Global Presence

Spain

Bingo Canoe, Madrid

Spain is the business origin of Codere and has consolidated itself as the Company’s benchmark market, where it maintains a relevant position in spite of the hard competence.

Codere is a leading operator of Type B AWP machines in Spain and it operates Bingo Canoe, the largest in Spain and one of the biggest in continental Europe, that has been transformed in a multigaming center of leisure and entertainment.

Victoria was the trade name with which Codere operated sports betting in Spain. In 2008, Codere is the first Company that opens a physical betting location in Spain and the sole that has obtained license to operate in the first two Spanish regions where sports betting were allowed: Madrid and the Basque Country.

In January 2010, after one and a half years of successful partnership with William Hill, Codere gained full control of Victoria Apuestas, remaining the sector leader. Currently the company develops its activity under the brand Codere.

In 2014, the Company deployed online activity through its codere.es mobile web App in Madrid, with the aim of continuing to grow in other regions at the pace of local regulations. The Company carried out a large deployment of sports betting in the different Autonomous Communities throughout 2016. It also signed a sponsorship agreement with Real Madrid C.F. as the official bookmaker in force to date.

At present, Codere is the number-two operator of slot machines in Spain and the leading player in the on-site sports betting market. The group operates in every Spanish region and has a significant online presence. The company operates Spain’s largest bingo hall (Bingo Canoe) as well as other gaming halls.

Codere’s business in Spain comprises the traditional slot machine segment, sports betting, online gaming, and, to a lesser extent, the operation of gaming halls, where in addition to traditional slot machines there are other products such as electronic roulette tables sports betting terminals, and bingo seats. As of March 31, 2020, before the temporary closures caused by the pandemic, Codere was operating a total of 9,864 slot machines, 1,064 bingo seats, and 7,078 sports betting terminals at three gaming halls, 7,067 bars, 1,036 arcades, and 58 sports betting stores.
 
Due to Covid-19, on March 14, the government ordered a state of emergency in Spain and therefore the closure of gaming activities, bars, and restaurants.
 
As of September 30, 2020, after the operational restrictions had been lifted and all operations had gradually resumed since early June, the company was operating 9,497 slot machines, 639 bingo seats, and 6,611 sports betting terminals at three gaming halls, 6,789 bars, 1,006 arcades, and 46 sports betting stores.

Areas of Activity (2020)

  • Gaming machines: 7,780
  • Gaming halls: 3
  • Betting locations: 5,909
  • Online gaming 

Turnover (2020)

  • Revenue: €116.4 million 
  • EBITDA: €17.2 million 

Milestones

  • 1980: Start of operations in Madrid.
  • 1983: Enters Catalonia and Valencia Region.
  • 2000: Purchase of Bingo Canoe and Operibérica.
  • 2006: Purchase of Recreativos MAE.
  • 2007: Obtention of licences to operate betting facilities.
  • 2008: Codere opens the first sport betting shop in Spain 
  • 2010: Start operations in Navarra.
  • 2011: Start of betting operations in Aragon.
  • 2012: Start of betting operations in Valencian Community. Licences to operate in Galicia.
  • 2013: Start of betting operations in Galicia and Murcia. 
  • 2014: Codere started its sports betting business in Castilla La Mancha, Ceuta, Cataluña and La Rioja.  Moreover, it launched the sports betting mobile App, codere.es.   
  • 2015: Codere started its sports betting business in La Rioja, Castilla León, and Extremadura. “codere.es” operated under national license.
  • 2016: Codere maintained its leadership in Spain in on-premise sports betting, with a 30% market share, and developed it gaming platform.
             

CODERE España