Inner Fire

About Inner Fire

The games will include fantasy, predictor, survivor and bet builder mechanics, while racing titles will be powered by Spotlight’s Smart View Engine.

Spotlight’s B2B Growth Director Rob Brown said the deal will expand the company’s offering by combining Engage Games’ games engine with Spotlight’s data, content and global distribution network.

“This partnership marks a significant step for SSG as we extend our product capability into the games space,” Brown said. “In Engage Games, we have found a partner with a proven ability to deliver games that produce real commercial outcomes for partners.”

How to play Inner Fire

In January 2024, before locally licensed online operators were active, the Authority said it had recorded about 510,000 monthly cases of Botswanans participating in illegal online gambling.

Sunbet Botswana launched its online sports-betting platform in February 2025 and reported a 4,700% increase in sign-ups during its first month. As this was an operator-reported figure, the company did not publicly disclose the comparison baseline or absolute number of registrations.

The Authority said licensed operators accepted P150 million in wagers in March 2025, paid P135 million in winnings and generated P15 million in gross gambling revenue. It also estimated that only about 40% of Botswana’s estimated 550,000 active bettors were using licensed local operators, leaving a substantial share of demand with unregulated platforms.

What is Inner Fire?

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.