Codere Online set a record for net gaming revenue of 224.1 million euros in the fiscal year 2025 and is now looking towards further expansion. However, CFO Markus Arielson made it clear that they will only choose markets with the "right elements" — budget, local partners, suitable regulation, and the ability to quickly gain a meaningful market share. In plain terms, it means not to rush and to calculate the costs before acting. Mexico and Spain remain the core of growth, while Brazil is excluded due to language and resource barriers, and Colombia is in a wait-and-see state due to VAT fluctuations. Want to know the real entry barriers to the Latin American gaming market? PASA's official website continues to track the strategic choices of regional giants.
First, Strategic Focus: Dual-core drive by Mexico and Spain, new markets must pass "four barriers"
Arielson revealed that the company continuously evaluates new market opportunities, but the standards are strict. Any potential target must meet four conditions simultaneously: budget match, local partners, a suitable regulatory environment, and market conditions that can "immediately make an impact and gain meaningful market share." He described this attitude as "cautious but continuously attentive."
Director of Investor Relations and Communications, Guillermo Lancha, added that the core of expansion is the potential for investment returns. This is precisely the basis for Codere Online's current market opportunity ranking — prioritizing resources in Mexico and Spain, which have proven returns, rather than dispersing forces.
Second, Brazil temporarily not entering: Language barrier and mismatched resource needs
As the largest market in Latin America, Brazil attracted a large number of operators when it opened up regulation at the beginning of 2025. However, Codere Online chose to stay out. Lancha explained that entering Brazil requires "substantial resources," and Portuguese does not "completely match" the company's existing Spanish-speaking markets. He said, "Given our current cash situation and cycle, now is not the right time to enter such an important market as Brazil. Of course, if we have the resources and structure in the future, we will consider it."
Third, Colombia on hold: Waiting for certainty after the cancellation of VAT
In February 2025, Colombia imposed a 19% VAT on deposits, directly affecting Codere Online's performance. Arielson revealed that this tax cost the company "several million euros" in fiscal year 2025. The good news is that the tax was suspended on January 29 this year. However, the company still maintains a wait-and-see attitude, waiting for policy clarity after the elections.
Arielson stated, "We are excited about the positive market trends, and players are returning. But to truly commit to increasing investment, we need more certainty to see the future direction of the industry and the company. This year, our budget contribution expectations for Colombia are not high; we will first observe how the situation develops."
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This article is from "PASA-Global iGaming Leader" gambling industry news channel: https://t.me/pasa_news
Original in-depth gambling channel: https://t.me/gamblingdeep
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PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
