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the sequel is evidence of a studio comfortable returning to proven mechanical families

The Booster menu includes options designed to alter the starting conditions of a session. Players can guarantee scatter symbols, increase starting multipliers across the entire grid or activate enhanced bonus-hunting conditions. The strategic read is that Nolimit City is packaging multiple entry points into the same high-volatility engine. That gives players, and by extension operators, a variety of ways to engage a single title.

The studio has also carried its side-bet layer into the sequel. The slot also introduces a Side Hustles system, which functions as an optional stake increase tied to specific outcomes. Taken together, the expanded upgrades, buy options, and side bets suggest Nolimit City is refining a repeatable framework across sequels rather than reinventing its approach each release.

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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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AI is used, but only towards the end of the process. First, the system gathers objective indicators; AI is then used to assess the overall pattern and probability of a connection. “We only provide evidence-based findings,” Madsen says. “We don’t say that something is a mirror site because we suspect it is. It is only reported when we are 100% confident there is a match.”

The timing is significant. The illegal gambling market is attracting growing attention from regulators and the wider industry, while estimates of its size vary considerably depending on definitions and methodology.

A recent Fincord Intelligence report highlighted by the Betting and Gaming Council estimated that illegal online gambling generated around $50 billion in gross revenue globally in 2025. It estimated that around 5,000 operator structures were using more than 15,000 websites and apps.