahead.”

Blackstone’s Betting Big: CIRSA, Superbet, and the European Gambling Market

Late last year, it was reported that Blackstone was to list CIRSA SA on the Bolsa Madrid exchange. The private equity giant acquired the Spanish operator from Manuel Lao Hernandez in 2018 for €2 billion.

CIRSA’s acquisition was part of Blackstone’s strategy to expand its European gambling portfolio. The operator was on track to achieve net revenues exceeding €2 billion in 2024. The reports suggest Blackstone plans to list 20-25% of CIRSA’s shares on the exchange, aiming to raise between €700 million and €1 billion. 

The company operates 30,000 gaming machines across Spain, 40 bingo halls, six casinos, and 237 arcades. CIRSA is now the largest operator in Peru after acquiring Apuesta Total in early 2024. It added 500 betting kiosks and an online sportsbook to a portfolio already boasting 3,200 slots and 19 brick-and-mortar casinos.

Written By

Matt Bastock

Matt is a casino and sports betting expert with over two decades’ writing and editing experience. He loves getting into the nitty gritty of how casinos and sportsbooks really operate in order to make solid recommendations based on real experiences. His favourite games are blackjack and poker, and he loves watching NFL and soccer in his spare time.

The post Blackstone and HPS Back Superbet’s Growth with €1.3 Billion Investment appeared first on CasinoBeats.

Matt Bastock

Brazilian customers will be able to enjoy games from slot providers Playson and BGaming after both were granted regulatory approval. 

The Secretariat of Prizes and Bets has granted Playson access to the market. The regulator approved the company’s roster of online casino content, paving the way for Brazilian market entry. 

Tamas Kusztos, Playson’s Chief Commercial Officer, stated, “We are delighted to have successfully entered the Brazilian market and look forward to building on our established LatAm reputation. Players across the region resonate strongly with our dynamic offering.”

Playson’s Strategy: How It Plans to Succeed in Brazil

Playson also announced a partnership with Light & Wonder, a Vegas-headquartered B2B supplier that will distribute Playson’s slot releases to Brazilian operators through its comprehensive slot aggregation platform. 

Kusztos continued, “It is credit to departments across the entire Playson team who worked tirelessly to make this entry possible. Now it is time to ensure Brazilian players have access to some of the very best iGaming content available on the market.”

BGaming’s Big Move: What Brazilian Players Can Expect

BGaming has also been granted approval and is set to roll out its roster of in-house slot releases to operators in Brazil’s newly regulated online casino market. 

BGaming partner platforms will now be permitted to offer players access to slots such as Snoop Dogg Dollars, Aztec Clusters, and Panda Luck.

The Head of Legal and Compliance at BGaming, Antonia Ivanova, said in a release, “Brazil is one of the most dynamic iGaming markets in the world right now. Receiving this approval is a massive milestone for BGaming and a testament to our entire team’s hard work and dedication.” 

She continued, “Latin America plays a pivotal role in our global expansion strategy, and securing this certification makes a strong statement about the company’s intention to shake things up throughout 2025. We are committed to putting our products in front of as many players as possible, and we cannot wait to hit the ground running in Brazil.”

Brazil now joins a growing list of Latin American countries in which BGaming slots have been granted regulatory approval. At the tail end of 2024, the company entered both the Peruvian and Colombian markets. 

The official launch of regulated online casino and sports betting in Brazil took place in 2025, a year after President Lula Inacio Da Silva enshrined Bill PL3626/23 into law in January 2024, thus establishing the regulatory framework. 

At the beginning of the year, the Ministry of Finance announced that 68 businesses had completed full license applications in the market. It also announced that a total of “150 license requests from 145 companies have been submitted to SIGAP.” SIGAP is the country’s data management and license coordination platform. 

The initial list of 68 businesses that received complete authorizations can be found here. The businesses are set to operate 300 unique brands across the country. 

Written By

Matt Bastock

Matt is a casino and sports betting expert with over two decades’ writing and editing experience. He loves getting into the nitty gritty of how casinos and sportsbooks really operate in order to make solid recommendations based on real experiences. His favourite games are blackjack and poker, and he loves watching NFL and soccer in his spare time.

The post BGaming & Playson Expand in Latin America with Brazil Market Entry appeared first on CasinoBeats.

Matt Bastock

The International Tennis Federation (ITF) has announced Stake as the official betting sponsor of both the Davis Cup and the Billie Jean Cup by Gainbridge. 

An extension to the existing partnership was confirmed this week after what the International Tennis Federation describes as ‘rigorous due diligence’ conducted in accordance with ITF rules for betting sponsorship and in consultation with the International Tennis Integrity Agency. 

Stake will continue as the competitions’ global partner until at least the end of the 2026 season. Details of the deal’s exact terms are scarce, but the release promises courtside branding and sponsored content across social media channels.

Akhil Sarin, Chief Marketing Officer for Stake, commented, “We are delighted and extremely proud to become the official betting partner of the Davis Cup and Billie Jean King Cup. Tennis is a universally popular sport, and these competitions are two of the most passionately followed across the globe. We look forward to some exciting initiatives spread across the tennis calendar and working with the ITF to promote the sport to our worldwide audience.”

Stake has promised to ‘promote and enhance’ the fan experience across both events. The company is ‘aiming to bring supporters closer to the on-court action’. 

Stake’s Expanding Influence in Sports Sponsorship

Australia-headquartered Stake has a comprehensive sponsorship portfolio across the world of sport and popular culture. Headline sponsorships include English Premier League outfit Everton, the Ultimate Fighting Championship, and the Stake Formula One team. Both superstar Drake and footballing great Sergio Aguero also hold brand ambassador roles with the gambling company.

David Haggerty, ITF President, added, “We are excited to announce these partnerships as we look to build on the success of the Davis Cup and Billie Jean King Cup by Gainbridge in 2023. We thank our partners for their continued support, and we look forward to working with Stake, whose track record across a range of major international events speaks for itself. 

Regarding the selection process, he continued, “Protecting tennis integrity is at the center of all we do, and we are pleased to partner with Stake – an organization with a portfolio of high-profile clients, a stated commitment to responsible business practices and significant reach among global sports fans – having conducted rigorous due diligence in line with ITF rules for betting sponsorship, which were developed in consultation with the ITIA.”

In August last year, Stake entered the Peruvian market after the regulator granted it both casino and sportsbook licenses. It also partnered with FCB Melgar, a Peruvian football team with a stadium capacity of over 60,000. The Stake logo will feature across the men’s, women’s, and Liga 3 team kits.

Written By

Matt Bastock

Matt is a casino and sports betting expert with over two decades’ writing and editing experience. He loves getting into the nitty gritty of how casinos and sportsbooks really operate in order to make solid recommendations based on real experiences. His favourite games are blackjack and poker, and he loves watching NFL and soccer in his spare time.

The post Stake Extends Sponsorship of Davis Cup and Billie Jean King Cup appeared first on CasinoBeats.

Available via the bet365 app and website, players in the South American country can now play on the bet365 Casino platform, which features live casino and slots content including multi-layered jackpots, classic-style fruit games and the latest titles.

With headquarters in Barueri, São Paulo, bet365 is also bringing its sports betting offering to Brazil and its responsible gambling tools to help customers play safely.

bet365 was one of over 60 businesses confirmed recently by Brazil’s Ministry of Finance to have completed full licence applications for the Brazilian igaming market. 

“We are delighted to announce our launch in Brazil, and deliver a premium sports betting experience to this vibrant market,” commented a spokesperson for bet365.

“Football fans around the world share a love of the beautiful game, but nowhere is that passion more evident than here. We’re thrilled that our Never Ordinary brand platform can further enhance the enjoyment of the sport for the Brazilian people.

“In addition, we will use our expertise and advanced responsible gambling tools to ensure a safe and responsible environment for all new customers.”

Elsewhere in South America, bet365 launched its online casino and slots offerings in Peru back in October last year.

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