Codere Online Luxembourg, S.A. Business Summary

Codere Online Luxembourg, S.A. (CDRO) operates as a premier digital gaming and sports betting platform, primarily serving the Spanish and Latin American markets, including Mexico, Colombia, Panama, and Argentina. The company generates revenue through a transaction-based model, capturing Net Gaming Revenue (NGR) from its two primary business segments: Online Casino and Online Sports Betting. By leveraging the extensive physical retail footprint of its parent, Codere Group, the company employs a unique omnichannel strategy that reduces customer acquisition costs and fosters brand loyalty in highly regulated jurisdictions. Within the competitive landscape, Codere Online maintains a specialized regional focus, positioning itself as a dominant local alternative to global giants such as Flutter Entertainment, Entain, and Bet365, while competing directly with regional incumbents like Grupo Caliente in Mexico. The leadership team is led by CEO Aviv Sher, an iGaming veteran who previously served as the company’s COO and held senior roles at NeoGames and Primegaming. In November 2025, Marcus Arildsson was appointed as Chief Financial Officer, bringing over 25 years of international finance experience from firms like Merrill Lynch and Arcano Partners, succeeding Oscar Iglesias who transitioned to the Board of Directors. The executive suite is further supported by Chief Marketing Officer Alberto Telias and Chief Operating Officer Deborah Guivisdalsky, who focus on scaling the firm’s digital footprint and customer retention. The company is governed by a board chaired by Gonzaga Higuero, the CEO of Codere Group, and includes former CEO Moshe Edree as Executive Vice Chairman. Significant institutional backing is provided by the Codere Group as the majority shareholder, alongside notable investors such as Baron Capital and MG Capital.