Codere Online has launched its .it site, marking its entry into the regulated Italian online gambling market. This move comes after the company successfully navigated the Italian re-licensing process, establishing Codere’s first online expansion in Europe beyond its home base in Spain. Grupo Codere, listed in Madrid, already had a presence in the Italian market through its operations in bingo and slot machines. However, this digital expansion represents a significant milestone for Codere in diversifying its European operations.
This expansion into Italy’s online gambling space is a strategic move for Codere, which has solidified its presence in the Latin American markets of Argentina, Mexico, Colombia, and Panama. The company’s entry into Italy was facilitated by obtaining a new license from the Italian customs and monopolies regulator, the Agenzia delle Dogane e dei Monopoli (ADM). This license opens doors for Codere to seal B2B partnerships with other companies looking to strengthen their presence in the Italian market.
Alejandro Pascual, Codere’s European regional manager and country manager for Codere Italia, emphasized that this move is both strategic and natural. “With Codere.it, we are taking a natural but strategic step: to also decisively consolidate the online segment, while maintaining our identity as a committed, regulated, and customer-centric operator,” he said. Codere aims to offer a high-quality omnichannel experience, appealing to industry partners already operating in Italy and those wishing to extend their online presence with the support of a reliable and well-recognized brand.
Roberto Russo, director of online operations at Codere Italia, highlighted the robustness of their new platform. He explained, “We have built a solid and scalable platform, ready to grow and adapt to the needs of our users and partners. Our approach is long-term, with the goal of creating a safe gaming ecosystem capable of establishing itself as a benchmark in the Italian market.” The company aims to provide a secure and evolving gaming environment that can compete with existing market leaders.
The ADM aims to finalize the process for issuing new Italian gambling licenses by November 12, with 46 applications approved so far, covering 51 brands. This regulatory environment is crucial for operators like Codere, as it promises a structured and controlled market, minimizing the potential for illegal operations and ensuring player protection.
Meanwhile, Codere Online is undergoing internal changes, as it searches for a new chief financial officer (CFO) to replace Oscar Iglesias, who will leave the company on December 31. The search for a new CFO comes amidst Codere’s reporting of a Q2 2025 revenue of €51.4 million, with a net gaming revenue increase of 1 percent (and 12 percent in constant currency) to €54.8 million. Mexico has been a standout performer, contributing €29 million in net gaming revenue, marking a 3 percent nominal increase and 23 percent in constant currency. However, in Spain, revenue remained flat at €21.8 million. For the first half of the year, the company reported a net loss of €3.1 million, compared to a €0.2 million loss in the first half of 2024, mainly due to exchange rate impacts.
Despite these challenges, Codere Online maintains its 2025 net gaming revenue outlook of €220-230 million and an adjusted EBITDA forecast of €10-15 million. The company also noted that it had repurchased $0.7 million of shares under its $5 million share buyback plan by July 30, 2025.
In entering the Italian market, Codere faces competition from established local and international operators. Italy’s online gambling market is highly competitive, with a mix of domestic and international companies vying for market share. Some industry analysts argue that Codere’s success in Italy will depend on its ability to leverage its existing brand reputation and adapt to local consumer preferences.
Others suggest that Codere’s focus on providing an omnichannel experience and fostering industry partnerships could distinguish it from more established competitors who primarily focus on digital offerings. The Italian market’s complexity and strict regulation might serve as both a challenge and an opportunity for Codere to prove its commitment to responsible and regulated gaming.
As Italy remains one of Europe’s largest gambling markets, the potential for growth is significant. However, Codere will need to navigate market dynamics carefully, balancing regulatory compliance with innovative offerings to capture a robust market share. The presence of a trusted brand like Codere in the market could reassure regulators and players alike, setting a benchmark for responsible gaming amidst the growing online gambling landscape in Italy.
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