CIRSA Takes Lead in Peru After Acquiring 70% Stake in Apuesta Total

The Blackstone-owned group that aims to be a “global leader in the leisure and entertainment sector through a commitment to society, excellence, profitability, and efficiency,” CIRSA, has announced it acquired a 70% stake in Peru’s most successful sportsbook, Apuesta Total.

As a result of the acquisition, CIRSA has become the majority shareholder of the entertainment company that offers sports betting, live betting, casino, and virtual games via 500 betting locations spread across provinces and municipal districts.

Undisclosed Transaction Size

While it is unclear how much CIRSA paid for the Apuesta Total stake, the former explained the investment is not expected to affect their leverage as it will be funded through available cash.

The company, which has been operating in the country since 1996, further added that the multiple that it paid for the acquisition was aligned with previous online deals that it had undertaken.

The inked agreement also features a put-and-call structure that would enable CIRSA to acquire the rest of the Apuesta Total shares (30%) within the next few years. This would guarantee full control over the company.

CIRSA Enters New Gambling and Sports Betting Sectors

CIRSA also informed its investors that the fresh acquisition fully aligns with its plans to strengthen its foothold in the online sector and extend its presence in the Peruvian market. 

The latter adopted a series of online gaming and betting regulations in March 2024.

The acquisition, which follows other similarly important acquisitions including game machine manufacturer Modena Giochi in Italy, a 60% stake in online operator ePlay24, and Mexican brand Ganabet for a reported €20 million ($21.8 million) in 2023, further boosts CIRSA’s expansion in Latin America by carrying it into new online gambling and sports betting sectors. 

Apuesta Total was founded in 2014, and ever since it enjoyed significant growth. Recently, the company reported more than €100 million ($109 million) in gross gaming revenue in Fiscal Year 2023.

Besides the hundreds of physical betting locations it operates, Apuesta Total also features online offerings. 

Apuesta Total Projects 30% Revenue Growth 

Apuesta Total’s general manager, Gonzalo Pérez, spoke about a projected 30% growth in revenue by the end of the current year. 

The growth would be triggered by a series of important events including the Copa América and the UEFA Euros and it would support CIRSA’s decision to invest while anticipating the rising demand for online gambling and sports betting in the country.

The news of the acquisition comes in the context of Blackstone tracking a €5 billion initial public offering (IPO) path for CIRSA six years after purchasing the company at an enterprise value of €2.2 billion ($2.4 billion).

According to local media reports from May, Barclays, Morgan Stanley, and Deutsche Bank were involved in setting up the operator’s path to IPO.