As one of the true gaming giants in Latin America, Codere maintains a solid presence in different markets in the region, where it stands out in a leadership position in Mexico. Given the recent legalization and regulation of the sports betting and online gaming sector in Brazil, it seemed only a matter of time before Codere Online entered this gigantic market.
But the company is still taking its time, and that's what CEO Aviv Sher referred to when commenting on the strategy of replicating the company's business model in different countries. During the recent earnings call, he told analysts that Codere Online had successfully did so in the Central American market and he believes the playbook “can be applied elsewhere.”
“We took some of our experience in Spain and took it to Mexico, so we have already proven we are able to replicate our strategy and grow a market. I’m sure that Brazil will come up in this call. To replicate our model in the country, we would need a lot of money.”
But this doesn't mean it is a discarded country or one the company is not thinking about in the future. In its financial results presentation, Codere Online details that its core markets (Mexico, Colombia, Argentina and Panama) represented over 79% of the LatAm sector in 2024.
But that it will represent approximately 36% of the overall market by 2029, with the regulation of gaming in Brazil, which alone is expected to represent 44% of the TAM (Total Addresable Market) in LatAm by 2029.
Source: GMB
