Business
Codere Online Begins Operations in the City of Buenos Aires
MADRID, Spain and BUENOS AIRES, Argentina, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Codere Online (NASDAQ: CDRO), a leading online gaming and sports betting operator
About this update from Codere Online Luxembourg, S.a.
[{"type":"text","content":"MADRID, Spain and BUENOS AIRES, Argentina, Dec. 09, 2021 (GLOBE NEWSWIRE) -- 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...