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Codere, Spain’s second-largest gambling operator, is reportedly preparing for a sale valued at over €2 billion (£1.73 billion), according to reports from EXPANSIÓN. The company has enlisted the services of financial advisors Jefferies and Macquarie to guide the sale process, which is expected to conclude in the near future.
The sale would encompass Codere Online, the operator’s digital division listed on the Nasdaq since 2021. Despite facing past challenges, including delisting threats, Codere Online has shown resilience, achieving a 6% year-on-year revenue increase in 2025, growing from €212 million to €224 million (£195.2 million).
Codere reported total revenues of €1.3 billion in 2024, with an adjusted EBITDA of €179 million. The company is owned by around 84 investment funds, with Davidson Kempner holding the largest stake at 13.3%. Its operations span Latin America and Southern Europe, with key markets in Spain, Italy, Mexico, and Uruguay.
The potential sale occurs as Spain tightens its gambling regulations. Andrés Barragán, Secretary General for Consumer Affairs and Gambling, has indicated that companies must prepare for significant regulatory changes in 2026. Despite these challenges, Spain’s gross gambling revenue (GGR) surged by over 18% year-on-year in Q2 2025, reflecting sustained industry growth.
If the sale goes through, Codere could become Spain’s largest gambling operator, potentially surpassing competitors like Cirsa, Betway, and Entain’s bwin. The timing of the sale, with the 2026 World Cup on the horizon, adds to the potential impact of this deal on Spain’s gambling market.
This move highlights the strategic shifts occurring within the iGaming sector, as operators navigate regulatory challenges and explore consolidation opportunities to strengthen their market positions.
