Key points:
- Cirsa excludes Brazil from its near-term plans
- The company sees greater potential in markets like Panama, Colombia and Mexico
- Brazil’s market raised BR472m ($87m) in tax revenue from January to May 2025
Cirsa has confirmed it will not enter Brazil’s regulated betting market in the short term, mentioning ongoing instability, a lack of licensed competition and high compliance burdens as key reasons for the delay.
In its IPO prospectus, the Spanish gaming operator ruled out Brazil as a potential market despite the country’s formal regulation of online gambling and betting.
The document states that although formally regulated, the Brazilian market remains in a period of “stabilisation,” with most actors still operating without licences.
Cirsa also pointed to the absence of strict player identification requirements for unlicensed operators and their cost advantage over regulated competitors. “At the time of this document’s publication, we have made no formal decision or developed any specific plan to enter any of these adjacent markets,” it said, referring also to other Latin American territories such as Bahamas, Chile, Jamaica and Uruguay.
Good to know: Cirsa is targeting a €2.5bn ($2.9bn) IPO valuation in what could become Spain’s second-largest public offering of the year
The company currently limits its presence in Latin America to Panama, Colombia, Mexico, the Dominican Republic, Peru, Costa Rica and Puerto Rico. Combined, these countries accounted for 32% of Cirsa’s operating revenue in 2024, with Panama representing the largest share at 9%.
The prospectus also estimates the gambling market across its current and target countries to be worth €33bn, rising to €40bn by 2028.
