Codere Online has heaped praise on a “critical milestone” in the group’s global expansion plans, after the online gaming and sports betting operator went live in the Argentine city of Buenos Aires.
The brand offers its digital gambling services through an initial five-year license granted by LOTBA, the gaming regulator of the region, with gross gaming revenue generated to be the subject of a ten per cent tax.
Customers, who must be 18 or older and located in Buenos Aires, will be able to access Codere’s igaming and sports betting services via desktop, tablets or mobile.
As a result of this latest addition, Codere Online currently operates in six markets, including Spain, Italy, Mexico, Colombia and Panama, where the group has been operating since 2018 and which, from December 1, 2021, pursuant to a new 20-year license granted earlier in the year, allows online casino games on top of wagering.
Moshe Edree, managing director of Codere Online, commented: “Starting operations in the city of Buenos Aires is a critical milestone in our business plan, and a complimentary opportunity to Codere Group’s strategy in Argentina, where it entered in 1992 and is currently a well-established operator with 13 bingo halls and a strong brand awareness in the province of Buenos Aires.
“The adult population of the city of Buenos Aires is nearly 2.4 million, which together with between three and four million commuters, provides us with a sizable opportunity to reach new customers.”
Earlier in the month, having successfully completed its merger with SPAC DD3 Acquisition Corp, the Latin American-focused operator registered on the Nasdaq stock exchange.
Becoming the first LatAm oriented gambling firm to register on the North American stock market, Codere underscored that it will use the predicted gross proceeds of approximately $116m to drive an ‘ambitious expansion plan’ throughout the region.