Codere

History and Founding

Codere was founded in Madrid in 1980 as a manufacturer and operator of amusement machines. Over the following decades, it diversified into betting shops, bingo, casinos, and horse racing, and aggressively expanded into Latin America through acquisitions. The company went public on the Madrid Stock Exchange in October 2007 (ticker: CDR). However, from 2014 onward, financial difficulties mounted due to high debt levels and regulatory changes. In 2016, a deep equity restructuring brought creditors into the capital structure. By July 2020, the company avoided bankruptcy only after securing €200 million from vulture funds. The Martínez Sampedro family’s stake fell to ~14%, with foreign investment funds holding over 70%. In 2021, liquidation procedures began, and after a debt restructuring, 95% of the company passed to bondholders. Codere’s shares were delisted from the Spanish market on 6 May 2022, after losing 99.998% of their value since IPO.

Business Model and How They Make Money

Codere operates an omnichannel model, combining a large land-based network of betting shops, bingo halls, casinos, and gaming terminals with its online sportsbook and casino platform. The physical presence in seven countries provides a base for cross-selling and customer acquisition for the digital arm. Revenue is generated through player wagers in sports betting, casino games, and slot machines, with margins depending on regulatory taxes and payout rates. The company has historically relied on debt to fund expansion, but recent restructuring has shifted ownership to bondholders and reduced leverage.

Core Products and Platforms

Codere’s product portfolio spans land-based betting shops, bingo halls, full-service casinos (including slot machines and table games), horse racing operations (managing racetracks and off-track betting), and gaming terminals (amusement machines). Its digital subsidiary, Codere Online, launched in 2014 and offers a sportsbook and online casino via websites and mobile apps in Spain, Mexico, Colombia, Panama, and Buenos Aires (Argentina). The online platform is Nasdaq-listed (CDRO) and benefits from the group’s brand recognition and local market knowledge. Codere also engages in sports sponsorships, most notably as official betting partner of CF Monterrey Rayados in Mexico.

Market Position and Competitors

Codere is a major incumbent in Latin American regulated gaming markets, particularly in Mexico, Colombia, and Argentina, where its land-based network provides a competitive advantage. In Spain, it competes with larger operators like Cirsa and online-only brands. The company’s financial instability has eroded its ability to invest aggressively, but its omnichannel position and local relationships help retain market share. Key competitors include other multinational operators such as Flutter Entertainment, Entain, and local Latin American groups. Codere Online, as a separate listed entity, competes with international sportsbooks like Bet365 and local regulated platforms.

Licensing and Regulatory Footprint

Codere operates under strict regulatory oversight in each jurisdiction, holding licenses for land-based and online gambling in Spain, Italy, Mexico, Colombia, Panama, Argentina, and Uruguay. The company has faced legal scrutiny: in 2025, a judicial investigation linked Codere to the “Montoro case” involving payments of €679,000 to a firm owned by former Spanish minister Cristóbal Montoro while favorable online gambling regulations were being processed. This underscores the importance of regulatory compliance in its markets.

Recent Strategic Direction and News

In 2025, Codere Online reported revenue of €224 million, a 6% year-over-year increase, with Spain and Mexico driving growth. The company appointed Marcus Arildsson as CFO in November 2025, succeeding Oscar Iglesias. Leadership under CEO Gonzaga Higuero continues to focus on regulated markets, responsible gaming, and leveraging land-based assets for online growth. Speculation about a potential sale of the group has circulated in industry media (SBC Americas, March 2026), but no definitive deal has been announced. The company’s financial restructuring has stabilized operations, though debt overhang and ownership by bondholders remain defining features.