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REGULATION
LATAM OPPORTUNITY COMES INTO FOCUS FOR CODERE ONLINE
Codere Online struck out alone in 2021 , becoming the first LatAmfacing igaming operator to list on a US stock exchange . As a wave of regulation sweeps the continent , how is new CEO Aviv Sher preparing to take advantage ? By Robin Harrison
A mid the root-and-branch restructuring undergone by Codere in 2021 its digital business prepared for life as a separate entity . A combination with special purpose acquisition company ( SPAC ) DD3 Acquisition Corp led to a Nasdaq listing and a subsequent new future as a standalone operation .
As an entity targeting the regulated Latin American igaming market , Codere Online ’ s options were limited .
Aside from Colombia , where it faces fierce competition , prospects were sparse . Hopes for sports betting regulation in Brazil were fading , Argentina ’ s province-by-province model was moving slowly , while Peru and Chile were talking , rather than acting , on regulation plans .
Now , the picture is very different . Brazil may add igaming to online sports betting , while in Peru and Chile regulation is edging closer .
SHIELDED FROM SPANISH ADVERTISING BAN
That left Spain and Mexico as key markets , with the operator facing up to the reality of life in a European market where restrictions tantamount to a ban on advertising constricted its marketing muscle .
However chief executive Aviv Sher argues Codere Online ’ s prior activity in Spain provided a foothold .
“ We were already operating there for five years , heavily investing before the advertising ban ,” he explains . “ While the advertising ban pushed medium to small companies out of the market , I think we successfully positioned ourselves to get the market share we need in order to go into this new regulatory era .”
Codere Online invested heavily in
ICE LONDON 2024 • ISSUE 135 • 121