CIRSA CEO Antonio Hostench has said the operator is keeping tabs on expanding into Brazil via M&A, although only when the market conditions improve.
Brazil’s regulated sports betting and igaming market went live at the start of 2025, with CIRSA having stayed out of the country thus far.
The operator, which went public this summer in Spain, is already live with online operations across Latam, including in Peru, Colombia, Panama and Mexico.
The business is also live in Spain, Italy and Portugal and has an extensive land-based casino and slots arm.
In H1, the licensed operators in Brazil reported a combined gross gaming revenue of more than £2bn, with 17 million players having placed bets.
The market is home to around 80 licensed operators, with Betano considered the current market leader.
Speaking on CIRSA’s H1 2025 analyst call, Hostench said a move into Brazil could be on the horizon, although he did sound a warning regarding potential tax increases and the sustained size of the unlicensed sector.
Politicians in Brazil have proposed hiking the GGR rate from 12% to 18%, as well as raising the minimum gambling age to 21 and putting a series of marketing restrictions in place.
On Brazil, Hostench said: “We are very closely following that market. We have been interested in that running well, but as of today, we still don’t see the conditions to make a big investment there.
“As you may know, taxes will be raised from 12% to 18% very soon. And there is still the grey market. There are many things [that need to] happen before we feel comfortable in making an investment.
“Having said that, we are in conversation with specific names there to take the position when we see the market under good conditions.”
The operator would be aiming to replicate its success with Peru-facing Apuesta Total, which it purchased last year.
Since then, Hostench stated the brand has become the market leader in the Andean nation, moving up from second place.
He added: “Today [Apuesta Total] is already number one, with excellent numbers in terms of acquisition, first-time deposits, unit asset price and so forth. We are capturing the growth of the market.”
In Q2, CIRSA posted revenue of €579m (£500.8m), representing an 11.3% jump, while EBITDA rose 9.2% to €186.6m.
The post CIRSA CEO: Brazilian M&A relies on “good conditions” amid headwinds first appeared on EGR Intel.
Antonio Hostench references planned GGR tax increase and size of black market as reasons to be cautious, as he confirms talks have taken place over potential targets
The post CIRSA CEO: Brazilian M&A relies on “good conditions” amid headwinds first appeared on EGR Intel.