Codere moves Real Madrid partnership to LatAm horizons

Grupo Codere SA will serve as the South American betting partner of Real Madrid FC for a period of five seasons, maintaining the Spanish gambling group’s longest-serving sponsorship.   

Since 2016, Codere has served as the official betting partner of Real Madrid, primarily using the Spanish Giant’s brand and players to promote its Codere Apuestas sportsbook brand across Spain and the wider European market.  

However, this summer the Spanish government enforced the rules of the Royal Decree on Advertising, a federal mandate banning football clubs from promoting any forms of gambling advertising – with state-owned lotteries exempt from the ruling.

The new partnership will see Codere serve as Real Madrid’s regional betting partner for Latin American, covering the “geographic scope to over twenty countries in the region including Mexico, Puerto Rico, the Dominican Republic and all of Central and South America”.

Real Madrid’s partnership renewal will further cover Codere Online’s core LatAm markets of Colombia, Mexico, Panama and Buenos Aires, in addition to potential markets across Brazil, Chile, Peru, Puerto Rico and Uruguay.

Codere Group CEO Vicente Di Loreto 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.”

This June, Codere disclosed its intentions to divest its Codere Online business through a proposed SPAC IPO led by  DD3 Acquisition Corp. II (Nasdaq: DDMX).

Dealmakers have targeted a £350 million IPO, aiming to list Codere Online as Latin America’s first online gaming operator to be indexed on a US exchange.

Moshe Edree, Managing Director of Codere Online, added: “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.”

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