Codere Online
The business, the turning points, and the decisions behind them.
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Sections to complete：02
01 / WHAT IT BUILT
What the company did
Codere Online is an online gaming operator launched in 2014 as part of Codere Group, a multinational entertainment group active in the private gaming industry across Europe (Spain, Italy) and Latin America (Argentina, Colombia, Mexico, Panama, Uruguay). It offers online sports betting and online casino games - slots, table games, bingo - through its website and mobile applications, operating in its core online markets of Spain, Mexico, Colombia, Panama and Argentina (Buenos Aires).
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Launched
Codere Online was launched as the digital arm of Codere Group, complementing the group's land-based gaming operations in Spain and Latin America.
- Nasdaq listing
In December 2021 Codere Online completed its business combination with SPAC DD3 Acquisition Corp. II, becoming the first Latin American online gaming operator to trade on Nasdaq under symbols CDRO and CDROW, raising approximately $103 million net of fees for growth and marketing in Latin America.
- Delisting scare
In May 2025 Nasdaq moved to delist Codere Online over a late 2024 Form 20-F filing; after the company filed on June 2, 2025, Nasdaq confirmed regained compliance and the securities continued trading.
- Record results
Codere Online reported record full-year 2025 net gaming revenue of EUR 224.1 million with adjusted EBITDA of EUR 13.8 million, issued 2026 guidance of EUR 235-245 million NGR, and was trading around $9.27 per share with roughly $421.5 million market capitalization in September 2026.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Raised approximately $67 million in total; in December 2021 it listed on Nasdaq via the DD3 Acquisition Corp. II SPAC, netting about $103 million to fund Latin American expansion.
- 02
In May 2025 it received a Nasdaq delisting notice for a late annual report, regained compliance in June, and continued trading; for fiscal 2025 it reported record net gaming revenue of €224.1 million (roughly $253 million) and adjusted EBITDA of €13.8 million (roughly $15.6 million).
- 03
No material audited loss was publicly disclosed (the fiscal 2025 net loss of €1.8 million, roughly $2 million, is small relative to the company's scale).