Codere Online has confirmed that it will offer its web-based sports betting and casino products in Buenos Aires after receiving a licence from the city’s gambling regulator.
Under the terms of a five-year licence approved by the Lotería de la Ciudad de Buenos Aires (LOTBA), Codere Online will be able to provide online gambling services via computer, tablet and mobile in the Argentine capital, with a 10% tax on gross gambling revenue paid to the regulator.
The launch marks Codere Online’s entry into its sixth national market and third in Latin America – having currently established itself in Panama, Colombia, Mexico, Italy and Spain – and will feature a responsible gambling element, as the firm continues its ‘When gambling is not gambling’ campaign.
Moshe Edree, Managing Director of Codere Online, said: “The start of operations in the City of Buenos Aires represents a fundamental milestone in our business plan and a complementary opportunity with the Codere Group’s strategy in Argentina, a country in which Codere started in 1992 and is currently a well established operator with 13 bingo halls and a recognised brand in the Province of Buenos Aires.
“The adult population of the City of Buenos Aires is almost 2.4 million, which together with the almost four million visitors, gives us a considerable opportunity to reach new clients.”
Codere Online has predicted strong progress in the Buenos Aires gambling market, partially due to the city’s large population referred to by Edree, but also due to its sponsorship agreement with popular local top-flight football team Club Atletico River Plate.
The company has cited the deal, which sees it serve as the official bookmaker of the team, as enabling it to ‘reach the public in the country in the best possible way’, strengthen its brand presence and promote its omnichannel gaming offering.
Entry into the Argentina betting market via the country’s capital city is the second major development in newly established Codere Online’s early operating history, following on from its successful listing on the US Nasdaq Stock Exchange after merging with SPAC DD3 Acquisition Corp. II.
In doing so, the operator became the first Latin American online gambling group to register on the US stock market, detailing plans to use any raised capital to fund an ‘ambitious expansion plan’ in the region, centred on marketing, technological development and optimisation of its gaming platform.
Meanwhile, Spanish multinational gambling group Codere – which retains shares in Codere Online – has also detailed promising financial results driven by the 2021 reopening of the Latin American market, having recorded a revenue increase of 8.5% to €499.6 million in a nine-month trading report published last month.