Codere Online CEO Aviv Sher has said acquisitions are not “on the table” in the short term and that the company remains focused on organic growth across Latam.
On the Nasdaq-listed operator’s Q2 earnings call last week, CFO Marcus Arildsson said Codere Online was “actively exploring” opportunities to broaden its South American footprint beyond its current operations in Colombia, Argentina and Panama, noting that “pure acquisitions” were an option, when asked by analyst Arthur Roulac about the operator’s balance sheet and how finances will be allocated.
But when asked by EGR whether new market entries in the region would come via M&A or building the brand from scratch, Sher stressed the plan was to continue with the formula of growing the business organically.
“There are no acquisitions on the table at the moment,” he said. “Any business plan that we are creating for growth is based on our experience and our ability to facilitate the strategy that we have used in Spain, Mexico, Colombia and in Panama, which we see good results.
“We are quite sure about ourselves, being able to grow businesses and we have the capacity and the machine to support it.
“Most of the capital will go to a new market, maybe a new product that will come along the way but based on our current resources and abilities.”
Looking at specific countries in the Latam region, Sher said the company is following movements in Chile but as of now there is “no new regulation framework advertised”.
He added that Codere Online is “in discussion” with the Uruguayan government but “we need to wait till the end of the year”.
On Peru, meanwhile, the CEO also said he was “baffled” by the number of brands competing for such a “small market”. The country regulated online gambling in 2012 with a reasonable 12% tax on gross gaming revenue.
While insisting the company made the right decision by not entering Brazil when the market regulated in January 2025, Sher did hint at partnering with a local company if expansion into the country were to happen.
“Brazil, the question always repeats itself,” he explained. “We made the right decision to not go in because the regulation, as I said in the past, is not stable enough and constantly changing.
“Until we see that the regulation is stable, then we can talk to a local partner or something like that and go from there.
“But having said all of that, I’m standing behind the next dollar that I want to invest in will be the markets we are currently operating in.
“We have a lot of room to grow in both Spain and Mexico with more capital.”
Financially, Codere Online reported quarterly record net gaming (NGR) of €69.4m (£59.6m) up 27% year on year (YoY), boosted by customer activity around the World Cup, and adjusted EBITDA of €5.8m – an increase of 66% YoY.
Of the NGR, 62% came from casino and 38% from sports betting. When asked what the driving force behind that the strong casino NGR and whether icasino is more durable than sports, Sher replied the strategy is to increase the operator’s portfolio and that “all pieces of the puzzle are coming together”.
“We try to increase our portfolio and igaming revenue because we wanted less volatility around seasons and seasonality.
“It proved itself so far and we added a lot of content. We are doing a lot of gamification.
“We are improving the product both in Spain and Mexico and seeing good retention with the casino players.
“Across the three points, the triangle of CRM, product and acquisition is working well together for the casino product.”
The post Codere Online concentrating on organic growth for Latam push, says CEO first appeared on EGR Intel.
Aviv Sher tells EGR the operator is eyeing Chile and Uruguay for its next wave of expansion, though acquisitions are “not on the table” imminently
The post Codere Online concentrating on organic growth for Latam push, says CEO first appeared on EGR Intel.