Codere is a Spanish multinational gaming operator founded in Madrid in 1980 by the Martínez Sampedro family together with the Franco brothers, owners of the amusement machine manufacturer Recreativos Franco. It began in amusement machines before diversifying into betting shops, bingo halls, casinos and racetracks. The group operates across Spain, Italy, Mexico, Argentina, Colombia, Panama and Uruguay, with Latin America accounting for much of its scale. Ownership has moved decisively away from its founders: debt-for-equity restructuring in 2021 and a recapitalisation in late 2024 left the business, trading as Codere Newco, controlled by institutional creditors and international investment funds, with the Martínez Sampedro family reduced to a minority holding.
Group gaming revenue up 5.8% to €352.5 million, adjusted EBITDA up 14.1%, and the online arm's best quarter yet on World Cup stakes 180% above 2022. What the market wants is not the numbers but the answer to a strategic review that has been running since the first quarter, with Jefferies and Macquarie engaged.
One of Europe and Latin America's most recognisable gambling operators is on the block. With advisors hired and a summer deadline in sight, the race to acquire Codere is already taking shape.
Codere Online, the Nasdaq-listed Spanish betting group, has reported strong net gaming revenue (NGR) growth for the first quarter of 2025. The company's
Codere Online, the NASDAQ-listed Spanish betting group, has reported strong financial performance for the first quarter of 2025. The company's net gaming