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Codere Online Luxembourg
Codere Online Luxembourg operates six-market real-money iGaming and sports betting under CEO Moshe Edree, listed on Nasdaq since its 2021 SPAC.
Codere Online Luxembourg
Codere Online Luxembourg, S.A. was established in 2021 as the listed digital subsidiary of Spanish gaming conglomerate Codere Group, which traces its roots to 1980. Moshe Edree serves as CEO, with the parent group retaining a controlling equity stake through Codere Newco after the group's financial restructuring in 2024. The entity functions as the exclusive online operator for the Codere brand in its licensed markets. The firm's operational strategy centers on two revenue verticals: real-money sports betting and casino-style iGaming. Codere Online holds gaming licenses in Spain, Mexico, Colombia, Panama, and the city and province of Buenos Aires in Argentina. The platform runs on proprietary technology integrated with Codere's retail CRM, giving it cross-channel data advantages in markets where the parent still operates physical halls. Confirmed brand partnerships include Liga MX club sponsorship arrangements and agreements with third-party game aggregators to populate the casino lobby. Codere Online went public via a merger with DD3 Acquisition Corp. II in December 2021, valuing the entity at roughly $350 million in enterprise value at listing, though shares have traded below the de-SPAC reference price since the merger closed. The firm operates with a lean corporate structure, concentrating its Spanish-speaking customer support and marketing teams in Madrid and Buenos Aires. In January 2025, parent entity Codere Group completed a comprehensive recapitalization that left Codere Online's Nasdaq listing and market-facing operations unchanged (per the firm, January 2025). Codere Online's structural distinction among publicly listed gaming operators is its embeddedness within a land-based casino group that maintains market access in Latin America that most competitors cannot replicate. The parent's multi-decade relationships with provincial regulators in Argentina and state-level authorities in Mexico provide an application pipeline that a standalone digital entrant would struggle to match, even as the listed subsidiary shoulders its own disclosures and quarterly reporting obligations.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
Europe
Country
Luxembourg
City
Luxembourg City
Corporate office
Luxembourg City, Luxembourg
Additional offices
Madrid, Spain · Buenos Aires, Argentina · Mexico City, Mexico
Principals
Moshe Edree
CEO
Oscar Iglesias
CFO
Sector focus
Frequently asked questions
What is the relationship between Codere Online and Codere Group?
Codere Online is the exclusively licensed digital arm of Codere Group, a Spanish multinational gaming operator founded in 1980. Codere Group retains a controlling equity stake through Codere Newco following the parent's 2024-2025 recapitalization. The online subsidiary trades independently on Nasdaq under ticker CDRO and files its own SEC disclosures, but benefits from the parent's brand recognition and retail infrastructure in Latin America.
Which regulated markets does Codere Online operate in?
Codere Online is licensed in Spain, Mexico, Colombia, Panama, and Argentina's city and province of Buenos Aires. Each jurisdiction carries distinct tax regimes and technical compliance requirements. Spain imposes an effective tax rate of approximately 20% on net gaming revenue, while Argentina's provincial framework means the operator must segregate reporting by local geography.
How did Codere Online list on Nasdaq?
Codere Online merged with DD3 Acquisition Corp. II, a special-purpose acquisition company, in December 2021. The transaction provided a public listing and fresh capital without the timeline of a traditional IPO roadshow. Shares began trading under the symbol CDRO, with the parent Codere Group maintaining majority control post-merger.
What happens to Codere Online if the parent group undergoes financial distress?
The parent group completed a recapitalization in January 2025 that resolved near-term liquidity pressures. Codere Online is a distinct legal entity with its own assets and liabilities, structured so that parent-level creditor proceedings do not directly impair its balance sheet. The Nasdaq-listed entity retains its own board and fiduciary duties to all shareholders, not only the controlling parent.
Does Codere Online operate any retail or land-based assets?
No. Codere Online is a pure-play digital operator that does not own or manage physical betting shops or casinos. The parent Codere Group retains all retail operations. The online entity's only physical ties to the parent are shared brand rights and data integration points that feed cross-channel marketing programs.
What distinguishes Codere Online's market access from competitors?
The primary differentiator is inherited regulatory standing. Codere Group has held gaming licenses in Argentina and Mexico for decades, often predating the existence of digital-specific regulation. When a province or state opens an online licensing window, Codere Online can rely on the parent's established compliance history and political relationships, which reduces the 'time-to-license' burden that standalone entrants face.
Who leads the management team and what is their background?
Moshe Edree serves as CEO. He previously led technology and product development roles within Codere Group's digital division before the spinout. Oscar Iglesias holds the CFO role. Edree's operational focus has been unifying the group's fragmented digital assets under a single listed vehicle after years of market-by-market development.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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