Online gambling and betting revenue at Cirsa increased 25.8% year-on-year during FY2025 as the operator’s omnichannel strategy continued to gain traction across core markets.
Group revenue for the 12 months to 31 December reached €2.34 billion ($2.76 billion), Cirsa reported. This was 8.8% higher than the previous year, with growth across all core business units.
However, it was Cirsa’s online segment that reported the most growth during 2025, with its double-digit increase eclipsing other areas. At €528.9 million, online accounted for 22.5% of total revenue at Cirsa, compared to 19.5% in FY24.
“A strategy focused on optimising the customer experience boosted the active user base to 2.4 million over the year, a 49% increase versus 2024, consolidating the company as a leading operator in the regulated market,” Cirsa said.
Omnichannel key to online success
Going into more detail on its online performance, Cirsa highlighted its omnichannel focus and how this approach helped drive growth in 2025. It noted functionalities such as cash-in and cash-out through more than 5,000 retail betting points worldwide, customers being able to bet across online and offline and seamless transfer of balances between online and offline wallets.
Aside from this, Cirsa referenced product development, including introducing features such as bet builder and early payout in sports betting. It also expanded its online casino games offering by approximately 30%.
In addition, it benefitted from the acquisition of Apuesta Total in Peru. Having agreed a deal in July 2025, it completed integration during 2025, with the brand now operating as part of the wider business. Cirsa said performance and synergies are fully aligned with expectations.
Italy leads land-based growth at Cirsa
Turning to land-based activities, revenue was up year-on-year across the board. The casino business remained the company’s primary revenue source at €989.5 million, an increase of 4.9%.
Cirsa said this growth was almost entirely organic, as casino acquisitions completed in 2025 occurred in November and late December, resulting in virtually no impact on revenue. New additions to its portfolio included a property in Marrakech, Morocco, as well as four venues in Peru.
“These transactions are fully aligned with our proven bolt-on acquisition strategy, focused on countries where we already operate or in adjacent markets,” Cirsa said. “This approach not only minimises execution risks but also maximises synergy capture, as these businesses integrate seamlessly into our existing operations without increasing our base cost.”
Elsewhere, Spanish slot machine revenue climbed 5.4% to €436.5 million, again almost all of which was organic, with the acquisition of a slot route operator in Valencia not completing until December.
“Opportunities for additional bolt-on M&A in this BU remain abundant, and we expect to continue executing acquisitions at attractive and consistent valuation multiples,” Cirsa said.
However, it was the Italian slots unit that saw the most land-based growth, with revenue up 10.6% to €406 million. This, Cirsa said, was despite the country’s retail market remaining “stagnant” in 2025, with this having impacted its competitors during the year.
Net profit rockets 165.5%
In terms of costs, spending was higher in almost all areas over the past 12 months. The main outgoing was gaming taxes at €687.9 million, with personnel costs and external supplies and services also higher year-on-year.
However, due to the level of revenue growth, this allowed operating profit to increase 14.6% to €382.1 million. Pre-tax profit was also 67.6% higher at €186 million for the year.
Cirsa paid €68.4 million in income tax. As such, it ended its financial year with a net profit of €117.6 million, a year-on-year rise of 165.5%. In addition, it reported an increased EBITDA of €746.6 million, some 6.8% more than FY24.
Further growth forecast for 2026
Looking to the current year, Cirsa said it expects to report further financial growth. First, net operating revenue is set to be in a range of €2.50 billion to €2.56 billion, placing it between 7% and 9.5% ahead of the €2.23 billion reported in FY25.
Meanwhile, EBITDA could hit between €800 million and €820 million. This would imply a year-on-year increase of between 7.2% and 9.8%.
Original article: https://igamingbusiness.com/finance/full-year-results/cirsa-online-revenue-up-fy25/
