Codere Online

Codere Online is a leading online gaming operator in Spain and Latin America. Launched in 2014 as part of the Codere Group, the company offers online sports betting and casino games through its website and mobile applications. Codere Online operates in key markets including Spain, Mexico, Colombia, Panama, and Argentina. The company utilizes a state-of-the-art technology platform to provide its services.

In December 2021, Codere Online became the first Latin America-focused online gaming operator to list on the Nasdaq stock exchange under the ticker CDRO. The company has seen significant growth, with net gaming revenue reaching EUR 171.9 million in 2023, a 40% increase from the previous year. Mexico emerged as Codere Online's largest market in 2023, generating EUR 81.7 million in net gaming revenue, followed by Spain with EUR 75.7 million.

Codere Online's business model leverages its relationship with the Codere Group to offer an omnichannel gaming experience, combining online operations with physical presence in Latin America. The company focuses on casino games and sports betting, with casino operations contributing 58% of total net gaming revenue in Q4 2023. Codere Online has implemented strategic marketing initiatives and partnerships to drive customer acquisition and retention.

Key customers and partnerships

Codere Online has established several key partnerships to enhance its market presence and brand visibility. The company is the official betting partner of Real Madrid in Latin America, leveraging this relationship to engage sports fans and attract new customers. In Argentina, Codere Online has partnered with River Plate as their official betting sponsor.

In June 2024, Codere Online announced a collaboration with Blip, an AI-first conversational platform, to introduce an automated chatbot for customer service and promotions in the Mexican market. This partnership aims to improve user experience and operational efficiency.

The company has also focused on expanding its customer base, reporting significant growth in active monthly players. In Mexico, Codere Online's average monthly active players increased by 37% to 525,000 in 2023. Similarly, in Spain, the company saw an 11% increase to 423,000 average monthly active players in the same year.