Codere Online Luxembourg, S.A.
Codere Online Luxembourg, S.A. is the Luxembourg holding company for Codere Online’s internet gaming business, with operations across Spain and Latin America. Through its subsidiaries, the company provides online sports betting and online casino products via websites and mobile applications, and its business is closely linked to the broader Codere Group’s retail gaming footprint.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueInternet wagering on sporting events through the company’s digital platforms.
Digital casino products such as slots, table games, and live casino content.
Conversion of Codere retail customers into online users across the group network.
Customers
The company serves online bettors and casino players who use its websites and mobile apps in regulated and other operating markets. A meaningful part of the customer base also comes from converting Codere Group retail customers into online users, which ties digital growth to the group’s physical gaming presence.
Customers acquired directly through the company’s digital channels who were not previously retail Codere customers.
Existing Codere Group retail customers converted to online betting and casino accounts.
Users who primarily place wagers on sporting events through the betting product.
Users who buy casino entertainment content through slots and table game offerings.
Players in markets where the company seeks to build presence beyond its core geographies.
Strategy
Codere Online’s strategy centers on combining digital acquisition with omnichannel conversion from Codere Group’s retail customer base. The company also highlights expansion into additional regulated and unregulated markets, which broadens the addressable market but requires local execution and regulatory adaptation.
Retail customers are a lower-friction source of online users and can improve acquisition efficiency.
Spain and key Latin American countries are the foundation of the current business model.
Entering additional jurisdictions increases growth opportunities and diversifies geographic dependence.
Geography
Codere Online operates in Spain and several Latin American markets, with core activity centered on Spain, Mexico, Colombia, Panama, and Argentina. Geography matters because the business depends on local regulation, gaming licensing, and country-specific customer acquisition economics, while the Codere Group’s retail footprint supports omnichannel conversion in parts of Latin America.
Risks
The business is exposed to gaming regulation, licensing, and country-specific compliance requirements, which can affect market access and product availability. It also faces execution risk in customer acquisition, fraud risk in online payments and player accounts, and dependence on the broader Codere Group for omnichannel conversion support.
- Gaming regulation and licensing changesImpact: HighLikelihood: High
Revenue depends on legal online gaming access in each jurisdiction.
Exposure: Spain and Latin America
- Market concentrationImpact: HighLikelihood: Medium
A limited number of core countries drive the business, so local disruption matters.
Exposure - Dependence on omnichannel conversionImpact: MediumLikelihood: High
A portion of growth depends on turning retail customers into online users.
Exposure: Codere Group retail network
- Fraud and player payment abuseImpact: MediumLikelihood: Medium
Online wagering businesses are vulnerable to account, withdrawal, and payment fraud.
Exposure: Digital betting and casino operations
Accounting
Judgemental itemsThis gaming-specific measure better reflects the economics of betting and casino activity after bonuses and promotional bets.
Impact: Can differ materially from accounting revenue
The company has disclosed provisions tied to fraud incidents and audit-related fees.
Impact: Can create volatility in operating results
Warrant remeasurement affects earnings through non-operating fair value gains or losses.
Impact: Can move net income independently of business performance
Equity compensation and related transaction structures can create non-cash expenses.
Impact: Affects reported profit without immediate cash outflow
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Last updated: 28/09/2026