Spanish Gambling Group Codere Moves Closer to Potential Sale
MADRID, Spain. – Codere has hired Jefferies and Macquarie Capital to advise on a possible sale that could value the group at more than €2 billion, according to a report cited by Reuters.
LISTEN TO THIS ARTICLE:The move puts one of Spain’s biggest gambling operators in play and could test investor appetite for regulated gaming assets across Europe and Latin America.
Reuters, citing Expansión, said the process is still in its early stages, with indicative bids due by mid-May, binding offers expected around early July, and a target to complete a deal before the August summer break. Reuters reported that Codere, Jefferies, and Macquarie did not immediately respond to requests for comment.
Sale Timing Puts Focus on Codere’s Ownership and Footprint
Codere is Spain’s second-largest gambling and leisure group after Cirsa, according to the Reuters report. The company has been controlled by investment funds since a 2024 debt-for-equity restructuring, with Reuters saying Davidson Kempner is the largest shareholder at 13.3%, ahead of Palmerston Capital, Deltroit, System 2 Capital, and Invesco.
The company’s footprint is one reason a sale process would draw attention. Codere Group has operated for decades across Spain, Italy, Argentina, Colombia, Mexico, Panama, and Uruguay, while Codere Online runs digital betting and casino operations in Spain and several Latin American markets and has been listed on Nasdaq since 2021.
That footprint matters because buyers would be assessing more than a domestic Spanish casino or sportsbook play. A deal would offer exposure to a regulated, multi-market platform with both land-based and online operations, though Reuters said the reported package may also include Codere Online, which would add another layer of complexity for bidders and public-market investors.
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Market Will Watch Buyer Interest and Deal Structure
Reuters said potential bidders could include both industrial and financial investors, although Expansión noted that some private equity firms may face ESG-related limits on gambling investments. That could narrow the pool and sharpen attention on trade buyers or funds already comfortable with gaming exposure.
The timing also comes as Codere Online is showing continued operating momentum. In its latest results, the Nasdaq-listed unit reported record 2025 net gaming revenue of €224.1 million and guided for €235 million to €245 million in 2026 net gaming revenue, with adjusted EBITDA of €15 million to €20 million. That follows an earlier growth phase for the business, including Codere Online’s record €46.9 million in Q4 revenue in 2023, when the operator posted strong year over year gains in both revenue and net gaming revenue despite remaining loss-making over the quarter.
What happens next will depend on whether the reported timetable holds and whether early bids arrive by mid-May. For now, the key questions are whether Codere is sold as a broader group including digital assets, how many serious bidders enter the process, and whether a price above €2 billion can be sustained through to binding offers.
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