# Codere Online Luxembourg, S.A. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Codere Online Luxembourg, S.A.). ## Overview 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. ## Products & services • Online sports betting • Online casino games • Mobile gaming applications • Web-based gaming platform • Omnichannel player conversion from retail - **Online Sports Betting** (55%) — Internet wagering on sporting events through the company’s digital platforms. - **Online Casino** (40%) — Digital casino products such as slots, table games, and live casino content. - **Omnichannel Player Acquisition** (5%) — Conversion of Codere retail customers into online users across the group network. - Online sports betting - Online casino games - Mobile gaming applications - Web-based gaming platform - Omnichannel player conversion from retail ## 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. - **Pure Online Players** (primary) — Customers acquired directly through the company’s digital channels who were not previously retail Codere customers. - **Omni-channel Players** (primary) — Existing Codere Group retail customers converted to online betting and casino accounts. - **Sports Bettors** (primary) — Users who primarily place wagers on sporting events through the betting product. - **Casino Players** (primary) — Users who buy casino entertainment content through slots and table game offerings. - **Expansion Market Users** (emerging) — Players in markets where the company seeks to build presence beyond its core geographies. - Online sports bettors seeking betting on matches and events - Casino players using slots, table games, and live casino - Codere retail customers converted into online users - Players in core Latin American markets and Spain - Users attracted by mobile-first gaming access ## 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. - **Spain** (0%) — Core market disclosed in company description; no revenue split provided. - **Mexico** (0%) — Core market disclosed in company description; no revenue split provided. - **Colombia** (0%) — Core market disclosed in company description; no revenue split provided. - **Panama** (0%) — Core market disclosed in company description; no revenue split provided. - **Argentina** (0%) — Core market disclosed in company description; no revenue split provided. - Spain is a core operating market for online betting and casino - Mexico is a major Latin American market for digital gaming - Colombia and Panama are part of the company’s operating footprint - Argentina is served through the company’s regional platform - Codere Group retail locations support omnichannel conversion in Latin America ## 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. - **Omnichannel conversion** (short-term) — Retail customers are a lower-friction source of online users and can improve acquisition efficiency. - **Core market penetration** (short-term) — Spain and key Latin American countries are the foundation of the current business model. - **Market expansion** (medium-term) — Entering additional jurisdictions increases growth opportunities and diversifies geographic dependence. - Convert retail players into online customers - Grow pure online acquisition through digital channels - Strengthen core markets in Spain and Latin America - Expand into new markets such as Brazil and Chile - Use mobile and web platforms to deepen engagement ## 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 changes** [high] — Revenue depends on legal online gaming access in each jurisdiction. - **Fraud and player payment abuse** [medium] — Online wagering businesses are vulnerable to account, withdrawal, and payment fraud. - **Market concentration** [high] — A limited number of core countries drive the business, so local disruption matters. - **Dependence on omnichannel conversion** [medium] — A portion of growth depends on turning retail customers into online users. - Gaming regulation can restrict operations or delay market entry - Online gambling fraud and payment abuse can create direct losses - Customer acquisition costs may rise in competitive markets - Dependence on Codere retail network supports omnichannel risk - Country concentration exposes the business to local rule changes ## Accounting Codere Online reports under IFRS and uses gaming-specific non-IFRS measures such as Net Gaming Revenue and Adjusted EBITDA, which adjust for bonuses, promotions, and selected non-recurring items. The company’s results can also be affected by provisions, fair value movements on warrants, and unusual items such as fraud-related losses or audit fee provisions, so investors need to track both reported revenue and gaming revenue metrics. - **Net Gaming Revenue** — Can differ materially from accounting revenue - **Provisions and fraud-related charges** — Can create volatility in operating results - **Fair value of public warrants** — Can move net income independently of business performance - **IFRS 2 share-based accounting** — Affects reported profit without immediate cash outflow - Net Gaming Revenue adjusts gross revenue for bonuses and promotions - Non-IFRS EBITDA excludes non-recurring and financing-related items - Provisioning can affect results when fraud or fees are identified - Fair value changes on public warrants affect reported earnings - IFRS 2 and transaction costs created material historical adjustments --- *Last updated: 2026-09-28T11:58:13.715638+00:00*