The terms of the deal for Codere being able to operate in Buenos Aires is an initial five-year licence agreement, which was approved by LOTBA (Lotería de la Ciudad de Buenos Aires) – the official gaming regulator for the city.
Buenos Aires to become an online gambling hub?
There were a number of stipulations to the city in connection to online gambling regulation and what was required for operators. Any operator from outside of the country was to have an operator partner in Buenos Aires, as well as an international partner.
For Madrid-based Codere, this latest foray into Argentina – especially Buenos Aires will allow them to flex their muscles and position themselves as the lead operator in the Latin American market.
Following the news, Managing Director of Codere Online, Moshe Edree, said: “The start of operations in the City of Buenos Aires represents a fundamental milestone in our business plan and a complementary opportunity with the Codere Group’s strategy in Argentina, a country in which Codere started in 1992 and is currently a well-established operator with 13 bingo halls and a recognised brand in the Province of Buenos Aires.
“The adult population of the City of Buenos Aires is almost 2.4 million, which together with the almost four million visitors, gives us a considerable opportunity to reach new clients.”
While there are also other notable operators who have been granted licenses, such as UK-based Bet365, because Codere are present in South America already, it could well mean that they have a certain recognition factor among possible customers.