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Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.

According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.

The group is expected to have an addressable market of up to €34 billion when combining all its available markets, including Portugal, Mexico and Colombia.

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Instead, spreadsheets and business-intelligence dashboards each accounted for 30%, and CRM platforms followed at 24%. Only 15% used AI/automation tools in any capacity, and then only as secondary aids.

Large and demanding portfolios were highlighted as a key challenge, with 64% of managers overseeing 100 or more VIPs, while one in five managed more than 500. 

The report highlighted the intense workload by estimating that a manager looking after 250 players would have roughly 100 seconds to commit to each player each day if their time was split equally. Data quality and fragmentation were also issues. 

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Playtech on Wednesday published a statement highlighting what it claimed were compliance failures at Evolution, written into the Spectrum report.

Within the report, Spectrum alleged “concerns around the availability of Evolution’s games in certain prohibited markets, the regulatory implications of its practices, and the lack of proactive monitoring of its customers”.

However the report confirms that Spectrum did not believe Evolution had engaged in any illegal practices.