Codere Online enters Italian online gambling market
The move marks the gambling operator’s first online expansion in Europe outside of Spain.
Italy.- Codere Online has launched its .it site, marking its entry into the Italian regulated online gambling market following the recent re-licensing process. The Codere name already has a presence in Italy thanks to the Madrid-listed Grupo Codere’s bingo and slot operations.
The expansion into the online space is Codere’s first in Europe outside of Spain. The company also operates in Latin America in Argentina, Mexico, Colombia and Panama. The move was made possible by a new licence from the Italian customs and monopolies regulator the ADM.
Codere says it aims to seal B2B partnerships with other companies that want to grow their presence in the country.
Alejandro Pascual, Codere’s European regional manager and country manager for Codere Italia said the move was a strategic and logical progression.
“With Codere.it, we are taking a natural but strategic step: to also decisively consolidate the online segment, while maintaining our identity as a committed, regulated and customer-centric operator,” he said.
“Our goal is to offer a consistent, high-quality omnichannel experience. Codere is strongly interested in developing collaborations with industry partners, particularly those already operating in Italy and wishing to continue operating online with the support of a strong and trusted brand.”
Roberto Russo, director of online operations at Codere Italia added: “We have built a solid and scalable platform, ready to grow and adapt to the needs of our users and partners. Our approach is long-term, with the goal of creating a safe gaming ecosystem capable of establishing itself as a benchmark in the Italian market.”
The ADM aims to close the process for new Italian gambling licences by November 12. It has approved 46 applications covering 51 brands.
Codere Online is currently seeking a new chief financial officer (CFO) as Oscar Iglesias will depart on December 31. The company reported Q2 2025 revenue of €51.4m, with net gaming revenue up 1 per cent (and 12 per cent in constant currency) to €54.8m.
Mexico led recent growth, contributing €29m in net gaming revenue, a rise of 3 per cent nominal and 23 per cent in constant currency. In Spain, revenue was flat at €21.8m.The net loss for the first half was €3.1m compared to €0.2m in H1 2024, mainly due to the impact of exchange rates.
The operator maintains its 2025 net gaming revenue outlook of €220-230m and adjusted EBITDA forecast of €10-15m. It noted that it had repurchased $0.7 million of shares under the company’s $5m share buyback plan through July 30, 2025.
