Cirsa’s Online Business Takes a Bigger Slice of FY25 Revenue

Cirsa said its online division posted strong year-on-year growth in 2025, outpacing its land-based operations. Physical casinos still bring in most of the money, but the latest figures show the balance shifting more clearly than before.

A big part of that comes down to how Cirsa has tied its channels together. The company has spent time linking retail and online through shared player accounts, common promotions, and a single view of customer activity. That matters because a player who moves between both tends to be worth more over time than one who stays in just one lane.

Spain and Italy were the main engines behind that online rise, while Latin America added further growth. Cirsa said cross-channel play helped lift activity, with customers using both retail and digital products showing stronger retention and spend patterns.

Operators now see retail locations as more than just places for in-person revenue. They use them to move users online, where margins are easier to control, and tracking is clearer. Cirsa’s FY2025 results show this is working, and early 2026 data shows the same trend. Online activity stays steady and supports earnings, even though land-based still brings in most of the revenue.

TGJ Take

Cirsa’s result matters because it shows retail is still useful, just in a different way. For operators with casino estates, the prize is not choosing between land-based and online. It is getting both to feed each other properly. Done well, that can lift retention without pushing acquisition costs too hard. Affiliates should watch this closely, especially in Spain and Italy. The stronger these retail-to-digital funnels get, the harder it becomes to compete on pure online acquisition alone.