Codere expands European footprint with 70% stake in Codgames
Spanish gambling operator Grupo Codere has strengthened its foothold in the Italian market by acquiring a 70 percent stake in Codgames, a company that manages video lottery terminals (VLTs) and amusement with prizes (AWP) machines in southern Italy.
The acquisition was made through Codere’s Italian subsidiary, Operbingo Italia. The Manna family, who founded the company more than two decades ago, will control the remaining 30 percent of Codgames. Codgames currently operates around 600 machines in Calabria, a region in the southwest of Italy.
Codere has maintained a presence in Italy for over 20 years, with both online and land-based operations. Yet, the acquisition marks a major milestone for the operator. The company described the acquisition as a move that would consolidate its network in the southern Europe and provide fresh opportunities for growth in one of continent’s largest regulated gambling markets.
Codgames backs Codere as core partner
Alejandro Pascual, regional manager for Codere Europe and chief operating officer for Italy, said the deal marked a key step in the company’s territorial expansion strategy. “Codgames embodies the qualities we seek in a partner: professionalism, strong local ties, and a commitment to industry development,” he said.
Pascual added that the alliance would open new doors and strengthen Codere’s long-term strategic vision in Italy. Meanwhile, Armando Manna, representing the founding family, expressed confidence in the deal. “We are proud to be joining forces with Codere. They bring experience, reliability, and a deep respect for local operators,” he said.
The financial terms of the transaction have not been disclosed. Codere is currently reshaping its global operations following a major recapitalisation to improve its capital structure. The group has laid out a 2023–2027 recovery strategy focused on growth across Europe and Latin America.
Expansion in Europe presses on
Despite ongoing changes, Codere has stated it has no plans to sell any of its international businesses. The company remains active in Latin American markets, including Argentina, Colombia, Mexico, Panama, Uruguay, Spain, and Italy, and plans to expand further in Europe.
Even in financials, Codere has excelled tremendously. In February, Codere Online reported strong results for 2024, with net gaming revenue rising 23 percent year-on-year to $228 million (€211.6 million). Adjusted EBITDA also increased by 18.1 percent to $6.9 million (€6.4 million).
The company saw notable success in Mexico, where revenue surged 30 percent to $115 million (€106.6 million), although growth eased slightly in the final quarter due to the Mexican peso’s devaluation. In Spain, revenue climbed 16 percent year-on-year to $94.6 million (€87.7 million), supported by a 17 percent rise in monthly active players.
