Codere Online (NASDAQ: CDRO), a leading online gaming and sports
betting operator in Latin America, today announced it has started
to operate in the City of Buenos Aires (Argentina).
Codere Online offers its online gaming and
sports betting services through www.codere.bet.ar pursuant to an
initial 5-year license granted by LOTBA, the gaming regulator of
the City of Buenos Aires. Gross gaming revenue (GGR) generated
pursuant to this license will be subject to a 10% gaming tax
payable to LOTBA.
Customers, who must be 18 or older and located
in the City of Buenos Aires, will be able to use Codere Online’s
online gaming and sports betting services through their computers,
tablets or cell phones. Bets will be available on numerous sporting
events throughout Argentina, where Codere recently increased its
market presence through its sponsorship of River Plate football
club, as well as on international sporting events.
Moshe Edree, Managing Director1 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 3 and 4 million
commuters, provides us with a sizable opportunity to reach new
customers.”
With the addition of the City of Buenos Aires,
Codere Online currently operates in six markets, including Spain,
Italy, Mexico, Colombia and Panama (where Codere Online has been
operating since 2018 and, since December 1, 2021, pursuant to a new
20-year license granted in May 2021, which allows online casino
games on top of online sports betting).
About Codere OnlineCodere
Online refers to, collectively, Codere Online Luxembourg, S.A.,
Servicios de Juego Online, S.A.U. and their respective subsidiaries
which form part of the group whose parent is Codere Online
Luxembourg, S.A. Codere Online launched in 2014 as part of the
renowned casino operator Codere Group. Codere Online offers online
sports betting and online casino through its state-of-the art
website and mobile application. Codere currently operates in its
core markets of Spain, Italy, Mexico, Colombia and Panama and the
City of Buenos Aires (Argentina). Codere Online’s online business
is complemented by Codere Group’s physical presence throughout
Latin America, forming the foundation of the leading omnichannel
gaming and casino presence in the region.
About Codere GroupCodere Group
is a multinational group devoted to entertainment and leisure. It
is a leading player in the private gaming industry, with four
decades of experience and with presence in seven countries in
Europe (Spain and Italy) and Latin America (Argentina, Colombia,
Mexico, Panama, and Uruguay).
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact contained in this press
release, including any statements as to Codere Online’s future
results of operations and financial position, planned products and
services, business strategy and plans, objectives of management for
future operations, market size and potential growth opportunities,
competitive position, expectations and timings related to
commercial launches, technological and market trends and other
future conditions, are forward-looking statements. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Codere Online’s actual
results may differ from their expectations, estimates and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” “predict,” “likely,” “potential,” “continue,” and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements.
These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially, and potentially adversely, from those
expressed or implied in the forward-looking statements. Most of
these factors are outside Codere Online’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: (1) the outcome of any legal proceedings that
may be instituted against Codere Online; (2) the impact of COVID-19
on Codere Online’s business; (3) the inability to maintain the
listing of Codere Online Luxembourg, S.A.’s ordinary shares or
warrants on Nasdaq following the initial trading; (4) competition;
(5) the ability of Codere Online to grow and manage growth
profitably, and retain its key employees; (6) changes in applicable
laws or regulations; and (7) the possibility that Codere Online may
be adversely affected by other economic, business and/or
competitive factors. The foregoing list of factors is not
exclusive. Additional information concerning certain of these and
other risk factors is contained in Codere Online Luxembourg, S.A.’s
most recent filings with the U.S. Securities and Exchange
Commission (“SEC”), including a registration statement on Form F-4
filed by Codere Online Luxembourg, S.A. with the SEC on August 12,
2021, as amended, and the final prospectus filed by Codere Online
Luxembourg, S.A. with the SEC on October 27, 2021. All subsequent
written and oral forward-looking statements concerning Codere
Online or other matters and attributable to Codere Online or any
person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above. Readers are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Codere Online expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in their expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
Contacts:
Investors and MediaGuillermo
Lancha, CodereGuillermo.Lancha@codere.com(+34) 628-928-152
_____________1 Currently provides services to Codere Online as a
non-employee independent contractor.
Codere Online Luxembourg (NASDAQ:CDRO)
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Codere Online Luxembourg (NASDAQ:CDRO)
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