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While Codere specialises in sports betting, its Casino exceeded our expectations. It’s jam-packed with tons of popular games, including a healthy selection of online video slots. The interface is sleek and intuitive, making it easy to find what you’re looking for.
Complete Review of Codere
If you were to ask what the best online betting operator in Spain is, the answer would definitely be Codere. This online gambling operator offers a full-fledged sportsbook, a versatile casino with slots, blackjack and roulette, and much more.
You’ll also find tons of bonus offers for new and returning customers, and a user-friendly interface, compatible with all devices. Our objective with this Codere review is to thoroughly describe the operator and its most salient features.
Read on to find out more about Codere!
Codere launched its online sports betting and casino operations in 2014, first in Spain and subsequently in Mexico, Colombia and Panama. Codere also provides a superb selection of casino games, from slots to live roulette and video bingo titles. In addition, customers enjoy the company’s sportsbook and casino on its iOS and Android apps
MÉXICO
Codere Mexico owns and operates the commercial brands Yak and Codere Casino with dozens of land-based casinos across the country.
In addition to its brick-and-mortar business, Codere has expanded its reach to the online space, offering a wide range of sports betting, casino table games, live roulette tables, slots and video bingo titles.
Codere is the Official Betting Partner of the Club de Futbol Monterrey Rayados of Mexico.
Codere is also the first-ever official gaming partner of NBA Mexico City, giving the brand maximum visibility on the streets, online and on TV.
Codere’s Mobile version is quick and easy to use, it is user-friendly. It gives fast access to your account and bets-placing.
Bookmakers Comparison
| Bookmaker | MetaScore | Bonus | Margin | Cash Out | Live Streaming |
|---|---|---|---|---|---|
| NEW | 200 USD | 7 – 11% | |||
| 89 | 30 USD | 5 – 7% | Yes | Yes | |
| 88 | 100 USD | 2 – 2,5% | Yes | Yes | |
| 80 | 50% | 7 – 10% | Yes | No |
About Codere
Codere to Become Real Madrid’s Official Bookmaker For Five Seasons
MADRID, Spain, Oct. 14, 2021 (GLOBE NEWSWIRE) — Codere, S.A. (“Codere”), a leading multinational company operating in the private gaming sector, with more than 40 years of experience in the industry, has signed an extension of its sponsorship agreement with Real Madrid C.F. (“Real Madrid”) covering five seasons, until June 2026.
With this agreement, Codere reinforces its commitment to Latin America, by expanding the geographic scope to over twenty countries in the region including Mexico, Puerto Rico, the Dominican Republic and all of Central and South America.
The agreement covers both the core Codere Online 1 markets of Argentina (City of Buenos Aires), Colombia, Mexico and Panama, and potential future expansion markets, when and if they become regulated, such as Argentina (outside of City of Buenos Aires), Brazil, Chile, Peru, Puerto Rico and Uruguay.
This alliance between Codere and Real Madrid, which started in 2016, is built upon the shared values of international leadership, fair play and excellence, and with the objective of providing our audiences with a high quality entertainment experience.
This announcement comes on the back of sponsorship deals with key football teams in the region, Rayados in Mexico and River Plate in Argentina, and represents a new step forward in the expansion of our online and sports betting business in Latin America.
Vicente Di Loreto, CEO of Codere, stated, “we are thrilled with this renewed alliance with Real Madrid, with whom we share the same values and ambition to be the best at what we do, and look forward to benefitting from the renowned Real Madrid brand.”
Four decades growing in Latin America
Codere began its activity in Latin America in the early eighties, first in Colombia, and then expanding across the region.
Today, Codere is the leading gaming hall operator in the Province of Buenos Aires (Argentina), Mexico and Uruguay, and a leading casino operator in Panama and Colombia. It also offers sports and horse race betting in Mexico, Panama, Colombia and Uruguay.
Through Codere Online, Codere also offers online casino and sports betting in Mexico, Colombia, Panama and the City of Buenos Aires (where it expects to start operating before the end of the year).
Digital growth through Codere Online
On June 22, 2021, Codere Online 2 , DD3 Acquisition Corp. II (Nasdaq: DDMX) and the other parties thereto, entered into a business combination agreement which, among other things, will make Codere Online the first online gaming operator in Latin America to be listed on a stock market in the United States. Codere Online, which will be majority owned and managed by Codere, intends to become the leading online gaming operator in Latin America.
For Moshe Edree, Managing Director 3 of Codere Online, “the renewal of this strategic agreement with Real Madrid will play a key role in the deployment of our ambitious expansion project across Latin America. It will not only allow us to strengthen our online sports betting presence in the markets where we operate today, but also allow us to use the Real Madrid brand in other high-growth Latin American markets such as Brazil, Chile or Peru, when and if they become regulated.”
About Codere
Codere is an international gaming operator, with presence in seven countries in Europe –Spain and Italy– and Latin America -Argentina, Mexico, Panama, Colombia and Uruguay-, which operates slot machines, bingo seats and sports betting terminals with an omnichannel offer, both Through the online channel and the retail, that include gambling halls, arcades, bars and racetracks. www.grupocodere.com
About Codere Online
Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia and Panama and expects to start operating in the City of Buenos Aires (Argentina) in late 2021. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region. www.codereonline.com
About Real Madrid C.F.
Real Madrid C.F. is a sport entity with 119 years of history. It is the club with the most European Cups of both football (13) and basketball (10) and was awarded by FIFA as the Best Club of the twentieth century. Real Madrid has millions of fans in all corners of the world, with 371 million followers on social networks, and is for the third year in a row the most valuable football club in Europe according to The European Elite 2020 report, prepared by consultancy KPMG. Real Madrid is the most valuable football brand in the world for Brand Finance for the third year in a row and achieved the highest record in the Transparency Index of football clubs last season. More information about Real Madrid C.F. is available at www.realmadrid.com, the most visited soccer club website for the fifth consecutive year.
About DD3 Acquisition Corp. II
DD3 (NASDAQ: DDMX, DDMXU, DDMXW) was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. DD3’s efforts to identify a prospective target business are not limited to a particular industry or geographic region. www.dd3.mx/en/spac
Codere with responsible gaming
Codere is firmly committed to the development of a gaming offer with all the guarantees for the user. With this aim, the group carries out its activity by implementing the best responsible gaming practices, promoting transparency and supporting public policies for the user guarantees, the protection of vulnerable groups and the sustainability of the industry. In 2020, Codere Argentina was recognized with the SAGSE Award for the Best CSR Strategy in Latin America for its Responsible Gaming Program.
Additional Information about the Business Combination and Where to Find It
Codere Online Luxembourg, S.A. (“Holdco”), Servicios de Juego Online, S.A.U. (together with its consolidated subsidiaries upon consummation of the Proposed Business Combination, “Codere Online”), DD3 Acquisition Corp. II (“DD3”) and the other parties thereto have entered into a business combination agreement (the “Business Combination Agreement”) that provides for DD3 and Codere Online to become wholly-owned subsidiaries of Holdco (the “Proposed Business Combination”). In connection with the Proposed Business Combination, a registration statement on Form F-4 and Amendment No.1 to such registration statement on Form F-4 (as amended, the “Form F-4”) has been filed by Holdco with the U.S. Securities and Exchange Commission (“SEC”) that includes a preliminary proxy statement relating to DD3’s solicitation of proxies from DD3’s stockholders in connection with the Proposed Business Combination and other matters described in the Form F-4, as well as a preliminary prospectus of Holdco relating to the offer of the securities to be issued in connection with the completion of the Proposed Business Combination. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM F-4 AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. After the Form F-4 has been declared effective, the definitive proxy statement/prospectus will be mailed to DD3’s stockholders as of a record date to be established for voting on the Proposed Business Combination. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Codere Online Luxembourg, S.A., 7 rue Robert Stümper, L-2557 Luxembourg, Grand Duchy of Luxembourg.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including any statements as to Holdco’s, Codere Online’s, DD3’s or the combined company’s future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations, market size and potential growth opportunities, competitive position, expectations and timings related to commercial launches or the consummation of the Proposed Business Combination, potential benefits of the Proposed Business Combination and PIPE investments, technological and market trends and other future conditions, are forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Holdco’s, Codere Online’s, DD3’s and the combined company’s actual results may differ from their expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “likely,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Holdco’s, Codere Online’s and DD3’s expectations with respect to the timing of the completion of the Proposed Business Combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Holdco’s, Codere Online’s and DD3’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against Holdco, Codere Online and/or DD3 following the announcement of the Business Combination Agreement and the transactions contemplated therein; (3) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of DD3’s stockholders, certain regulatory approvals, or satisfy other closing conditions in the Business Combination Agreement; (4) the occurrence of any other event, change, or other circumstance that could cause the Proposed Business Combination to fail to close; (5) the impact of COVID-19 on Codere Online’s business and/or the ability of the parties to complete the Proposed Business Combination; (6) the inability to obtain and/or maintain the listing of Holdco’s ordinary shares or warrants on NASDAQ following the Proposed Business Combination; (7) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Proposed Business Combination; (8) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Codere Online and the combined company to grow and manage growth profitably, and retain its key employees; (9) costs related to the Proposed Business Combination; (10) changes in applicable laws or regulations; (11) the amount of redemptions by DD3’s stockholders in connection with the Proposed Business Combination; and (12) the possibility that Holdco, Codere Online or DD3 may be adversely affected by other economic, business and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in DD3’s most recent filings with the SEC and the Form F-4, and, after the Form F-4 has been declared effective by the SEC, will be contained in the definitive proxy statement/prospectus to be mailed to DD3’s stockholders in connection with the Proposed Business Combination. All subsequent written and oral forward-looking statements concerning Holdco, DD3, Codere Online, the combined company, the Proposed Business Combination or other matters and attributable to Holdco, Codere Online or DD3 or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Holdco, Codere Online and DD3 expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
No Offer or Solicitation
This press release is not a proxy statement and does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will
there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Participants in the Solicitation
Holdco, Codere Online and DD3 and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of DD3’s stockholders in connection with the Proposed Business Combination. Information regarding the names, affiliations and interests of DD3’s directors and executive officers is set forth in the final prospectus for DD3’s initial public offering filed with the SEC on December 10, 2020, as well as in other documents DD3 has filed with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of DD3’s stockholders in connection with the Proposed Business Combination is set forth in the Form F-4. Information concerning the interests of Holdco’s, Codere Online’s and DD3’s participants in the solicitation, which may, in some cases, be different than those of Holdco’s, Codere Online’s and DD3’s equity holders generally, is also set forth in the Form F-4. Shareholders, potential investors and other interested persons should read carefully the preliminary proxy statement/prospectus included in the Form F-4, and, when it becomes available, the definitive proxy statement/prospectus, before making any voting or investment decisions. You may obtain free copies of these documents, once available, from the sources indicated above.
With the help of the Watch and Bet mode developed by SIS, Codere’s virtual customers from Argentina will be allowed to watch their favorite horse racing events without having to worry about making any bets prior to the start of the events. The Watch and Bet mode is critically important for online sportsbooks looking to constantly beef up their engagement in the complex marketplaces, and Codere can expect to record higher revenues and better rates of engagement.
What Should Argentines Expect from the New Partnership Expansion
With the help of the Watch and Bet mode developed by SIS, Codere’s virtual customers from Argentina will be allowed to watch their favorite horse racing events without having to worry about making any bets prior to the start of the events. The Watch and Bet mode is critically important for online sportsbooks looking to constantly beef up their engagement in the complex marketplaces, and Codere can expect to record higher revenues and better rates of engagement.
At the same time, the partnership expansion will also introduce Argentines to more than 65,000 top-notch, exclusive and live horse racing events spread across 365 days. The list includes the iconic UK and Irish horse races and global meetings from all around the world, including the US, Latin America, Mexico, Saudi Arabia, Germany, Canada, Dubai, Singapore, and other countries. SIS will cover 165+ horse race tracks and racecourses located on five different continents in total, all available for Argentina’s online market.
Codere will also benefit from daily, short-form content in the form of 20 fresh betting events available per hour. The 24/7 Live Betting Channels that belong to SIS are excellent end-to-end solutions that feature everything from live-streamed images to updated data, complex graphics including betting triggers, and a wide array of available betting markets and the corresponding prices for them.
Mexico and Colombia experienced the biggest increase in NGR YoY, with Mexico growing by 108% to $7.4m (Q2 2020: $3.6m), while Colombia grew by 181% to $1.6m (Q2 2020: $581k). Spain’s NGR YoY improved by 23% to $14.6m (Q2 2020: $11.9m), while the group’s ‘other’ segment NGR fell by 29% to $697k (Q2 2020: $930k).
Codere Online reports ‘substantial growth’ across Latin America in Q2
Image source: Shutterstock
Codere Online, the sports betting and online casino arm of the Codere Group, has released its financial results for the second quarter of 2021, declaring ‘substantial growth’ across Latin America.
For the quarter ended June 30, 2021, Codere has reported total net gaming revenue of $24.4m, an increase of 43% year-over-year compared to Q2 2020’s $17m.
Mexico and Colombia experienced the biggest increase in NGR YoY, with Mexico growing by 108% to $7.4m (Q2 2020: $3.6m), while Colombia grew by 181% to $1.6m (Q2 2020: $581k). Spain’s NGR YoY improved by 23% to $14.6m (Q2 2020: $11.9m), while the group’s ‘other’ segment NGR fell by 29% to $697k (Q2 2020: $930k).
In June, Codere Online entered into a definitive business combination agreement with DD3 Acquisition Corp. II, a publicly traded special purpose acquisition company, that upon completion will result in Codere Online becoming a public company.
Moshe Edree, who currently provides services as a non-employee independent contractor but will become Codere Online’s Managing Director upon completion of the business combination, stated: “Our second-quarter results reflect the strong revenue trends in Spain and substantial growth achieved across Latin America, with a 43% year-on-year increase in our total net gaming revenue. This performance was driven by a 142% increase in average active players in the second quarter.
“Beginning in the second quarter of 2021, we started to face the expected regulatory headwinds in the Spanish market that have limited our (and all online gaming operators) ability to offer player bonuses and other marketing activities (advertising and sponsorships). Nonetheless, the company has adapted to this new environment and generated substantial revenue growth.
“In Mexico, our second-largest market, we more than doubled our net gaming revenues in Q2 2021, partially due to the impact from Covid on sporting events in Q2 2020, but also on the back of our differentiated omnichannel offering to our customers. Additionally, since we migrated our Mexican online platform in early March, our systems are better prepared to manage the higher customer volume and will offer customers a better, more reliable, user experience.”
In 2021 to date, Codere Online’s NGR has grown overall by 33% to $48.4m compared to the previous year’s $36.5m. Colombia went through the biggest rise YoY by 134% to $2.6m (2020: $1m). Mexico improved by 69% to $14.9m (2020: $8.8m), Spain rose by 19% to $29.7m (2020: $25m), while ‘other’ fell by 25% to $1.2m (2020: $1.5m).
Edree added: “We continue to expand our footprint across Latin America and are eager to deploy our comprehensive marketing strategy once the business combination with DD3 is completed.
“As part of this marketing strategy, we have already strengthened our presence in Latin America through alliances with key football teams in the region, like Rayados in Mexico and River Plate in Argentina, with whom we signed sponsorship agreements in July.”
Oscar Iglesias, current Head of Corporate Development for Codere Group but will become CFO of Codere Online upon completion of the business combination, noted that the total NGR outlook for 2021 is now between $94m and $100m.
Iglesias said: “We are excited about the continued growth of Codere Online and look forward to building on that momentum as a publicly-traded company. The consummation of the business combination will happen a few months later than what we were expecting when we announced the deal, and we now expect that this will happen in Q4 2021.”
Codere Online currently operates in the markets of Spain, Italy, Mexico, Colombia, and Panama and expects to start operating in Buenos Aires, Argentina, in late 2021.