Lottomatica-Cirsa merger will require approval in Portugal
The proposed merger between Italy’s Lottomatica and Spain’s Cirsa will have regulatory implications in Portugal. The change of control over Cirsa’s Portuguese assets means the group must seek approval from the national authorities responsible for overseeing the gambling sector.
The transaction was announced on 2 September 2026 and will be carried out through the cross-border absorption of Cirsa by Lottomatica. The Spanish company will cease to exist as a separate legal entity, while the Italian company will remain as the surviving entity following the merger.
Portuguese assets covered by the change of control
The process in Portugal is expected to cover Cirsa’s stake in online gaming and sports betting operator CasinoPortugal, acquired in December 2024. The Spanish group bought 68% of the company after securing the necessary regulatory and competition approvals.
Cirsa subsequently strengthened its presence in the Portuguese market by acquiring a majority stake in Sociedade Figueira Praia in July 2026, which owns and operates Casino Figueira in Figueira da Foz. The acquisition marked the group’s entry into Portugal’s land-based gaming segment.
Following the merger, control of these assets will pass to Lottomatica. Unlike in other markets, where a simple notification may be sufficient, a change of control in Portugal requires an application for approval to the gambling regulator.
Transaction depends on several approvals
The combination of the two groups remains subject to approval by their respective general meetings, compliance with the formalities required under Spanish and Italian law, and the receipt of the applicable regulatory approvals in the various markets.
Under the terms announced, Cirsa shareholders will receive 0.668 new Lottomatica shares for each share they hold. Once the transaction is completed, the Spanish company’s current shareholders are expected to control about 32.5% of the combined group’s capital.
The transaction is expected to take effect in the second quarter of 2027, provided all the required conditions are met. Until then, Cirsa’s Portuguese businesses will continue to operate under the licences and rules currently in force.
Portugal gains importance in the new group’s strategy
Its simultaneous presence in online and land-based gaming has made Portugal one of the markets included in Cirsa’s international strategy. Integration with Lottomatica will place these assets within a group holding leading positions in Italy and Spain, with operations in several countries across Europe and Latin America.
The companies estimate that the combination will create one of the world’s largest listed gaming and betting operators. Even so, the plan’s completion will depend on the approval processes, including an assessment of the change of control affecting the Portuguese operations.